Mitt pushes envelope on his taxes (Steve Rattner)

[swag]

http://dyn.politico.com/printstory.cfm?uuid=8BFA9042-1301-449B-8E1C-FF005972CF03

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For starters, a large chunk of Romney’s income (about $7.4 million last year) is derived from the famous carried interest, the 20 percent of the profits that private-equity investment managers (I was previously one) receive.

That income is taxed as capital gains, though it’s from Romney’s work as a partner at Bain Capital. So what most of us would consider income from labor, the Internal Revenue Service has deemed income from capital, taxed at less than half the rate of ordinary income.

Still more startling is that Romney believes he is entitled to that treatment even though he left Bain in 1999. He now almost certainly derives the vast preponderance of that $7.4 million from investment vehicles that weren’t even in existence when he left the firm.

That puts him in a gray area. In 1993, the IRS ruled that individuals would be entitled to the capital gains rate on carried interest if they provide services to their firm — but said nothing about after retirement. There has been no suggestion that Romney provided any services to Bain Capital since his departure.

Next, there’s his IRA, which began life as a 401(k). Many Americans have them, generally modest in size. But Romney’s has a current value of $20.7 million to $101.6 million — one of the largest ever recorded.

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[Angry Dragon]

1. Willard Slime Rmoney

[pansypoo53219]

2. the 1st french revolution took care of mitt's kind.

nt