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(The Atlantic Wire)   Even when Mitt Romney is seemingly being a mensch and helping a middle-class family realize their dream of owning a home, there's a tax loophole he's ruthlessly exploiting to his advantage in the process   (theatlanticwire.com) divider line 43
    More: Obvious, nice, loopholes, middle class, second mortgages  
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2154 clicks; posted to Politics » on 10 Aug 2012 at 1:57 PM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-08-10 11:12:27 AM  
One good deed ect...
 
2012-08-10 11:23:02 AM  
Too bad he wants to take away the middle class tax credits to make his tax plan revenue neutral so he can pay for tax cuts on the wealthy.
 
2012-08-10 11:31:18 AM  

Aarontology: Too bad he wants to take away the middle class tax credits to make his tax plan revenue neutral so he can pay for tax cuts on the wealthy.


No no, you have it all wrong. He wants to incentivize you to work harder. It's what America's all about.
 
2012-08-10 11:44:44 AM  
Richard Romero reporting.
 
2012-08-10 11:52:50 AM  
Yup, gotta find the loopholes if he's going to close them all up later on down the line.
 
2012-08-10 11:54:28 AM  
I dislike Mitt Romney. Almost virulently.

I don't see a problem with this. He could have kicked them out. He owed them nothing. His little creative solution allowed them to stay there, which indeed helped them. Who cares if he made it work for him?

So many other reasons to dislike this stinking turd of a candidate. This isn't one of them.
 
2012-08-10 11:58:46 AM  

ourbigdumbmouth: No no, you have it all wrong. He wants to incentivize you to work harder. It's what America's all about.


I can't believe you would imply Mitt Romney has a tax plan! Just because there's "physical proof" of "Things he and his surrogates have advocated" doesn't mean he actually supports it.
 
2012-08-10 12:30:47 PM  

AdolfOliverPanties: I dislike Mitt Romney. Almost virulently.

I don't see a problem with this. He could have kicked them out. He owed them nothing. His little creative solution allowed them to stay there, which indeed helped them. Who cares if he made it work for him?

So many other reasons to dislike this stinking turd of a candidate. This isn't one of them.


You're right, but I think what this highlights is that our tax code makes it possible for those with money to make more money. Meanwhile, Timothy Stamp is still cutting hair and paying for his house-likely with no mortgage interest deduction because Mitt et al. are taking that.
 
2012-08-10 12:41:59 PM  

Dogberry: AdolfOliverPanties: I dislike Mitt Romney. Almost virulently.

I don't see a problem with this. He could have kicked them out. He owed them nothing. His little creative solution allowed them to stay there, which indeed helped them. Who cares if he made it work for him?

So many other reasons to dislike this stinking turd of a candidate. This isn't one of them.

You're right, but I think what this highlights is that our tax code makes it possible for those with money to make more money. Meanwhile, Timothy Stamp is still cutting hair and paying for his house-likely with no mortgage interest deduction because Mitt et al. are taking that.


And let's also not forget that in some ways the couple buying the house did Romney a favor too.

If he doesn;t offer them this deal , he's got to go through the ardous process of evicting them, then foreclsoing on the property, then paying taxes, upkeep, and maintenance on the empty property for God know's how long, in this economy only to sell it for about 60% of FMV when it finally does sell.

This way he got full value, transferred the upkeep liabilities AND got a tax break
 
2012-08-10 12:42:25 PM  

AdolfOliverPanties: I dislike Mitt Romney. Almost virulently.

I don't see a problem with this. He could have kicked them out. He owed them nothing. His little creative solution allowed them to stay there, which indeed helped them. Who cares if he made it work for him?

So many other reasons to dislike this stinking turd of a candidate. This isn't one of them.


It's just neutralizing positives.

"Bain created jobs."
"And laid people off."

"He was a successful governor."
"And implemented Romneycare."

"He helped those people with their house."
"Didn't cost him a dime."
 
2012-08-10 01:04:38 PM  
So, the Stampses have been paying Romney $600 a month for their house for the past 15 years. Nice, right? ...

The deal, [William Roy] Jolly said, was "a marvelous scheme" to help renters who could not qualify for a mortgage to eventually buy their houses, while allowing investors to write off depreciation and mortgage interest on their taxes without risking their own money: most purchases were 100-percent financed with first and second mortgages from Texas banks.
The prospectus for the investment, called the Gem Plan, played up the tax shelter benefits


Let me get this straight. So the Stampses got a loan, but are legally "renting," which makes the "loan" provider the legal owner who gets to right of the mortgage deduction?
 
2012-08-10 01:06:58 PM  
right of the mortgage deduction

write off the mortgage deduction


Stupid brain.
 
2012-08-10 01:27:13 PM  
I rented a house for a while. I didn't fault the owner for getting the tax write-offs while I paid his mortgage for him. That's why people buy rental homes. This is a rent-to-buy plan, which in my opinion is fine.

Non-issue.
 
2012-08-10 02:03:37 PM  
Even when Mitt Romney is seemingly being a mensch

Did anyone else think mensch was the singular of menses and laugh their farking ass off?
 
2012-08-10 02:04:50 PM  
It's not hard to do something nice for someone when you benefit from it. If there was a program that gave $500 to anyone who loaned their neighbor $20, there would be people falling all over themselves to give you $20.
 
2012-08-10 02:05:40 PM  
Top?
 
2012-08-10 02:06:52 PM  
Liberals are farking retarded on tax issues. They villify opponents for using allowable tax breaks while ignoring Obama did the same thing. Then when almost every conservative politician calls for a simplification of the tax code to remove these loopholes, the left derided the politicians for removing middle class tax breaks. It's farking idiotic. Simplify the Damn tax code. The right has been saying this since farking Reagan. Don't villify those seeking to simplify the tax code when attacking those following the current one, it makes you look stupid.
 
2012-08-10 02:08:07 PM  
Even when Mitt Romney is seemingly being a mensch and helping a middle-class family realize their dream of owning a home, there's a tax loophole he's ruthlessly exploiting top his advantage in the process

This is probably the stupidest lines of attack against Romney. Are the loopholes legal or not? If it's legal, then how the fark can you attack Romney for it? When I do my taxes I do every goddamn thing I can to maximize my deductions. So does Romney. What a shock. Lots of reasons Romney is a dick. Romney following the tax law is not one of them.
 
2012-08-10 02:09:00 PM  

MyRandomName: Liberals are farking retarded on tax issues. They villify opponents for using allowable tax breaks while ignoring Obama did the same thing. Then when almost every conservative politician calls for a simplification of the tax code to remove these loopholes, the left derided the politicians for removing middle class tax breaks. It's farking idiotic. Simplify the Damn tax code. The right has been saying this since farking Reagan. Don't villify those seeking to simplify the tax code when attacking those following the current one, it makes you look stupid.


You should sit down for this. I'm a liberal.

lennavan: This is probably the stupidest lines of attack against Romney. Are the loopholes legal or not? If it's legal, then how the fark can you attack Romney for it? When I do my taxes I do every goddamn thing I can to maximize my deductions. So does Romney. What a shock. Lots of reasons Romney is a dick. Romney following the tax law is not one of them.


I hope you were sitting.
 
2012-08-10 02:09:30 PM  

Pappas: It's not hard to do something nice for someone when you benefit from it. If there was a program that gave $500 to anyone who loaned their neighbor $20, there would be people falling all over themselves to give you $20.


Arizona already does this with a school gift credit for 500 per individual. Full credit at state taxes plus writeoff on feds, spend 500 early to make 550 on returns. Even poor people do it. Schools advertise the benefit.

This is how the tax code has been set up. Once again, don't derided someone from using the dh because they play in the al. Change the rules if you don't agree.
 
2012-08-10 02:11:18 PM  

lennavan: MyRandomName: Liberals are farking retarded on tax issues. They villify opponents for using allowable tax breaks while ignoring Obama did the same thing. Then when almost every conservative politician calls for a simplification of the tax code to remove these loopholes, the left derided the politicians for removing middle class tax breaks. It's farking idiotic. Simplify the Damn tax code. The right has been saying this since farking Reagan. Don't villify those seeking to simplify the tax code when attacking those following the current one, it makes you look stupid.

You should sit down for this. I'm a liberal.

lennavan: This is probably the stupidest lines of attack against Romney. Are the loopholes legal or not? If it's legal, then how the fark can you attack Romney for it? When I do my taxes I do every goddamn thing I can to maximize my deductions. So does Romney. What a shock. Lots of reasons Romney is a dick. Romney following the tax law is not one of them.

I hope you were sitting.


I could be pedantic and state I utilized a plurality of liberals and not "all liberals", but I agree with your assertion so ill just continue to sit.
 
2012-08-10 02:15:48 PM  

MyRandomName: Pappas: It's not hard to do something nice for someone when you benefit from it. If there was a program that gave $500 to anyone who loaned their neighbor $20, there would be people falling all over themselves to give you $20.
Arizona already does this with a school gift credit for 500 per individual. Full credit at state taxes plus writeoff on feds, spend 500 early to make 550 on returns. Even poor people do it. Schools advertise the benefit.
This is how the tax code has been set up. Once again, don't derided someone from using the dh because they play in the al. Change the rules if you don't agree.


Hold the phone, man. I didn't deride the guy. I simply said it's not hard to do something nice for someone in that situation. I think what he did was perfectly OK... the renters benefit and he benefits. I'm totally cool with it, and wish it would happen more often. I don't, however, think he should be heaped with praise because of it. That's all.
 
2012-08-10 02:19:57 PM  

lennavan: Even when Mitt Romney is seemingly being a mensch and helping a middle-class family realize their dream of owning a home, there's a tax loophole he's ruthlessly exploiting top his advantage in the process

This is probably the stupidest lines of attack against Romney. Are the loopholes legal or not? If it's legal, then how the fark can you attack Romney for it? When I do my taxes I do every goddamn thing I can to maximize my deductions. So does Romney. What a shock. Lots of reasons Romney is a dick. Romney following the tax law is not one of them.


The point is that people are saying what a good guy Romney is for helping these people out when really, he was just helping himself out.

And legal does NOT mean ethical. All sorts of things are legal but unethical.
 
2012-08-10 02:27:56 PM  

Mike Chewbacca: And legal does NOT mean ethical. All sorts of things are legal but unethical.


I'm having a really farking tough time figuring out where the venn diagram for legal and ethical does not overlap in the context of tax law.
 
2012-08-10 02:38:02 PM  

MyRandomName: Liberals are farking retarded on tax issues. They villify opponents for using allowable tax breaks while ignoring Obama did the same thing.


And which lucrative shady loop-holes did Obama exploit?

Tax deduction on state taxes?
Mortgage interest?
The ever profitable "give 1 dollar to someone else, get .35 cents back in return" charity deduction?
 
2012-08-10 02:45:51 PM  
Qui bene, indeed.

When Mitt Romney does "the right thing", it usually benefits him to the same or higher degree. That's not benevolence, that self-interest with the side-effect of benefiting someone else. Bonus ego points if you spend time crowing about how nice a guy you are afterwards.
 
2012-08-10 02:48:31 PM  
this smells like socialism to me, unleash the TEA BAGKREN!
 
2012-08-10 03:04:34 PM  
Remember how Mitt shut down his office to assist in the search for an employee's missing child? (A good thing, by the way.) I wonder if he found a way to claim the lost time on his taxes. (I'm guessing he did.)
 
vpb [TotalFark]
2012-08-10 03:05:09 PM  

MyRandomName: Liberals are farking retarded on tax issues. They villify opponents for using allowable tax breaks while ignoring Obama did the same thing. Then when almost every conservative politician calls for a simplification of the tax code to remove these loopholes, the left derided the politicians for removing middle class tax breaks. It's farking idiotic. Simplify the Damn tax code. The right has been saying this since farking Reagan. Don't villify those seeking to simplify the tax code when attacking those following the current one, it makes you look stupid.


Unless they have promised to screw up the tax code more than it already is.
 
2012-08-10 03:09:45 PM  
If you own a rent house, you get to deduct the depreciation and interest.

If he actually sold it to them, it would be an installment sale with a seller-financed mortgage (wrap note).

/Not an exotic "loophole" at all. Everybody with rental property gets it.
/CPA, yeah
 
2012-08-10 03:11:05 PM  

lennavan: Even when Mitt Romney is seemingly being a mensch

Did anyone else think mensch was the singular of menses and laugh their farking ass off?


I'd dropped clots with more personality than him.
 
2012-08-10 03:11:40 PM  
I'd = I've

/hurrdurr
 
2012-08-10 03:24:04 PM  

The My Little Pony Killer: lennavan: Even when Mitt Romney is seemingly being a mensch

Did anyone else think mensch was the singular of menses and laugh their farking ass off?

I'd dropped clots with more personality than him.


Ewww. But also: Bravo!
 
2012-08-10 04:02:40 PM  
Wouldn't it be awesome if campaigns competed to put out more "look at the wonderful things I've done" stories than the other guy?

Instead, we get "look at how big of a douchebag my opponent is". and the response: "oh no he DIDN'T. I demand an apology for such a blatant LIE. He's an infinitely bigger douchebag."

I like this story. A good deed isn't negated because doing it doesn't simultaneously stab the doer in the eye.

I'm also willing to bet that Obama has plenty of altruistic acts of compassion in his arsenal.
 
2012-08-10 05:03:43 PM  
I have no problem with this. "Doing well while doing good" used to be an honorable aspiration, back when we still treated adjectives and adverbs as separate parts of speech.
 
2012-08-10 05:13:43 PM  
Is anyone shocked by this? The other day he told a story describing the lifelong pride he's felt after finding a way to save his multi-millionaire father a few bucks a year at McDonalds.

When Romney makes a deal, he doesn't just make sure no money is left in the table like a normal businessman. He brings a vacuum and sucks all the change out of the chairs in the conference room. Then he takes a tax deduction on the vacuum cleaner. I think extracting every possible dollar from every transaction is some kind of mental illness for the guy.
 
2012-08-10 06:21:29 PM  

The Larch: The other day he told a story describing the lifelong pride he's felt after finding a way to save his multi-millionaire father a few bucks a year at McDonalds.


Congratulations, you fail at reading comprehension.

Mitt relayed a story where he discovered that his dad had been granted a favor for providing a service that--in the eyes of the owner--contributed to the success of a company.

I guess some people can't stand the idea of rich people getting a gift. They don't deserve any gestures of thanks, ever. That's why I never bother to thank my surgeon after a job well done. He's just doing his job. His greedy ass already drives a Porsche and has a vacation home in the Bahamas. Ass.
 
2012-08-10 06:22:26 PM  
I heard he also deducts the $3 million a year he gives to charity on his tax returns.
 
2012-08-10 07:56:10 PM  
Wow. The tax code sucks? Only a fool would not take every tax break possible? Video at 11.
 
2012-08-10 09:04:03 PM  
There are plenty of reasons to rip on Romney. This isn't one. Hell, my former landlady did that same setup when I rented a house from her: Rent = Mortgage + Utilities, and she provided repairs/yard work. She got the mortgage interest deduction and could hold onto the second property she picked up until she got the price she wanted. Clearly that monster must be stopped.
 
2012-08-11 04:28:01 PM  

lennavan: Mike Chewbacca: And legal does NOT mean ethical. All sorts of things are legal but unethical.

I'm having a really farking tough time figuring out where the venn diagram for legal and ethical does not overlap in the context of tax law.


Is it legal how Mitt exploited corporate tax loopholes to put millions into his personal IRA above allowed yearly limits? I think so.

Is it ethical how our tax code allows loopholes like that for people with access to money to use to make bigger piles of money (taken in this case by gutting lesser companies and poorer people's incomes), yet those same loopholes can never be used by those who aren't already wealthy? I think not.
 
2012-08-12 09:36:23 AM  

MyRandomName: Liberals are farking retarded on tax issues. They villify opponents for using allowable tax breaks while ignoring Obama did the same thing.


and yet when the poor use the tax code to avoid paying taxes the right vilifies them as freeloaders. funny how that works.
 
2012-08-13 12:28:02 PM  

adjective: lennavan: Mike Chewbacca: And legal does NOT mean ethical. All sorts of things are legal but unethical.

I'm having a really farking tough time figuring out where the venn diagram for legal and ethical does not overlap in the context of tax law.

Is it legal how Mitt exploited corporate tax loopholes to put millions into his personal IRA above allowed yearly limits? I think so.

Is it ethical how our tax code allows loopholes like that for people with access to money to use to make bigger piles of money (taken in this case by gutting lesser companies and poorer people's incomes), yet those same loopholes can never be used by those who aren't already wealthy? I think not.


Fair enough and I completely agree with you. So join me in attacking the tax code. Heck, attack Mitt Romney for not wanting to change the tax code or not realizing it is wildly unfair. But don't attack him for following the current one.
 
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