Andy over at ElectoralVote has a great paragraph up about Mitt Romney's taxes.
Gawker.com has published 950 pages of internal Bain Capital documents involving Mitt Romney's finances and investments. The information is extremely complex but shows that one of Romney's driving forces was (legal) tax avoidance at all costs through the use of exceedingly complex financial instruments (often in the Cayman Islands), use of the carried interest provision in the Internal Revenue Code, and other similar maneuvers.
Even if all these things are legal, one can ask the question of whether a person who has apparently devoted much of his life to paying the absolute minimum tax possible by using every trick in the book is setting a good example for everyone else. The document dump also exposes the lengths to which the very wealthy will go to avoid paying taxes by using methods available only to the very wealthiest Americans. It also raises the question of whether the laws should be changed to prevent this kind of tax avoidance.
I couldn't have said it better myself!
2 comments:
Gawker should be familiar with the cayman Islands - they're based out of there too. haha
Meanwhile Mark never takes the individual deduction, mortgage interest deduction or any other deduction.........
Right Mark?
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