The lack of understanding of taxes in the U.S. is unbelievable. OK, I’ll take some time to educate you. Romney, Obama, Einstein and Stephen Hawking are not smart enough to figure out their own taxes. Nobody is, not even the IRS. The Internal Revenue Code and regulations add up to one million words, that’s seven times the length of the Bible. You could take the ten smartest IRS agents and have them figure a company’s tax and they’d get ten different figures.
So, accounting firms use Turbo Tax Professional Software to figure most returns and Tax Attorneys for the more difficult. Lets say you bought 100 head of cattle for $100,000 and they all died in a flood. The next year you would have at least a $100,000 loss and probably not owe any taxes. If you were running for public office your opponent would call you a skunk and say you paid no taxes. Both of those things might be true. I know a lot of people and I don’t know anybody who intentionally tries to pay more taxes than they owe. I know some very generous people but they think they can donate their money to more worthwhile organizations than the government. Organizations that don’t pay their leaders a million dollars a year or spend money on $26 a gallon biofuel.
Obama would have you believe there is something sinister about a company that pays no taxes except his darling company, General Electric. GE’s media holdings include television networks NBC and Telemundo, 27 television stations in the United States and many cable TV networks, including the History Channel, A&E, CNBC, MSNBC and Sci Fi Channel. It also owns the popular web-based TV website Hulu.
Last year GE Filed a 57,000-Page Tax Return and Paid No Taxes on $14 Billion in Profits. Harry Reid and Barack Obama probably never told you that? I doubt very seriously if GE broke any laws. They are the sixth largest firm in the U.S. and make everything from Locomotives to Jet Aircraft Engines. They buy and sell companies like you might buy and sell stock. When they take a loss it is deducted from their taxes. Whether you are a cattleman or the largest company in the world, a lot of what you do is based on the tax consequences.
Because taxes are so complicated, the Democrats can pick and chose information to propagandize for their own gain. If you have any savings invested in mutual funds, you more than likely own foreign investments. Political opponents can pick apart your tax returns, how much you paid in a given year, what charities you support, how little you donate to charity, the list is endless. Are you willing to be fat dumb and happy or will you work to become informed?