Under pressure from his Republican opponents, former Massachusetts Governor Mitt Romney yesterday abandoned months of resistance and said he would make his 2011 tax return public in April.
The hesitation to disclose is understandable given that Romney, one of the richest men to seek the presidency, probably benefits from a controversial tax break that allows him to pay a lower overall rate than do millions of American wage-earners whose votes he’ll need to capture the White House.
That’s because private equity executives, as Romney was for 15 years when he ran Boston-based Bain Capital LLC, receive much of their compensation as “carried interest.” That enables them to treat what would be ordinary income for other service providers, taxed at rates as high as 35 percent, as capital gains taxed at 15 percent.
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11 comments:
It's called the tax code what's he supposed to do mail in more then what he owes...lol Obama has a cabinet full of tax cheats.
So 15% when he earned it and 15% now on the investments. The man is worth BILLIONS and only pays 15% EVER. Yup he is just like the rest of us.
To anon 12:23 PM
Let me do some math for you since you seem to be a retard for sure...
2+2=4;
Middle class taxes = 39% to 40%;
Rich class/Elite/people who run the govt = 0% to 15%
I don't know about you but regardless of what he is supposed to do or not, tax code or not, when someone who is rich and gets richer because the tax is 15% and then you have the poor getting more poor and having to pay 40% and soon to raise mind you, your statement is a complete joke and you must be someone whom has no money worries because either you did what Romney did, which is why you back him or you were birthed into it and in any event it doesn't make you worthy nor doesn't it give you the right to speak about others and whats fair or not fair...
Its funny how the rich can always step in to voice their stuff, good or bad with out EVER, that's right EVER thinking of the consequences...
Just like the bay bridge fee raise, all the rich whom can afford it say sure why not, I can pay it lets raise it and not think that the consumer will be charges for it and the lower income tax payers whom is at 40% will cover...
At the same time, I NEVER, that's right NEVER heard or seen a rich person ever turn down that kind of stuff and side with the lower income people and I NEVER, that's right NEVER heard of the rich GIVING MORE than they should or have to but they can offer my money up on a silver platter...
You are a joke, and people who didn't earn their monies or riches are a joke... When you try to voice for me you are a joke... This is why the country is pretty much gone...
I'm not a Romney guy, but what's the big deal with his tax return and tax rate he paid?
If he filed an accurate return and paid the appropriate tax, then I've got no problem with it.
Romney didn't write the tax code or laws.
Now if he's hiding investment income in offshore accounts, or not paying his taxes (like Treasury Secretary Geithner), then we've got something to discuss.
Otherwise, it's a non-issue.
@ 1:21 pm He paid his 39% to 40% on the original income then he invests the money and is taxed 15% on any earnings from the investment if he loses money no matter how much the most he can claim is 3000 dollars therefore he took a risk. Before you claim to have the answers at least know the facts IDIOT!
So he is being castigated because he is a successful business man who was doing what the law allowed him to do? What has happened to my country? You wet-pants' liberals are incredible! Stop crying about "fair share", the constitution guarantees equality of opportunity not equality of outcome. If you don't like your lot in life, then pull your boot straps tight and work to change it don't blame it on someone successful. Romney understands American capitalism and he was a successful CEO, exactly what this country needs. He has been in the Real World, unlike Obama who spent all his time in the academic theory world and had no clue how the real world worked.
DNC Chairwoman Debbie Wassermann-Schultz Parent's sentenced to Federal Prison for none other than FELONY TAX EVASION & Corruption!!!! Another crooked Democrap!
Once again the left wing Marxists are trying to punish success.
1:31 Except he never paid 30-40%. It was an investment firm and he only ever paid 15% Do somr research.
wow, i can't believe some of the people who read this blog are so uneducated.
i was told when i was a young sprout not to speak (write) if i didn't understand the topic. well i can say this for sure; there are people writing here that don't know what they're writing about.
to 1:21, you sound like you're jealous of the success of others as well as being ill-informed.
to 12:38, you too are ill-informed.
both of you need to do your homework and perhaps get more education. then you can speak(write) with confidence and truth.
thank you 1:24, 1:31 and 1:37 because your spot on.
@1:47 Where did he get the money to invest? He earned it like we all do and paid taxes on it then invested it so basically he was taxed twice for succeeding. So once again you fail to grasp this simple progression.
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