Romney's taxes are by the book

Mitt Romney releases his 2010 tax returns. CNN's Christine Romans breaks it down for us.

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[Twostones00]

Romney is a scammer and is destructive to america.

[763873]

@0:50 "these documents show that he is following the law" "OH WAIT, I DON'T KNOW THE LAW, ITS COMPLICATED"

[luvcheney1]

@SuperDrizzle7 Buffet pays Capital Gains taxes on dividend income, just like every other stockholder does. When a Corp is subject to Corp income taxes, dividends to owners (stockholders) is treated as Capital Gains. Many professionals, like doctors, lawyers, architects, etc organize themselves as Corporations too, but in a way where the corp pays NO income taxes, and then their income is taxed as ordinary income. This is ONE reason WHY major corps have foreign subsidiaries.

[SuperDrizzle7]

@luvcheney1 I used that analogy to show how flawed your logic is, corporate income tax and capital gains tax are completely different. Warren buffet only pays capital gains tax when he sells assets, the corporation pays income tax on income made by the corporation, two totally different things.

[luvcheney1]

@SuperDrizzle7 You are being silly again. They have decided NOT to do business here, that is why they are outside the US. Making things here, and having things bought here are 2 different things. We need plastic spoons in the US. We will buy them, from whomever seems to have the best deal on plastic spoons.

[luvcheney1]

@SuperDrizzle7 Your are being silly. Employees wages are an expense of a business. They are deducted from revenue, therefore, they arent taxed at corporate level, because they are NOT profit. Your lack of ability in even understanding an income statement, a profit and loss report doesnt seem to affect your belief your opinions have merit.

[SuperDrizzle7]

@luvcheney1 which is fine, but if they want to do business in America they need to pay the 30% tax, it costs trillions to fund our military which all republicans support, but its a little bit of an oxymoron to have the future president storing a fortune in offshore accounts. Its deceptive, if you want to cheat thats fine too dont run for president.

[SuperDrizzle7]

@luvcheney1 According to your logic, any employee of a corporation would also get taxed twice 30% corporate and 30% income. Your logic is flawed. The reason cap gains is taxed at 15% is corporate lobbyists paid politicians to change the tax code, its a tax loophole.

[luvcheney1]

@SuperDrizzle7 Post 2). Corporations owe money to the nation where the profit is made. Money made outside the US owes taxes in that nation. This is the reason some corps pay little US taxes, they decided to go make money elsewhere. Gee, I wonder why?

[luvcheney1]

@SuperDrizzle7 Yes, corporations arent people, yet they pay taxes on profits, before the profit makes it into a person`s hands. A dollar of profit is taxed at Corp level, then is sent to a person. Where it is taxed again. In Buffet`s case, $1 profit sends 40 cents to the federal govt, not counting STate taxes. Truth is different than believing its only 13 cents. There is a reason Cap Gains is 15%, and a reason Buffet, and Obama mislead you. It is easy to mislead the confused.

[SuperDrizzle7]

@luvcheney1 corporations are not people my friend, therefore they are not taxed twice. They are taxed once at 30%, but most hide money in Sweden who gets taxed at 15%. Personal income and corporate income are two totally different things, and thus get taxed separately. anyway you look at it when people who dont even ever go to work get paid 20 million, it kills hundreds of thousands of jobs.