Romney’s Tax Returns Shed Light On Benefits Only Available To Some
Like venture capitalistas for instance... Tax law expert David Cay Johnston fills us in on how Willard "Mittens" Romney and the family are doing really, really, good paying little or no taxes as a percentage of his income, while other of us ordinary types make up the difference.
“A successful manager like Romney gets a share of the profits he produces and Congress allows the manager to be taxed the same way people who had capital at risk is– at this very low 15 percent rate,” Johnston said.
“It’s called a profits interest. Romney doesn’t have an ownership interest, he doesn’t have any stock, but he has a right to receive income and that produces big benefits for him especially in terms of passing income down to his sons.”