It never ceases to amaze me

How "politicians" in general can be so disingenuous to the people.   And YES these lies and half truths vomit from the mouths of BOTH parties. The Republicans are unabashed in their pandering and protection of the top 2%. Boehner and his bobble-heads no longer even TRY to hide their contempt for anyone earning under $100K/year, and the fuck'n Dems go into neutral and become effete in delivering for the bottom 98% because THEY TOO are 'owned' outright by the top 2%.

I think it is time for the bottom 98% to voluntarily QUIT paying and filing income taxes. What are "they" gonna do; seize poperty of, and then PROSECUTE 200,000,000 citizens?

Yes! Increasing numbers falling into poverty, and a disappearing middle class...

along with the top few percent of our population having an increasing disproportionate share of the national wealth, and not a word from the right about "the redistribution of wealth." That is, until someone wants to spend more tax money on social or educational programs.

You are one of the.

Olbermann is an out and out liar. I just happen to own and have been a limited partner in EPD (Enterprise Product Partners) for many years. I also am a limited partner in several other S type corporations.  

It is true EPD does not pay any tax like say Intel. All of the income is passed thru to the partners, me and thousands of other partners. EPD also passes thru all of the expenses of the S type corporation to me and thousands of others. Each one of the limited partners shares (called Units) are treated like a small business. Based on our number of shares we get a percentage of the income and expenses. We add up our share of the payments received subtract our portion of the expenses of the S type corp. and pay our share of the State and Federal taxes. On many of the S types we have to file in multi states and sometimes in Canada in the case of TCLP (Trans Canadian Pipeline) paying each state and country tax. The foreign tax is not deductable like PVX income and tax.

Olbermann didn't explain it that way did he? Lying mother fucker.

Now there are some advantages to owning EPD along with some disadvantages.

Advantages: EPD is required to pay out almost all of its income to the unit holders so the unit holder can be taxed on that income.  Therefore, EPD can't hide the income overseas like Intel, hedge the income like banks or take advantage of some of the tax loopholes provided to large corps. The advantage to the Unit holder is a large payout 4.5 to 7% in some cases. But remember, I pay the tax, not EPD.

Disadvantages: If the partnership loses money and there is nothing to distribute to the limited partners, APL being a good example. Bad purchase at $31 worth $18 today all I get from the APL investment is the expenses. And all I can use those expenses for is deductions against APL's cash distraction not any other income I may have. Because there isn't any cash distribution by APL, I eat the losses.  Fucking lying Olbermann didn't explain that part did he?

One other small point. In some cases I can be held responsible of the partnerships debts and liabilities, law suits and liens. These are rare but it is a risk. Maybe Olbermann didn't read the fine print, if the dumb bastard can read.

It no different than  say you and I owned a bagel shop and were partners. We take the income and expences from the bagel shop, and file our individual taxes. The bagel shop didn't pay any taxes because the income an expenses were passed thru to you and me. We paid the fucking taxes.

Olbermann didn't explain it that way did he?

Some of these S types are huge, that is true, KMP Mkt cap $21B, MWE $2.5B, NS $3.9B and they have thousands of employees, who pay taxes on wages. Not may of them laid off during the recession even though their income and market cap went down, because they usually run lean and the work must be done. You can't walk away from 3,000 miles of pipeline and wait for a better day.

Olbermann left that out also.

Why and how these limited partnerships were created is a whole different story, but surfice it to say its one of the reasons gas is less that Europe and under $4.00 a gal here and over $4 a liter in most of Europe.  If they make them convert to Corporations I'll be rich and you will pay $3.75 to $4.50 a gallon for gas.

You want to know why go ask Olbermann.

THIS IS ONE OF THE GREATEST POST!!#1,exposing the dirty tricks

GOP Redefines Small Business To Benefit Rich

You should have stuck to it. Olbermann is a proven liar.

Come on Willy, you're smarter than to link to his crap!!