What will the Romney’s buy with their federal handout?
Mitt Romney’s 2011 tax retyrn is brilliant. It show how the ultr wealthy can make oney out of paying taxes.
The issue is money Mitt earned by Bain outsourcing jobs from a company called Sensata. By moving 200 jobs to China, Bain created new stock value for stocks Mitt reported as having NO value when he acquired them as recmplense from Bain. Now Mitt’s stock has value so, to avoid capital gains tax the brilliant Mitt gave the money to his own , private, non profit “charity>”
Mr. Romney makes money two ways. First, he gets to deduct the full value of the stock. At a 35 percent tax rate, that’s nearly $250,000 . Second, he does not pay any capital gains taxes. a freebie of another $100,000.