Mitt Romney's tax dodge
(Source: Rolling Stone, October 12, 2012)
How does a private-equity kingpin worth at least $250 million pay a lower tax rate — just 14 percent — than many teachers and firemen? By exploiting tax loopholes that favor the rich and hiding his money in the world's most notorious havens for tax cheats. That's what Mitt Romney has done, according to his 2010 and 2011 tax returns, a trove of secret Bain Capital documents unearthed by Gawker, and exposés by Bloomberg and Vanity Fair. "The bottom line," says Rebecca Wilkins, senior counsel at Citizens for Tax Justice, "is that these are ways to reduce your taxes that are only available to rich people."
Indeed, a look at Romney's finances reveals just how skilled he is at hiding his wealth – and paying a fraction of his fair share in taxes.
Full story: Rolling Stone
Wednesday, October 24, 2012