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Kinder Morgan Energy Partners, L.P. Message Board

  • mylesgansfired mylesgansfired May 4, 2011 11:35 AM Flag

    Let Obama know about tax on MLPs

    Here is the URL for contacting the President: http://www.whitehouse.gov/contact

    I sent the following:

    Dear President Obama

    I am a retired engineer who served our country on numerous defense and health care projects. My income is about $xx,xxx per year, most of which is from investments that I earned by working for almost fifty years. Now I have read that your administration is endeavoring to change the tax law for Master Limited Partnerships that form the main part of my retirement income. That would be like pulling the rug from under me at a late stage in my life. I believe that it is unfair to change the law that responsible, hard workers such as me based our retirement plan upon.

    Thank you for your consideration of this matter.

    Best wishes for continued success.

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • Obama is not interested in hard working people who save and invest. He wants to take care of those that drop out of school and do not want to work.

    • Funny one would argue about raising the minimum wage for school kids. Why should their labor be cheaper than an adult doing the same job? You have no problems asking the poor to pay taxes, but would pay them less!! This is why I consider Republicans out of touch, they squander money on giving tax breaks to their contributors, looking for WMD they dreamt of and expect only those at the lower end to pay taxes. Income disparity has grown to extremes, poltically connected reap the rewards of the millions who work. Note I am no friend of Unions, nor do I benefit from rise in Minimum wage (Have a Masters In engineering and license), nor do I support welfare. What I support is a honest wage and living for those who toil. That is the only reason I say raise the mimum wage for the workers!

    • That's just it. Big oil does NOT pay their share of taxes; they get big tax breaks. Read the current news: that's what a few (very few) honest Congressmen are upset about and want to stop. A flat tax system with NO exceptions would be ideal, simple and economical; BUT it would elliminate a lot of political cronies in the IRS, Tax Consultants, etc. Thousands of jobs would be lost and that is not politically proper; so, it ain't going to happen.

    • While I appreciate your effort, it wall have NO effect.

    • Keep in mind that all those big Washington law firm that specalize in lobbying congress are partnerships that pass through their income to the partners just like MLP's do. It ain't gonna happen.

    • You don't give Buffet for his share of the income taxes paid by Berkshire?
      Much like the Democrats not giving big oil credit for the taxes extracted at the pump.These funds just flow from heaven with no effect on the corporate earnings.

    • Done dealer (lurking but had to comment) (in MLP's coal)

      The last job I worked in was a Wall Street Firm where I did the financial graphics and legal documents. One day I filled in for a secretary and my jaw dropped. The company sheltered the uber rich (those making tens to hundreds of millions a year) and basically they paid no income taxes. All were in off shore "sheltered" accounts. Our lawyer was constantly meeting with Congress persons... I was younger then, working 70 hours and attending night college and paid significantly more then any of the people in these sheltered accounts... What was it that Warren Buffet said re his taxes and his secretaries...

    • Only problem is, its Congress that sets taxes, NOT the President. But don't worry: Congress members get big buck campain contributions from the oil/gas boys. I doubt that Congress is going to raise any taxes on them, much less curtail their huge profits by including them in commodity-monipulation restriction laws.

    • Someone else on another board suggested contacting their local chapter or the national chapter of AARP. I would also suggest you contact your Senators and Congressman.

      Politicians know for every person who makes the effort to contact, there are many out there who don't. If it's your retirement income is on the line, MAKE THE EFFORT.

    • fountain,

      Leaving politics and getting back on topic see my post on subject, Reality is MLP's are taxed already. Here I question whether there would be a huge tax effect if pipeline MLP's were required to incorporate. It appears that the E&P MLP's are in the cross hairs with their IDR's and percentage depletion. Wouldn't the pipelines continue to realize little if any taxable income and their disributions would be non-taxable as a return of capital. Further, all gains on sale would be capital gains compared to the present ordinary income recapture on the sale of MLP units?

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