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post by 99pctr
Mitt Romney exited Bain Capital with rare tax benefits in retirement
From the article:
"As a result, his IRA could be worth as much as $87 million, according to his estimates, and he can continue to earn tax-advantaged income from Bain more than a decade after he formally left the firm.
The structure and tax treatment of his retirement, including the IRA, was legally sound and appropriate, they say, adding that he has earned less money over his career than some other top private-equity executives, who earned billions of dollars during the same period."
So the takeaway here is
1. 87 MILLION? The rest of us mortals can put away a few thousands legally a year.
2. Other, similar CEOs in his field made billions. Soooooo Romney is really nto that good at business after all?
U.S. Income Gap Grows
Income for the top fifth of American households rose by 1.6 percent last year, driven by even larger increases for the top 5 percent of households, said David Johnson, the Census Bureau official who presented the findings. All households in the middle of the scale saw declines, while those at the very bottom stagnated.
We need to cut capital gains and other high end taxes because....
Oh I know. me me me. Teacher, because the rich are job creators.