Quantcast

More than 500 economists, 5 Nobel laureates back Romney’s economic strategy

snipe 2012/08/21 01:58:18
seems bad news comes in bunches. No wonder the Bamster's been a little testy lately.


More than 500 economists — including five Nobel laureates — have
endorsed Republican presidential candidate Mitt Romney’s economic plan
as the right choice for jobs creation and economic growth.


The pro-Romney group “Economists for Romney” announced Monday that its statement of support for the former Massachusetts governor’s economic plan now has 526 signatories, up from 400 a week ago.


“We enthusiastically endorse Governor Mitt Romney’s economic plan to
create jobs and restore economic growth while returning America to its
tradition of economic freedom,” Economists for Romney’s statement of
support reads, proclaiming Romney’s plan as based on “proven
principles” to restrain the federal government and expand opportunities
in the private sector.


The 526 economists — including Nobel laureates Gary Becker, Robert
Lucas, Robert Mundell, Edward Prescott, and Myron Scholes — point to
six facets of Romney’s economic approach that they see as beneficial to
future economic success.

  • Reduce marginal tax rates on business and wage incomes and
    broaden the tax base to increase investment, jobs, and living standards.
  • End the exploding federal debt by controlling the growth of
    spending so federal spending does not exceed 20 percent of the economy.
  • Restructure regulation to end “too big to fail,” improve credit
    availability to entrepreneurs and small businesses, and increase
    regulatory accountability, and ensure that all regulations pass
    rigorous benefit-cost tests.
  • Improve our Social Security and Medicare programs by reducing
    their growth to sustainable levels, ensuring their viability over the
    long term, and protecting those in or near retirement.
  • Reform our healthcare system to harness market forces and
    thereby reduce costs and increase quality, empowering patients and
    doctors, rather than the federal bureaucracy.
  • Promote energy policies that increase domestic production,
    enlarge the use of all western hemisphere resources, encourage the use
    of new technologies, end wasteful subsidies, and rely more on market
    forces and less on government planners.

    Seven of the signatories are from Harvard University and five from Columbia
    University — two of President Barack Obama’s alma maters.

    The economists’ statement of support pillories Obama’s economic record,
    claiming that his expansion of the federal government has resulted in “anemic
    economic recovery and high unemployment,” which will continue if his future
    plans are implemented.

+47
You!
Add Photos & Videos

Top Opinion

  • Dee 2012/08/21 02:18:36
    Dee
    +18
    If I ran my household the way Obama is running this country, I'd be living in a box under a bridge.
    >> See Replies

Sort By
  • Most Raves
  • Least Raves
  • Oldest
  • Newest
Opinions

  • WankerBait Adakin ... 2012/08/21 18:20:03
    WankerBait
    +1
    You ideal little adolescent Utopian state (where wealthy unicorns roam freely) makes the erroneous assumption that every citizen has the wherewithal and means to choose how they spend their money and every exchange will benefit society. That may be true in an Ayn Rand novel, but the assumption holds nothing in common with reality. In reality, the capital class you so worship are not productive at all. Sure they have means (capital). but what do they actually produce? Hint: It ain't jobs ...

    - If tax cuts for the capitalists produce jobs, where are they? We've had a decade of tax cuts and record corporate profits - where are the jobs? Your BS supply-side / trickle-down economics is a complete failure, unless of course you're of the capital class.
    - The capital class has done very, VERY well for the last 30 years and yet US jobs are not only leaving the country, but actual compensation for labor has been stagnant and has even lost purchasing power over the same time frame.
    - Capital follows the best return. There is no evidence to support the presumption that if capitalist get to keep more of their gains, those gains will be invested back in the US economy, provide goods and services, or create jobs.
    - While taxes do take dollars (temporarily) out of the economy, the government put...









    You ideal little adolescent Utopian state (where wealthy unicorns roam freely) makes the erroneous assumption that every citizen has the wherewithal and means to choose how they spend their money and every exchange will benefit society. That may be true in an Ayn Rand novel, but the assumption holds nothing in common with reality. In reality, the capital class you so worship are not productive at all. Sure they have means (capital). but what do they actually produce? Hint: It ain't jobs ...

    - If tax cuts for the capitalists produce jobs, where are they? We've had a decade of tax cuts and record corporate profits - where are the jobs? Your BS supply-side / trickle-down economics is a complete failure, unless of course you're of the capital class.
    - The capital class has done very, VERY well for the last 30 years and yet US jobs are not only leaving the country, but actual compensation for labor has been stagnant and has even lost purchasing power over the same time frame.
    - Capital follows the best return. There is no evidence to support the presumption that if capitalist get to keep more of their gains, those gains will be invested back in the US economy, provide goods and services, or create jobs.
    - While taxes do take dollars (temporarily) out of the economy, the government puts those same dollars back into the economy through goods, services and yes, jobs.

    Your "Lazy Fair" propaganda and misrepresentation of fact is typical for sheeple who have been manipulated to act against their own economic and social interests...

    Fact:

    - 30% of GM's business in still the USA which directly equates to US jobs, products, and jobs. BTW, GM does business in 157 countries and produces autos in 31 countries...

    - The "loan" to Brazil directly resulted in Brazil purchasing US made oilfield equipment and services - as intended. The "loan" was made by the Export-Import Bank of the USA (not the POTUS) which specifically makes such loans to promote the purchase of US products and services which again equates to US jobs.

    - Get a clue
    (more)
    reply
  • Adakin ... WankerBait 2012/08/21 19:39:03 (edited)
    Adakin Valorem
    +3
    WB: "...every citizen has the wherewithal and means to choose how they spend their money and every exchange will benefit society. That may be true in an Ayn Rand novel, but the assumption holds nothing in common with reality."

    You obviously didn't get Ms Rand's message if you finished her book and thought that "every exchange will benefit society"...

    Ms Rand didn't give a damn about benefiting society, the entire thesis was intended to display how INDIVIDUAL economic liberty, i.e. earnings, spending and investing is typically done in the best interest of that individual, NOT society.

    Do you buy a pair of shoes to "benefit society"? Do you buy a car or truck to benefit society? Did you buy those groceries last weenend to benefit society?NO! You bought those goods for the benefit of YOU and YOUR family.

    And you made your purchases based upon the premise that you got the most value and benefit for the least amount of your earnings expended. In the meantime, the vendor was trying to maximise her profit margin by providing to you the best quality product at the highest price she thinks you are willing to pay.

    And because you made that purchase, you both met in the middle somewhere, thereby satisying YOUR needs and the vendor satisfied her needs. Society wins!

    Just ...










    &






















    &

    &















    WB: "...every citizen has the wherewithal and means to choose how they spend their money and every exchange will benefit society. That may be true in an Ayn Rand novel, but the assumption holds nothing in common with reality."

    You obviously didn't get Ms Rand's message if you finished her book and thought that "every exchange will benefit society"...

    Ms Rand didn't give a damn about benefiting society, the entire thesis was intended to display how INDIVIDUAL economic liberty, i.e. earnings, spending and investing is typically done in the best interest of that individual, NOT society.

    Do you buy a pair of shoes to "benefit society"? Do you buy a car or truck to benefit society? Did you buy those groceries last weenend to benefit society?NO! You bought those goods for the benefit of YOU and YOUR family.

    And you made your purchases based upon the premise that you got the most value and benefit for the least amount of your earnings expended. In the meantime, the vendor was trying to maximise her profit margin by providing to you the best quality product at the highest price she thinks you are willing to pay.

    And because you made that purchase, you both met in the middle somewhere, thereby satisying YOUR needs and the vendor satisfied her needs. Society wins!

    Just like consumption, you make investment choices hoping to better secure your retirement, or to secure your child's college, or save up to make a special purchase like saving the down payment for a new home, new car or whatever capital expense you choose. But that's Rand's point...YOU CHOOSE...and Society be damned!

    You buy shares in a mutual fund, or buy stock in a corporation, or buy investment real estate so as to better secure YOUR lifestyle, your family and provide for YOUR children. Your savings is there so you have security in the event your job goes away. So you have something to fall back on... or possibly open your OWN enterprise and do better than your employer thereby getting paid RETAIL for your labor, your skills, your knowledge... again Society be Damned. This is for YOU and your family...

    So please... go back and reread Atlas Shrugged, or The Fountainhead... or if you have limited time, just go read "The Night of January 16th"... its a quick read and get back with me on WHICH ENDING is the appropreate one. (Rand offers two endings... depending on your social and political leanings with regard to individual versus "social" liberty and justice)

    Not to be hard on you, but I am glad you mentioned Rand, but you really need to add another book to your library: "The Millionaire Next Door: The Surprising Secrets of America's Wealthy" By Dr. Thomas Stanley.
    After you read that book please get back with me on your theory on what is reality and what is your fantasy on who the "wealthy" really are.
    == == ==
    WB:"If tax cuts for the capitalists produce jobs, where are they? We've had a decade of tax cuts and record corporate profits - where are the jobs?"

    The Bureau of Labor Stats ( http://www.bls.gov/cps/prev_y... ) clearly shows that the Bush Tax cuts provided us with a 4.6% unemployment rate in G.W.'s last year of his control of both WH & Congress.
    As you can note from the timeline (link) Bush inherited a INCREASING unemployment rate as it was 4% in 2000 and 4.7% in '01 and with the 9/11 attack resulting in a loss of over $2.0 Trillion in GDP, unemployment spiked to 6% by 2003. But recall that Bush's tax cuts were just starting to be phased in. The lower income brackets got the cuts first in '03 -' 05 resulting in increasing levels of employment and declining unemployment rates (from 6% down to 4.6%).

    At the same time, the economy was booming to the point that even though tax RATES were lower, actual tax REVENUE SKYROCKETED ( http://www.taxpolicycenter.or... ). Note the chart (link) for 2005 through 2011. The highest amount of tax revenue in U.S. History was after all of the Bush tax cuts were phased in, indicating that the economic activity promulgated by those that were allowed to keep their own money, invested those funds in trade, commerce and economic activity.
    == == ==
    WB:"The capital class has done very, VERY well for the last 30 years"

    And who is that "capital class"?

    Is it the pension funds owned by school teachers? police? factory workers? electricians? blue collar workers that have a 401k and/or IRA invested with Vanguard, Fidelity and Drafus mutual funds?

    Who exactly is this "CLASS" that you speak of? Is it the customers of the Mitt Romney's of the world that has helped thousands of people become millionaires?

    Is it the guy that started his own business and built it into a multi-million dollar enterprise employing dozens of people that operate millions of dollars worth of equipment, like printing presses, tractor trailer trucks, bull dozers, drilling and mining equipment? Is that your "capital class"? People like that were my customers...

    My husband (while active duty Navy) and I that started selling auto parts out of our home garage with a $3000 inventory paid for with a credit card. Over two decades, we built that business into four retail stores with two dozen employees and did over $12 million in retail sales each year. Is that the capital class you speak of?

    Is it the capital class that spent many long days where we were too tired to go home and we slept on a cot in the storeroom as we got our new start-up business running? Or that I worked for the post office at night to make ends meet and ran the store in the day because the store wasn't profitable enough to pay us AND our employees? Is that your capital class, that got the phone call from the police at 2am, saying that our burglar alarm is sounding and the city will fine us $10/minute for every minute the alarm sounds in violation of the city's noise ordinance? THAT capital class?

    Or are you only looking at us as the "capital class" that after 25yrs, sold our business to a Fortune 500 firm for mid-seven figures and are now retired"

    We live in a dynamic economy where the "worker class" can be indistinguishable from the "capital class" because the INDIVIDUAL is allowed the FREEDOM to choose how best the fruit of their own labor is to be invested or consumed.

    The FairTax bill does something more for these folks than just UNTAX corporate profits. The additional item it provides is REGULATORY CONSISTENCY... something our economy has been totally without ever since the Democrats demanded that Bush's tax cuts have a sunset date of 12/31/2010 back in 2001 & 2003.

    We have a congress & executive branch that provides us with TEMPORARY tax cuts, TEMPORARY tax credits, TEMPORARY tax increases and then they pick and choose who is rewarded with cuts and who is punished with higher rates.

    What the FairTax provides business and individuals is CONSISTENCY....something that NEITHER the Dems or the GOP has provided business or citizens for a very long time.
    == == ==
    WB:"While taxes do take dollars (temporarily) out of the economy, the government puts those same dollars back into the economy through goods, services and yes, jobs."

    Yes, I agree with you. Solyndra ABSOLUTELY put money back into the economy... via the pocket of crony payoffs and non-productive economic expenditures. The jobs "created" are unsustainable jobs, such as funding subsidies for products and services that cannot stand on their own WITHOUT the subsidy. In other words, "the goods, services and yes, jobs" are not economically viable. They cannot self-sustain. Look at Amtrak...look at USPS... look Ethanol (which provides worse fuel mileage than does real gasoline).
    == == ==
    WB:"...the Export-Import Bank of the USA (not the POTUS) which specifically makes such loans to promote the purchase of US products and services which again equates to US jobs.

    Yeah, so how's that workin’ out for ya?

    Get a clue! What is considered "poverty" in the U.S. is the same living standard as what is considered "middle class" in Socialist Europe. Free Market Capitalism has provided more people with a higher standard of living than any other economic paradigm.

    What's needed is our getting back to the core values of our Constitution which mandated a LIMITED federal government.

    Support the candidates that support the FairTax.
    (more)
    reply
  • MBSVirg... Adakin ... 2012/08/21 20:40:07
    MBSVirginia BN-2
    +2
    Here, here!!! Well said!
    reply
  • RT Adakin ... 2012/08/22 12:42:05 (edited)
  • susan Lady Wh... 2012/08/21 13:20:54
    susan
    +7
    Look behind the rhetoric at what Obama has done, vs what he said he would do. He has taken taxpayer money from the middle class to fund the wealthiest of the wealthy, the banks. GM, GE, and a whole slew of "startup" businesses with politician-connected owners that have gone bankrupt. His minions at Treasury have been sent out to call Existing business loans to small businesses across the nation without cause, causing the loss of millions of jobs (in the 2008 financial crisis, 8.3 million!).
    He has raised taxes on the middle class through hidden taxes and fees, is busy adding 17000 IRS agents to pursue middle class citizens and businesses over the multiple taxes and fees in Obamacare. HE has "lowered" the payroll tax by 2% to curry current favor with those who still have jobs, cutting the money going into Social Security and furthering its instability, increasing the need to raise the retirement age to save that program.
    He has reduced the percentage of the workforce to 63%, putting more and more on various welfare programs that require more taxpayer dollars to fund.
    I could go on and on to detail the destruction that he and his appointees have caused in this economy. Hope you get the picture.
    reply
  • marcuss... susan 2012/08/21 13:42:14
    marcuss LIBERALS ARE IDIOTS
    +7
    She don't get the picture no matter what the truth is. Wasting your time on 0WEbama zombies isn't worth your time. Romney could release every tax return he has ever had and the zombies will still vote for the most economic inept president this country has ever had no matter what.
    reply
  • RT susan 2012/08/22 12:46:59
  • susan RT 2012/08/22 13:58:00
    susan
    Nope, there are more than 21 extra taxes and fees in Obamacare, and the bureaucrats at various federal agencies are adding and increasng fees all over the place with unfettered regulatory fees, taxes and "penalties." If you run a business, the only new jobs you are looking at adding are in the accounting and payroll divisions - for new people to manage the new rules. That is a big reason that many middle class businesses are not hiring and job growth is not picking up. Most businesses are waiting for the next shoe to drop.
    reply
  • 4570GOVT Lady Wh... 2012/08/21 15:14:34
    4570GOVT
    +6
    THE POOR ( as well as the bottom 50% ) pay " NO TAXES " . The rich pay nearly all .
    reply
  • Lanikai Lady Wh... 2012/08/21 16:55:55
    Lanikai
    +3
    The middle is currently paying most of the taxes, and the poor are sucking federal dollars. At least with Ryan-Romney, there is an actual plan to get people into non government jobs, and allow them to generate their own wealth, and not more government sucking. It also does tax the rich and helps relieve some of the middle class tax burder.

    As a true lower middle class person, I can see the win win here.
    reply
  • RT Lanikai 2012/08/22 12:48:33
  • Andrew 2012/08/21 09:01:15
    Andrew
    +5
    Obama can look at the bright side of things! He has one "Nobel" lauriate endorsing him. Paul Krugman (gasp!) who thinks Obama's economic theories are sound. After this debacle, if the Nobel Foundation were honest and wise, they would recall BOTH Krugman and Obama and demand they return their prizes and the money they were given in recognition of their "achievements"!
    reply
  • ed 2012/08/21 08:47:28
    ed
    +4
    It's a start
    reply
  • mrdog 2012/08/21 07:38:24
    mrdog
    +10
    O is a loser.... hope and chains....One and Done...bark
    reply
  • pizzaman7 2012/08/21 07:30:58
    pizzaman7
    +5
    We need a new direction.....that's for sure !

    Spending money you don't have cannot be done consistently.

    Pursuing alternative fuels at the expense of what is currently working is also not a good idea.

    Da Prez has no clue !

    obama economics


    obama economics

    obama economics
    reply
  • Che Gue... pizzaman7 2012/08/21 11:41:59
    Che Guevara - Hero
    Where are the Tax Returns ? Why is Mitt Romney Spending Millions of dollars with a team of lawyers to hide his Tax Returns ? Mitt Romney's Father was born in Mexico. According to the Tea Party he is NOT a Natural Born Citizen.

    Romney tax returns
    reply
  • pizzaman7 Che Gue... 2012/09/01 18:07:34
    pizzaman7
    He's provided two years tax returns. He doesn't even need to legally need to provide that. No one cares what he does with his money. We all use tax loopholes...I have a lot myself. They are legal and your government put the laws out and people make use of them. You are just another hater.....anyone who is successful in life and makes money. It is the American way. We have produced more millionaires than any country in the world.

    Sure...let's compare birth certificates shall we ? How about Barry's college records. Who paid for him to go to Harvard ? How come the first thing Barry did is seal his records with a Presidential Order ?

    http://www.fas.org/sgp/obama/...

    Let's take a look at character and background shall we. Romney has led an exemplary lifestyle while Barry has led a life of radicalism, drugs, and strange behavior. Did you know his father had five wives with kids all over the globe ?

    Barry was born when his father had an adulterous relationship with his mother. That's why he was an abandoned child at two years old. Barry's aunt lives in the slums of Boston so why doesn't Barry let her live in his $2 million mansion in Chicago ? Nice guy. Barry's uncle is also an illegal immigrant like his aunt and he is in constant trouble with the law and a drunk. Nice...







































































    He's provided two years tax returns. He doesn't even need to legally need to provide that. No one cares what he does with his money. We all use tax loopholes...I have a lot myself. They are legal and your government put the laws out and people make use of them. You are just another hater.....anyone who is successful in life and makes money. It is the American way. We have produced more millionaires than any country in the world.

    Sure...let's compare birth certificates shall we ? How about Barry's college records. Who paid for him to go to Harvard ? How come the first thing Barry did is seal his records with a Presidential Order ?

    http://www.fas.org/sgp/obama/...

    Let's take a look at character and background shall we. Romney has led an exemplary lifestyle while Barry has led a life of radicalism, drugs, and strange behavior. Did you know his father had five wives with kids all over the globe ?

    Barry was born when his father had an adulterous relationship with his mother. That's why he was an abandoned child at two years old. Barry's aunt lives in the slums of Boston so why doesn't Barry let her live in his $2 million mansion in Chicago ? Nice guy. Barry's uncle is also an illegal immigrant like his aunt and he is in constant trouble with the law and a drunk. Nice family. Of course you probably like him.....being a Che supporter you are radical yourself.

    a lot can be said about you by looking at your friends......

    http://www.youtube.com/watch?...

    a scary look into this man's past. this is a very good timeline of his life. do we know who this man is ?

    http://www.youtube.com/watch?...

    Obama's father and his radical past....

    http://christwire.org/2012/04...

    a timeline of Obama's life....or actually his real name of Barry Soetoro.....

    http://www.youtube.com/watch?...
    http://www.buzzfeed.com/gavon...

    Mr. Obama's aunt has been here illegally for years and now she is granted asylum !! funny how that happens !

    http://www.personalliberty.co...

    How did Mr. Obama get a harvard education ?

    http://www.wnd.com/index.php?...

    Romney has been married to ONE woman his entire life, and has been faithful to her, including through her bouts with breast cancer and MS.

    No scandals or skeletons in his closet. (How boring is that?)

    Can't speak in a fake, southern, "black preacher voice" when necessary.

    Highly intelligent. Graduated cum laude from both Harvard Law School and Harvard Business School... and by the way, his academic records are NOT sealed.

    Doesn't smoke or drink alcohol, and has never done drugs, not even in the counter-culture age when he went to college.

    Represents an America of "yesterday", where people believed in God, went to Church, didn't screw around, worked hard, and became a SUCCESS!

    Has a family of five great sons.... and none of them have police records or are in drug rehab. But of course, they were raised by a stay-at-home mom, and that "choice" deserves America's scorn.

    Some VERY INTERESTING Personal Information:

    His full Name is: Willard Mitt Romney

    He was Born: March 12, 1947 and is 65 years old.

    His Father: George W. Romney, former Governor of the State of Michigan

    He was raised in Bloomfield Hills , Michigan

    He is Married to Ann Romney since 1969; they five children.

    Education:

    B.A. from Brigham Young University,
    J.D. and M.B.A. from Harvard University

    After high school, he spent 30 months in France as a Mormon Missionary. After going to both Harvard Business School and Harvard Law School simultaneously, he passed the Michigan bar exam, but never worked as an attorney.

    In 1984, he co-founded Bain Capital a private equity investment firm, one of the largest such firms in the United States.

    In 1994, he ran for Senator of Massachusetts and lost to Ted Kennedy.

    He was President and CEO of the 2002 Winter Olympic Games.

    In 2002, he was elected Governor of the State of Massachusetts where he eliminated a 1.5 billion deficit.

    Some MORE Interesting Facts about Romney:

    Bain Capital, starting with one small office supply store in Massachusetts, turned it into Staples; now over 2,000 stores employing 90,000 people. Bain Capital also worked to perform the same kinds of business miracles again and again, with companies like Domino's, Sealy, Brookstone, Weather Channel, Burger King, Warner Music Group, Dollarama, Home Depot Supply and many others.

    He was an unpaid volunteer campaign worker for his dad's gubernatorial campaign 1 year. He was an unpaid intern in his dad's governor's office for eight years. He was an unpaid bishop and state president of his church for ten years. He was an unpaid President of the Salt Lake Olympic Committee for three years. He took no salary and was the unpaid Governor of Massachusetts for four years.
    (more)
    reply
  • Lanikai pizzaman7 2012/08/21 16:57:06
    Lanikai
    +1
    I like how THIS guy said it,.

    Warning-VERY foul language-

    reply
  • unicorn_lady1 2012/08/21 07:19:47
    unicorn_lady1
    +2
    Excellent - thank you for posting this!
    reply
  • Greg 2012/08/21 07:10:03
    Greg
    I do not support Obama, but this is nothing more than an appeal to authority and popularity. Neither do I support Romney because he isn't going to make any real changes, at least I'd be surprised if he did. People need to start listening to the Austrian economists. Not because they are experts, but because their arguments are logically sound.
    reply
  • Cyan9 2012/08/21 06:56:22
    Cyan9
    +1
    Looking at the names mentioned, this seems to be bringing back the old saltwater vs. freshwater divide in economic thought.
    reply
  • redhorse29 2012/08/21 06:29:38
    redhorse29
    +3
    Interesting none of this ever gets covered in the mainstream media.
    reply
  • TheTruth1313 2012/08/21 06:21:20
    TheTruth1313
    +4
    Yet another fact that I'm sure all the delusional little obots will close their tiny little minds to as the genuflect in the direction of their false idol; The failure in chief Obama
    reply
  • ☆stillthe12c☆ 2012/08/21 06:07:18
    ☆stillthe12c☆
    +2
    Glad to read about it.
    reply
  • Don Leuty 2012/08/21 06:06:29
    Don Leuty
    +4
    Selective reading of economics is common trait among ALL presidents. Also, is selective memory. 0bama has said the same thing in the past. It is just class warfare and and tax returns make a great diversion from his record.
    reply
  • Embalmer 2012/08/21 05:02:22
    Embalmer
    +1
    Did it ever occur to you that those economists are 1%er's like Romney who use loopholes and tax shelters in order to pay as little on income taxes as possible? Romney's economic plan is based on Reaganomics with the difference being Reagan knew he had to raise taxes to keep America content and properly functional. Screw Grover Norquist and his tight ass pledge too, he's destroying the fabric of America.
    reply
  • Lady Wh... Embalmer 2012/08/21 09:43:51
    Lady Whitewolf
    +1
    THANK YOU!!!!
    reply
  • Gwen Embalmer 2012/08/21 12:08:21
    Gwen
    +1
    glad that more people are getting on board for a flat tax.
    reply
  • 4570GOVT Embalmer 2012/08/21 15:18:29
    4570GOVT
    OWEBAMA is a millionair too .
    reply
  • Embalmer 4570GOVT 2012/08/21 15:29:06
    Embalmer
    The Obama's didn't make a million bucks last year, they did when their books came out but they are not in that class of wealth. And even if they were they certainly wouldn't be like the greedy/tight ass rightists.
    reply
  • 4570GOVT Embalmer 2012/08/21 23:55:41
    4570GOVT
    +1
    They are worth over $10 Million Dollars ( most of that wealth coming AFTER he became POTUS )
    reply
  • snipe 4570GOVT 2012/08/22 00:16:15
    snipe
    +1
    That would make barack a 1%er then.
    reply
  • Embalmer snipe 2012/08/22 03:29:57
    Embalmer
    A 1%er who is willing to pay more.
    reply
  • 4570GOVT Embalmer 2012/08/22 15:38:20
    4570GOVT
    +1
    Did he pay More Than $2.5 Million Dollars Last Year ? Romney Did !
    reply
  • Embalmer 4570GOVT 2012/08/22 23:41:04
    Embalmer
    Do you really think they made the same amount of money?
    reply
  • 4570GOVT Embalmer 2012/08/24 15:59:22
  • Embalmer 4570GOVT 2012/08/24 16:05:42
    Embalmer
    And Romney does the same in his ads. Romney HAS to give his church 10% of their earnings, all Mormon 's are supposed to, so it's not as charitable as you foolishly believe. And BTW, the money he gives to his church is all TAX DEDUCTABLE.
    reply
  • 4570GOVT Embalmer 2012/08/24 16:19:58
  • Embalmer 4570GOVT 2012/08/24 16:46:15
    Embalmer
    Yeah? Just one? If he lies in his ads, are they considered attack ads? Do you remember the attack ads Romney used against Perry, Santorum and Gingrich in the nomination process? They work and whoever has the most money will use more attack ads. because he's a Mormon - please.

    Topic 506 - Charitable Contributions

    Charitable contributions are deductible only if you itemize deductions on Form 1040, Schedule A.

    To be deductible, charitable contributions must be made to qualified organizations. Payments to individuals are never deductible. See Publication 526, Charitable Contributions.

    If your contribution entitles you to merchandise, goods, or services, including admission to a charity ball, banquet, theatrical performance, or sporting event, you can deduct only the amount that exceeds the fair market value of the benefit received.

    For a contribution of cash, check, or other monetary gift (regardless of amount), you must maintain as a record of the contribution a bank record or a written communication from the qualified organization containing the name of the organization, the date of the contribution, and the amount of the contribution. In addition to deducting your cash contributions, you generally can deduct the fair market value of any other property you donate to qualified orga...







    Yeah? Just one? If he lies in his ads, are they considered attack ads? Do you remember the attack ads Romney used against Perry, Santorum and Gingrich in the nomination process? They work and whoever has the most money will use more attack ads. because he's a Mormon - please.

    Topic 506 - Charitable Contributions

    Charitable contributions are deductible only if you itemize deductions on Form 1040, Schedule A.

    To be deductible, charitable contributions must be made to qualified organizations. Payments to individuals are never deductible. See Publication 526, Charitable Contributions.

    If your contribution entitles you to merchandise, goods, or services, including admission to a charity ball, banquet, theatrical performance, or sporting event, you can deduct only the amount that exceeds the fair market value of the benefit received.

    For a contribution of cash, check, or other monetary gift (regardless of amount), you must maintain as a record of the contribution a bank record or a written communication from the qualified organization containing the name of the organization, the date of the contribution, and the amount of the contribution. In addition to deducting your cash contributions, you generally can deduct the fair market value of any other property you donate to qualified organizations. See Publication 561, Determining the Value of Donated Property. For any contribution of $250 or more (including contributions of cash or property), you must obtain and keep in your records a contemporaneous written acknowledgment from the qualified organization indicating the amount of the cash and a description of any property contributed. The acknowledgment must say whether the organization provided any goods or services in exchange for the gift and, if so, must provide a description and a good faith estimate of the value of those goods or services. One document from the qualified organization may satisfy both the written communication requirement for monetary gifts and the contemporaneous written acknowledgment requirement for all contributions of $250 or more.

    You must fill out Form 8283 (PDF), and attach it to your return, if your deduction for a noncash contribution is more than $500. If you claim a deduction for a contribution of noncash property worth $5,000 or less, you must fill out Form 8283, Section A. If you claim a deduction for a contribution of noncash property worth more than $5,000, you will need a qualified appraisal of the noncash property and must fill out Form 8283, Section B. If you claim a deduction for a contribution of noncash property worth more than $500,000, you also will need to attach the qualified appraisal to your return.

    For more information refer to Form 8283 and its instructions, as well as Publication 526, Charitable Contributions. For information on determining the value of your noncash contributions, refer to Publication 561, Determining the Value of Donated Property.

    http://www.irs.gov/taxtopics/...

    http://taxes.about.com/od/ded...
    (more)
    reply
  • 4570GOVT Embalmer 2012/08/24 16:59:54
    4570GOVT
    Thank you . So over $500,000 given to charity " IS " OK if you provide necessary forms . Do you have access to his released tax returns ? $ 2,000,000.00 is a LOT of money . Did the IRS grant him a full deduction ( 4X that 500,000 listed ) ?
    You are right " everybody - you , me , etc. " have deductions taken off the top ( NOT JUST THE RICH ) .

    BTW : " Do you remember the attack ads Romney used against Perry, Santorum and Gingrich in the nomination process? "

    I don't remember any lies " coming from Romney " - Please Explain Yourself !
    reply
«« First « Prev ... 3 4 5 6 7 8 ... 10 Next » Last »

News & Politics

2013/05/26 09:07:38

Hot Questions on SodaHead
More Hot Questions

More Community More Originals