Posts Tagged ‘Capital gains’

Can You Dig It?

Saturday, September 29th, 2012

Inspired by Bloomberg’s recent revelation of another multi-million dollar Mitt Romney tax dodge, and the MPT Ed Sullivan special last night. What those two things have in common? Two things (keep reading to find out what they are).

 

Can you dig it? Mitt Romney can.

He’s the mega-million dollar man.

 

But if you’re just a regular civilian

Without an extra hundred million,

 

If you’re just a regular gal or guy

With no chance, insider stocks to buy…

 

Well, then, this particular tax trick isn’t for you:

It’s not something we regular folk can do.

 

The standard-bearer for the GOP

Has transferred over $100 million to his heirs, tax-free.

 

It’s saved him tens of millions in tax,

But still Mitt wants the rules to further relax.

 

Mitt’s method is called the “I Dig It” trust

And is one of those things best in quiet rooms discussed.

 

The trick is asset values to massively understate

So what taxes you pay are at the lower capital gains rate.

 

Estate and gift taxes? That’s for losers,

Not Intentionally Defective Grantor Trust users.

 

So on a $100 million trust, that’s a savings of at least $35 mill,

But instead of closing that loophole, Mitt wants the estate tax to kill.

 

In the mean time, he’ll keep using “every trick in the book

His tax returns, trusts, and financials to cook.

 

Letting heirs graze off a trust fund is one thing, but it’s not fair

That you can’t dig it unless you’re a mega-millionaire.

 

The system works for Mitt and his pals because they can rig it,

And that is why Mitt Romney can dig it.

***

Here’s your theme music, Grazin’ in the Grass by the Friends of Distinction (read the lyrics below). This was one of the great songs featured on MPT last night, which is one of the things that Mitt’s dodge and the MPT show have in common. And the other? Support for public broadcasting is one of the things Mitt Romney would cut in order to give the rich more and bigger tax cuts.


 

Grazin’ in the Grass by the Friends of Distinction
It sure is mellow grazin’ in the grass
(Grazin’ in the grass is a gas, baby, can you dig it)
What a trip, just watchin’ as the world goes past,
(Grazin’ in the grass is a gas, baby, can you dig it)
There are so many good things to see
While grazin’ in the grass
(Grazin’ in the grass is a gas, baby,can you dig it)
Flowers for takin’
Everything outta sight in the grass
(Grazin’ in the grass is a gas, baby, can you dig it)
The sun beaming down between the leaves
(Grazin’ in the grass is a gas, baby, can you dig it)
And the bir-ir-ir-irds darting in and out of the trees
(Grazin’ in the grass is a gas, baby, can you dig it)
 
Everything here is so clear you can see it
And everything is so real, you can see it
And it’s real, so real, so real, so real, so real so real
Can you dig it
Whoo-Ooohh
 
CHORUS:
I can dig it he can dig it
She can dig it we can dig it
They can dig it you can dig it
Ohhhh, let’s dig it,
Can you dig it, baby
I can dig it he can dig it
She can dig it we can dig it
They can dig it you can dig it
Ohhh, let’s dig it
Can you dig it, baby
 
The sun beaming down, between the trees
(Grazin’ in the grass is a gas, baby, can you dig it)
And the bi-ir-ir-rds dartin’ in and out the trees
(Grazin’ in the grass is a gas, baby, can you dig it)
 
And everything here is so clear, you can see it
And everything here is so real, you can feel it
So real, so real, so real, so real, so real
Can you dig it, baby
Whoo-Ooohhh, Yeah
 (Repeat chorus four times then fade out.)

 

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