|
The guiltless millionaire - A Blog from Freemont Group  |
| 05 February 2012
America´s ‘Patriotic Millionaires for fiscal strength’ manage to keep the attention of the mainstream media. They are millionaires after all. The issue of taxing the rich was highlighted last week when United States presidential candidate Mitt Romney finally released his tax records after much public pressure. When it was revealed that Romney´s effective tax rate on his $20,8 million annual income is only 13,9% outrage ensued. America has long maintained a relatively low tax rate on carried interest of 15%. Since Romney´s income consists mostly of interest, his effective tax rate (including deductions) is lower than that of the average American. While Romney defended himself by saying that he only pays what he is legally required to, this statement is not completely accurate. In 2007 a bill was introduced to increase the tax rate on carried interest to the corporate level of 35%. Mitt Romney´s former company Bain Capital, in which he still holds shares, actively lobbied against this bill. It seems keeping your taxes low is an easy job when you have enough money to write the law.
While some millionaires lobby for lower taxes, on the other side of the spectrum we find the ‘Patriotic Millionaires for Fiscal Strength’ who lobby for higher taxes. Their blatant hypocrisy was highlighted when a journalist from the daily caller asked several of these altruistic millionaires to voluntarily donate to the Treasury. For years the United States Treasury has had an office and an account number to donate to and help pay off the national debt.
Apparently a voluntary contribution won´t do, nor does donating it to charity like Bill Gates does. These millionaires want the government to force them to pay higher taxes. Only by being punished for their wealth can they feel absolved from guilt. Despite Mitt Romney maintaining his wealth through backroom deals, we can agree with him on one thing: he does not need to apologize for his success.
You have been reading an entry on the following blog:
Freemont Group
Freemont Group is a comprehensive provider of fiduciary services, including corporate
formation and administration, trust, fund formation, legal-and tax services. www.freemontgroup.com
/ info@freemontgroup.com
|
|
|
Strategic Partners
Lowtax Network Portal: 'Low-tax' business and investment in the top
50 jurisdictions covered in exceptional detail.
Tax News: Global tax news, continuously updated through the day.
Investors
Offshore: The independent offshore and alternative investment guide
for expatriates and the globally aware investor.
Law & Tax News: Daily
news and background data on tax and legal developments for international business.
Offshore-e-com: A topical
guide to offshore e-commerce focused on tax and regulation.
Lowtax Library: One of
the web's largest and most authoritative business and investment information
sources.
US Tax Network: The resource
for free online US taxation information, covering: corporate tax, individual
tax, international tax, expatriates, sales and e-commerce tax, investment
tax.
Personal Business Tax
Guide: Providing essential tax news and information on business for
contractors, entrepreneurs, professionals, small businesses, artists, sportspersons
and entertainers.
Offshore
Trusts Guide: OTG publishes news, features and newsletters on the
use of offshore trust structures.
TreatyPro:
The online tax treaty resource.
|
Lowtax Library
One of the web's largest and most authoritative business and investment
information sources. Alongside topical, daily news on worldwide
tax developments, you can receive weekly newswires or
access up-to-date intelligence
reports on a range of legal, tax and investment subjects.
FREE TRIAL
NEWS SUBSCRIPTION
Our 16 constantly updated intelligence
reports cover every important aspect of 'offshore' and international
tax-planning in depth, including banking secrecy, the EU's savings tax
directive, offshore funds, e-commerce, offshore gaming and transfer
pricing. Reports are available for immediate downloading or as subscription
services with news pages.
|
Advertising
& Marketing
With over 50,000 qualified readers every month our web-sites offer
a number of cost effective, targeted advertising, sponsorship and marketing
opportunities:
- Display advertising - from 'skyscrapers' to 'buttons'
- Content/article submission and sponsorship
- Opt-in email marketing
- On-line Services Directory listings
Click
here to learn more or contact Charles Bell on +44 (0)1424 205 425
or at charles@bsi-media.com
and he will put you in touch with your regional rep.
|
News & Content
Solutions
Could your corporate web-site or newsletter benefit from incorporating
regularly updated news and content tailored to serve your clients' interests?
We can provide a variety of maintenance-free news and content solutions
that can be seamlessly integrated and dynamically delivered:
- Customised, personalised 'own-brand' news services
- Newsletter content and management
- News Headline Tickers
Click here
to learn more or contact Charles Bell on +44 (0)1424 205 425 or at charles@bsi-media.com
and he will put you in touch with your regional rep.
|
|
 |
|
Front Page
Tax Jurisdictions
Featured Content
