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Originally Posted by justplugit
Of course, everyone gives to a candidate or party because they want something.
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Any why Romney's tax plan will fall apart, every deduction has a constituency and he's not going to name names before the election.
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However, the purpose of a lower long term capital gains tax is to keep the money invested in a company for long term use so it helps to capitalize, grow the company, and hire more employees. Nothing wrong with that.
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No, those are the tax rules that you and I follow.
A fund manager get's to set the initial value of profit they're entitled as part of their contract at zero if they want and be listed as a partner...even if they know the value should be higher...
It's even more crazy when you look at Romney's retirement account. He can then take these "worthless" profit shares and sell them into his 401K, where they grow like mushrooms tax free and circumvent contribution limits.
Worse, Romney then cut a deal where he gets his profit share for 10 years after employment...even though he's not working? These aren't priced options that any top exec would get...they're special.
I'm still curious to understand if he's really used Cayman firms so his IRA can invest back in Bain and avoid the tax hit.
Bottom line...there's a lot of tax talking points out there...but we're talking about someone who doesn't even reflect the 1%.
This is like fingers on one hand kind of stuff.
-spence