As a guest on The Last Word, Elizabeth Warren said it’s "wrong" the way Mitt Romney earns an income.
"Mitt Romney gets a better deal than any of the rest of us because he manages to earn his income in a way that has been specially protected for rich folks" Democratic Massachusetts Senate candidate told MSNBC's Lawrence O’Donnell. "I think that's wrong."
Romney has been hit from both sides of the aisle after disclosing that he pays about 14 percent on income taxes per year — way less than the average American, which usually pays upwards of 25 to 30 percent.
It's all completely legal, mind you. Democratic Massachusetts Senate candidate says it raises ethical questions and paints a larger picture of what this presidential election is really about.
To her, "it's not finance. It's not economics. It's values."
"We now have these huge corporations — the one that's been in the news a lot has been General Electric — legally paying zero in taxes. And every complication in the tax code that permits them to pay zero is absolutely sacrosanct, according to these Republicans," she said. "But at the exact same moment, they say to young people, you're going to have to take on more debt to get an education or they say to seniors, you know, you may just have to learn to live on less."
G.E. is part of owner of NBC Universal.
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Great interview with Elizabeth Warren, I think she will easily beat Scott Brown(the Cosmo model from Wrentham), but I also think she has a good chance at being our first female President. Who could have imagined how good she would be at communicating and explaining to people what is going on. This means that her campaign should be very aware that she is going to get many millions thrown at her to try to stop her in her Senate campaign, they will be ruthless and stop at nothing every day, because if she does get power she could actually change things, and that scares the hell out of them.
PLEASE!!! Give me a @!$%#in' break.. Were you an EH kid in school???
Sorry but what is an EH kid?
Hey RayinMa...what are you smoking...Elizabeth Warren our first female Pres....I don't think so...she says Romney earn his money the wrong way...he can't help it if he's smarter than her...he did nothing illegal...paid his share of taxes..total up to 40%.
I am a strong supporter of you, Lawrence, and Elizabeth Warren. I couldn't be more aligned with what you and Elizabeth are advocating. But I found it odd that Elizabeth brought up General Electric as one of the major multi-national corporations, founded in the US, that does not pay taxes.
I was waiting for the bomb to drop. It didn't. So I think there was a subtly hidden agenda in this discussion; a subtext made apparent to me by what was NOT said about GE's chairman, Jeff Immelt, (the bomb) and who owns what. (the sub bomb)
Mr. Immelt replaced Paul Volker as the Chair on the Council on Jobs Competitiveness. Mr. Immelt advises President Obama on how to create jobs in the United States, and at the same time defends his building of locomotive plants in Brazil.
I don't condemn GE for creating factories and jobs where their market lies. But I also know, from what Mr. Immelt insinuated on Sixty Minutes, that if the US didn't make good business sense, if it didn't get tax breaks, if GE could make a wider profit elsewhere, it would move its headquarters outside the United States, as it has with many of its manufacturing plants.
So I am curious as to why this was NOT mentioned in your discussion. Perhaps you are leaving the resolutions up to the ones who are informed, those who know the connections and that GE owns NBC, and subsequently, MSNBC.
So sure, I get it. And I commend you for even bringing GE up, and indirectly talking to your boss. I respect your convictions, fortitude and truth. Don't stop.
Irv Podolsky
GE sold its controlling stake of of NBC-U to Comcast last year
EVERY corporation does most of their production outside the US. The current tax laws encourage as does the foreign trade and customs policies. 60% of profitable US corporations pay no taxes, but pay billions in order to control public policy which they have done very effectively. Every one of the 4+ million pages of tax code is there because someone with access(the wealthy) has had a special waiver or benefit to themselves. This seems to be the first time regular human citizens have gotten it through their heads that it is unfair, and a lot of credit needs to be given to Romney's greed and the sacrifice of those of the OWS movement. It looks like Obama has finally woken up also.
No They leave it out.....because they are DISHONEST !
well said GE And Exxon paid NO taxes on billions in profits Who can say thats a fair deal ?..Oh Just the GOP / Mitt
To Andrew from GE.
Yes, this is true. GE did sell its controlling interest of NBC/Universal.
However, I haven't kept up on the changes of the deal over the past year.
As I remember it, Comcast controlled 51% of NBC/Universal and GE retained 49%. That's still a sizable ownership even if it is not a controlling percentage.
GE did not pay any taxes last year after acquiring millions and millions of earnings... On top of that they moved most of their manufacturing overseas.. On top of that Obama assigned the CEO to his Labors Department.. Obama gave him a job.. You still feel the same way??
Facts 1981 onward US lived under GOP Reaganomics Bush wealth favoring toxic policies, huge corp cuts, debt, long unfunded wars that all led to disaster / crash /TARP scam . GOP .. Mitt fight for more Corp cuts Loopholes.. more deregulation- Corp welfare. Bush waged 2 long failed wars based on lies , wasting lives and trillions.. GOP will gut SS Medicare & the Disabled...education.. Mitt lies about Obama daily..Obama got bin laden & 20 top al qauda / .Just rescued 2 people from Somalia - pirates killed- Obama made .Great foreign policy decisions Jobs are coming back bit by bit Will get better . Under 2008 Bush US was losing 700 K jobs a month . Those are the facts of record Look them up since Mitt makes stuff up as does Newt Fox Hannity Beck & Rush ditto head show
All in All people.. Obama is @!$%#ing up and has @!$%#ed up terribly.. Bush acquired 4 trillion in debt his 8 years as president.. But Obama has acquired 5 trillion in 3 years.. Mad at Bush??? You should be furious at Obama.. The amount he spent we all could have received 30 thousand dollars each american.. I know I sure could use that but instead all the banks, GM, and his Chrony capitalisisms got it.. But that's your Obama right?? Elect him again and lose your social security and medicare..
Better get em out of here or else my fellow americans..
Hello Tim: How come everyone is forgetting we have been involved in three wars? Do they pay for themselves? Did you forget that our soldiers were getting hammered because our tanks could not repel the explosives? So we fortified our tanks, we used drones instead of manpower to reduce casualities, and then we had a financial meltdown. Republicans with insider contacts bought war machinery stocks, built companies with siblins as shareholders, many did not serve, so the middle class served, sacrificed offspring and must inherit the debt also? The war bills have just come home to roost!
Maebeline.
Poor little Timmy Tucker,
He's such....
Hmmm, better not use that word, Cabbie. Save it for when you're alone in the taxi...
Here we go:
Armed with new talking points, Timmy is raising quite a stink,
They are, afterall, the perfect way not to think.
Tim, 2 unpaid Wars and 2 unpaid Tax Cuts that's why....
Here is how I'd explain it to a 4 years old:
A rich couple own a beautiful house in a decent condition. One day to everybody surprise, there was a mice attack. The wife was in charge of the household, so she decided that she would avenge the mice and wage a war with all the mice in the neighborhood. She calls all the terminators to find the mice King in the far away kingdom. However, before she found the mice King, her friend told her that there are cockroaches in another kingdom that she should take care of. She convinced her husband and her kids that they both need to be done. "We don't want mouse and cockroaches in our house now, do we?" She said to her husband and her kids. She also told them that the war at the Cockroaches kingdom will be paid for because the kingdom has some jewels they can take after the war. So they agree to do both.
At the same time, her friend told her she should stop her older kids from doing chorus in the house because the time they save from doing their chorus can be invested to nurture her younger kids. The wife then decide that it is time for the older kids to stop their chorus work. But instead of spending the free time with the younger kids, the older kids decided that they would rather play outside the house. Meanwhile the house was hit by hurricane and start leaking, the plumbing failed, and the younger kids left with no heat and no hot water.
The kids was horrified and turns to daddy saying: "Daddy...daddy, do something!" Daddy took over and realized that the situation was worse than he thought. His wife did not only spend the money in the bank, she also racked up a credit card debt to cover her expenses. The house was a mess because the older kids didn't do what they are supposed to do. He didn't want the kids to panic, but also realized that as a responsible head of household, he still have to pay all the bills and fix the problem in the house.
He called back all the terminators from the Cockroaches' kingdom and tell them to concentrate finding the mice King instead. The terminators found the mice King and killed him.
Daddy is now trying to fix the house. He is trying to get the older kids to get back to the house and do their chorus. The kids who just love playing outside is now throwing tantrum not wanting to go back. Meanwhile the younger kids is crying because they are hungry and they can't get to the highchair. He needs to fix the leak in the roof and in the plumbing so water would stop pouring. With no money in the bank he was left with no other choice but to apply for a personal loan.
Mommy's friend and some of the older kids are not happy that Daddy is in charge now. So they all say: "What a horrible, irresponsible man! Look at the condition of this house. It is a mess and racking up personal loan like that? Mommy borrowed 4T the whole time she was in charged, Daddy already borrowed 5T in the short time he has been in charged. What a horrible man!"
I think you need to check your figures. You have them totallt wrong.
FALSE by the way . Obama did not lie us into Iraq Killing maiming wasting trillions or cause 2008 crash / depression / Wall St welfare scam ..Bush = Paulsons 4 pages with NO safe guards to protect our money Look at the real Obama record Much has been achieved under extreme conditions such as 3 yr Hate fest / vows of GOP to make Obama fail / deny him a 2nd term Cause his Waterloo . YOU gave Bush 2 terms Now its our turn Iraq war fiasco proves Bush Cheney to be devious war mongers -war profiteers watch PBS News NO lies or 1/2 truths or BS
Tim - Bush had a budget surplus when he came into office so he ran up more than $4 trillion! Obama has had to clean up the GOP disaster since he was sworn in and all while fighting an obstructionist GOP run Congress. He inherited 2 wars, a Medicare drug plan with no defined funding and ridiculous tax cuts for the extremely wealthy. What funky universe do you live in?? Are facts illegal there?
The truth is that GE paid $1 billion in federal, state and local taxes in the U.S. for 2010. Our tax rate was low because GE lost billions of dollars as a result of the global financial crisis. We expect that our tax rate will be higher for 2011 as our business recovers. Like most Americans, we believe the U.S. tax system is in desperate need of reform, which includes closing loopholes.
GE is one of the largest private employers and the second-largest exporter in the United States. During 2011, GE announced the creation of more than 8,000 new U.S. jobs, bringing total new jobs added since 2009 to more than 13,000. These jobs will fill the 16 new U.S. factories that GE is building or rebuilding in the U.S.
GE currently has nearly 2,000 U.S. job openings posted on its gecareers.com site.
We are all concerned about creating jobs at home and making the U.S. more competitive. We believe there are common-sense steps to take that can help, and we will continue to make that case.
Sincerely,
Andrew Williams, GE
The truth is that GE paid $1 billion in federal, state and local taxes in the U.S. for 2010. Our tax rate was low because GE lost billions of dollars as a result of the global financial crisis. We expect that our tax rate will be higher for 2011 as our business recovers. Like most Americans, we believe the U.S. tax system is in desperate need of reform, which includes closing loopholes.
GE is one of the largest private employers and the second-largest exporter in the United States. During 2011, GE announced the creation of more than 8,000 new U.S. jobs, bringing total new jobs added since 2009 to more than 13,000. These jobs will fill the 16 new U.S. factories that GE is building or rebuilding in the U.S.
GE currently has nearly 2,000 U.S. job openings posted on its gecareers.com site.
We are all concerned about creating jobs at home and making the U.S. more competitive. We believe there are common-sense steps to take that can help, and we will continue to make that case.
Sincerely,
Andrew Williams, GE
Thank you, Andrew. If you're ever in Utah, you've got a free cab ride coming...
Mr. O’Donnell
Make me cry. 'Romney's taxes are not fair. Romney's taxes are not fair.' Okay, say I agree with you. Then what's fair? How about all Americans paying the same tax rate regardless of race, gender, occupation or income? You don't agree, then admit that it's really about class warfare. You say that's a red herring, then admit that a flat tax is the epitome of equality at its fairest. What say you Lawrence? You, Al, Rachel and Ed aren't fooling anyone with your pandering. You're all blind in one eye and pushing policies that enslave an underclass with the notion that respect for education and hard work are not the best answer to changing ones lot in life; just line up for your handout since life has been so unfair to you. Do we need to address flaws in the medical insurance structure? You bet. Does government need to be in charge of the insurance system? Absolutely not, but it does have a role as insurance regulator. Government should not be in the business of insuring, except for the absolute neediest amongst us who have resigned themselves to remaining in a state of no possible hope of improving their lot in life.
And yes Lawrence, when people speak of the government not being able to create jobs. I think we all know that your simply glossing over the fact that one private sector job can produce the same outcome as a public sector job in half to one quarter the time. I know whereof I speak. It’s the very nature of government bureaucracy productivity. There is absolutely no impetus produce any kind of improve productivity in government bureaucracy; not to mention that the quantity of artificial government jobs it would take to put a significant sustained dent in the unemployment rate is simply something that can’t be done, unless of course you’re trying to emulate the former Soviet Union. Sadly, most of what I hear you say is so clearly blind to any side but you narrow socialist perspective. Sadly it seems more about political demagoguing than about an effort that would allow people to genuinely improve their lot in life; a thing that can only happen when a person makes the hard assessment of their past decisions and actions and then take personal responsibility for those actions and makes the necessary changes to move forward. If someone hasn’t taken advantage of the free public education system or their parents were lousy, they can change their circumstances, but it’s not the responsibility of one’s neighbor to support them and one is not entitled to force them to support you no matter how benevolent they may be. If you need benevolence then first recognize it for what it is not; it is not an entitlement. It is not a birthright. It is a generous gift from those more blessed, or harder working (in school, at the job), or smarter or whatever label you want to use, but it is not a right of entitlement. Our society has blurred vision with crossed eyes thanks to the likes of you and your like-minded buddies. You aren’t really fooling anyone with any real sense of what it takes to succeed in life; but sadly there are many that you are fooling with your half-truths and false siren’s song of socialism. The same siren’s song that set up the flawed mortgage regulations at Fannie and Freddie that was the snowball that started the avalanche that ruined the ‘disenfranchised’ you so famously champion (to their ruin with your policies.)
Happy Nelson Ratings. That’s what the populist ranting’s really about isn’t it.
Bob - I don't know where to start. Who is giving these handouts? Who is saying that work is bad? Do economically challenged individuals need help to get a college education? You bet!
Will the health care industry self-regulate so that costs come down and premiums become affordable? Not in a million years unless it's mandated. They are up there in the greed category beside the hedge fund managers.
As for the social safety net, are you really willing to live in a world that turns its back on the poor, the homeless, the disabled and the elderly? Really? If that's okay with you, please tell us that you are not a member of any religious organization.
Now onto jobs; if the government is funding projects like road construction, rebuilding schools and hiring directly - how is that not creating jobs? Is it as fast as the private sector? Who knows but it's still progress. And by the way, the private sector is growing but not lightening fast.
Finally, a flat tax is not the fairest. If you make $100K and the tax is 10%, you have $90K in disposable income. Another person makes $10K so they only have $9000 to live on. Do you really believe that's fair especially in light of the fact that you don't believe we should help anyone financially with anything? How do they then improve their lot in life?
We live in a society that believes we have a duty to make life better for all its citizens. That is a belief with value and integrity, not to mention simple decency. While I am not a member of any organized religion, I think it's called the Golden Rule and is considered a tenet of most faiths. Helping those who are having a difficult time does not equate with Communism. If so, you'd better call the Vatican and tell them to cut that crap out.
Last but not least; pray you are never in the position of needing help. You reap what you sow.
The only health care the Gov't is in is edicare and medicaid. Why should Romney pay a lower % than the average working person? What did he contribute to this country? NOBODY is asking for any damn hand out as you clowns keep saying. A fair CHANCE to make a decent living.
If education is soooo damned important to you righties, why is EVERY red state cutting and trying to privatize education? Why does EVERY rightie want to eliminate the DOE? The answer is so clear and easy. Bet you guess wrong.
What's funny about this.....is that the Left can't even call it, what it is "class warfare" they couch it in words like fairness ! I am 62 and retired and disabled, and i guess you could say I'm living on a fixed income. If my checks stopped coming tomorrow, the U.S. Government doesnt owe me a thing....I'll get by on my own !
1) Not spending money you don't have is not RADICAL....it is just common sense
2) There are young people in this country who have never worked a day in their LIFE !
3) There is no such thing as.....FREE MONEY
Care to name some of those "young" people? How about some sources for that information.
Once again you righties say people are looking for handouts. Once again, some names, sources.
I didn't realize so many right wingers had to come and comment on Lawrence's blog. It must mean you are doing something right Lawrence and that you are having an impact. They only get mad at and try to vilify those who are effective and those who have an influence. Keep up the good work!
I don't think the way Romney "earns" money is wrong. I think the way he HIDES his money in foreign countries is WRONG! I think the 13.9% he pays in taxes is WRONG! I think the overall GOP economic policy is WRONG for America. I think we as a country need to vote Democrat in EVERY federal, state and local election to restore the ideal of fairness in America. I think we need to GET RID of the GOP Congress members and give the DEMS an opportunity to initiate and implement truly liberal policies to improve the lives of the the 99%. The 1% are going to be OK regardless of who is in office. It's the GOP's determination to widen the gap of income inequality, wealth inequality, gender inequality & racial inequality. Rid our Congress of the GOP and watch this country literally TAKE OFF! VOTE FOR BARACK AND VOTE FOR ELIZABETH WARREN!
Romney does not hide his money. His blind trust, which he has had for 10 years, directs where his money is invested. He pays a higher percentage on his taxes than 97% of the country, and I presume, a far higher percentage than you.
About voting Democrat, take a look at every failing city or state in the country, and then look at who leads them - all Democrats. No thanks. And think about your logic for a second, if the Republicans are the party of the rich (even though the Democrats in Congress are far wealthier), then wouldn't they want more people to get rich, and thus, have more supporters? Everything Obama has done in office has been to benefit the very wealthy - GE, Solyndra to name just a couple - and all in exchange for campaign contributions. Obama had a large majority in the House and Senate - so why don't we have the perfect world you say we would have if Democrats controlled everything?
And what planet are you from? Flunked did you. 13.9% on 21million. I pay 29% on a hell of a lot less. IF he give a rats ass about this country, he would invest in it and not off shore banks.
Totally agree with above comment. Democrats & Independents need to vote in historic numbers in the November election so President Obama can have a fillibuster proof in Congress.
Unfortunately Cate, disenchanted democrats are so disillusioned that they are sitting out the 2012 election to free themselves from guilt. If Obama can turn this economy around in a super dramatic fashion, maybe they'll show up.
The header of this post is not quite fair to Prof. Warren. She never said that the way Romney MAKES his money is 'wrong'. She said the way he's TAXED is wrong.
The right wing loves to frame this issue the way your headline was written, as if the Occupy movement, Prof. Warren, and Democrats in general are anti-investment, anti-capitalism. The only problem with that framing is it's wrong. What we're against is a rigged, imbalanced framework of laws that gives big investors like Mr. Romney unfair and unusual advantages over citizens who work for their pay.
O'Donnell let Ms. Warren tell lie after lie. She said she is not wealthy, she is very wealthy. She said she does not own stock, she owns millions in stocks. If she is elected she will be one of the richest in Congress. Pitiful.
And your sources are?
"We make our money the old fashioned way,......Yeah right!"
Amazing number of trolls showing up here all of a sudden. Are Scott Brown's super-PACs spending their money on astroturf instead of air time?
He must be paying trolls.
There is a straight forward solution to the business profits taxed twice question. Repeal the tax code relevant to the taxation of C-corporations and tax all businesses as a flow-throw entity with all current year profits and losses being reported and taxed at the shareholder / business owner level. Nonresident foreign investors in US companies would be subject to subject to tax withholding on the amounts deemed distributions to the shareholder. As a note, the are many very large Oil & Gas Master Limited Liability Companies / Partnerships and their investors who are treated in this manner. Naturally, tax rates for individuals will need to be adjusted in order to collect the necessary revenue to fund our government.
Alternatively, scrap the entire Internal Revenue Code and replace the lost revenue with a transaction fee levied on all securities transactions (analogous to the SEC fees currently charged to help fund the SEC). Nothing could be more simple and efficient to raise revenue to fund the government. If there needs to be incentives to support new businesses, R&D, business expansion, employee, training and modernization of businesses than those who need it should apply for grants and justify the use of our nation's revenue to support their need. Having tax incentives provided through the tax code hides the recipient from public view and provides benefits to businesses who don't need them. For those who think this would harm the capital markets and adversely impact the valuation of securities, I say BS. Market values are suppose to be based on the underlying value of the business and removing all income taxes from the business and using the save cash flow to innovate, expand R&D, re-tool its unproductive processes, invest in its employees,etc. will offer huge benefits to the value of the business.