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Romney's 2010 tax benefits from "active" role at Bain

[url=http://www.huffingtonpost.com/2012/08/26/romney-bain-taxes_n_1828816.html?fb_action_ids=408861332511506&fb_action_types=og.recommends&fb_source=other_multiline&action_object_map={%22408861332511506%22%3A10151271822882023}&action_type_map={%22408861332511506%22%3A%22og.recommends%22}&action_ref_map=[]Mitt Romney Reaped Huge Tax Benefits Based On 'Active' Role At Bain Capital

WASHINGTON -- Mitt Romney has repeatedly insisted during the presidential campaign that layoffs and other controversy surrounding Bain Capital companies for the past decade are not his responsibility, because he retired in 1999. When tax experts charged that he benefited from legally dubious tax avoidance strategies employed by Bain, his campaign noted that the investments are kept in a blind trust completely out of his control.

"As we have said many times before, Governor and Mrs. Romney's assets are managed on a blind basis. They do not control the investment of these assets. The investment decisions are made by a trustee," spokeswoman Michele Davis said.

But according to his 2010 tax return, when the Internal Revenue Service comes calling in April, Romney has a different answer: The presumptive GOP nominee reaps lucrative tax breaks for "active" participation in the private equity firm he founded, as well as a host of other investments.

With those active investments, he is also securing a tax break few Americans enjoy: When he wins, he's paying a 15 percent rate on the gain. When he loses, he's writing it off at 35 percent, meaning that tax policy is subsidizing Romney's risk in his Bain investments.

In other words, Romney didn't build that, at least not without taxpayer backing.


Privatized gains; socialized losses. When he loses, you lose too because you're subsidizing his losses. And he thinks the tax code is unfair to people like him....

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(NT) Typical of the kleptocracy that is the Republican ideal. Rob
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Wants to have it both ways

I didn't have an active roll for taxpayers and I did have an active roll for the IRS.

Diana

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