The real 47 percent: GOP candidate with a Ferrari pays no federal income taxes for third year

[unhappycamper]

http://www.rawstory.com/rs/2014/10/the-real-47-percent-gop-candidate-with-a-ferrari-pays-no-federal-income-taxes-for-third-year/



Connecticut gubernatorial candidate Tom Foley

The real 47 percent: GOP candidate with a Ferrari pays no federal income taxes for third year
Eric W. Dolan
20 Oct 2014 at 14:50 ET

A wealthy Republican candidate who owns a vintage Ferrari and a fighter jet effectively paid no federal income tax for the third year in a row.

Investor Thomas C. Foley hopes to defeat Connecticut’s Democratic governor, Dannel P. Malloy, in the upcoming Nov. 4 election. His campaign released summaries of the candidate’s 2013 federal income tax returns to reporters on Friday, and both the New York Times and the Hartford Courant noted his total federal tax liability was just $673.

“The campaign released his 2010, 2011 and 2012 tax summaries last month; 2013 was the third year in a row that Mr. Foley effectively paid no federal income tax,” the Times reported.

Foley spent $11 million of his own money seeking to become governor of Connecticut in 2010, and the Malloy campaign has been eager to point out Foley’s lavish lifestyle.

[ND-Dem]

1. boo & r

[TexasBushwhacker]

2. It depends on the loopholes

If he didn't pay income taxes because a lot of his investments are in tax free municipal bonds, I don't really have a problem with that. If MBs were taxable, municipalities would have to pay higher interest rates, making the cost public works and buildings more expensive. That money would have to come from the pockets of the local taxpayers.