Romney: "Obama supporters are dependent on the government"

[Rucker61]

I dont think you understand much about taxes or the laws involved.


But ALL you seem to understand is revenue, which is NOT the actual story. When CNN reports that Citibank had profits of 100M first quarter thats only half the story- because those are not Citibanks profits, they are the shareholders profits and the payouts to those shareholders is TAXED. By law you cannot tax the money twice- you cannot tax Citibank for the "profits" and then turn around and tax the shareholders for the profits- if you did all business would cease in this country and we would be poorer than Haiti. No loophole, just strategic reporting.

Actually, double taxation on corporate dividends is perfectly legal, and qualified dividends are taxed at the long term capital gains rate. For taxpayers in the 10% and 15% income tax brackets, the Tax Increase Prevention and Reconciliation Act of 2005 ("TIPRA"), signed by both Bush and Obama, the tax rate on dividends was reduced to 0%.

I certainly report my dividend income on my annual tax returns and they count as taxable income.