[jeffkrol]

Bruce Bartlett: Mitt Romney, Carried Interest and Capital Gains - NYTimes.com

The issue of Mitt Romney’s taxes continues to be a political liability for him. A NBC News/Wall Street Journal poll last month found that 36 percent of registered voters have a more negative opinion of him because of the issue, up from 27 percent in January, compared with 6 percent who have a more positive view.

The way the loophole works relates to the peculiar method in which money managers are compensated.

Typically, they receive a fee of 2 percent of the gross assets under management, much of which comes from employee pension funds

, plus 20 percent of any increase in value.

Thus, on $1 billion of assets the managers would automatically get $20 million that would be taxed as ordinary income. If the assets increased 10 percent to $1.1 billion, they would get another $20 million. For tax purposes, this additional $20 million would be treated as a capital gain and taxed at 15 percent.

The theory is that the money managers effectively become part owners of the assets they manage as a result of the fee structure. Critics contend that the distinction between the 2 percent and 20 percent fees is purely artificial — that in reality all their compensation should be treated as ordinary income and taxed as such.

[ihasa]

Could this have been appended to one of the various other 'Mitt's Taxes' threads - just to ensure that the active ones aren't bumped off the first page by other 'variations on a theme'?

[GeneV]

Not disclosing tax returns seems more and more to be part of a bigger picture of non-disclosure, including on policies. We don't know enough about what he has done or where he would go.

[jeffkrol]

Not disclosing tax returns seems more and more to be part of a bigger picture of non-disclosure, including on policies. We don't know enough about what he has done or where he would go.

Yes, I like this one............

Mitt Romney to Voters: You Can't Handle the Truth - Rick Newman (usnews.com)

Under his plan, Romney insists, the wealthy would pay roughly the same amount of taxes they pay now, since their rates would go down but the tax breaks that help lower their tax burden would be less generous. Everybody else's taxes would fall for real, Romney says, without any corresponding cutbacks in deductions. Meanwhile, a sudden burst in economic growth would allow Romney to raise defense spending and maintain other programs Americans deem important.

[See why Mitt Romney is one person who's better off under President Obama.]

If you trust politicians, this is all very convenient, because you won't have to waste any time figuring out the tedious details of complex tax reform leading up to the November election. If you don't trust politicians, however, the blanks in Romney's plan are a little problematic, for four reasons.

[boriscleto]

Daily Kos: Conservatives really don't want to hear more specifics from Mitt Romney

The big risk here for conservatives is the possibility that Romney will take their advice. If he calls their bluff and starts being more specific about conservative policy proposals across a broader range of issues, it will change the dynamics of the race. He'll lose by even more.

[JohnInIndy]

Maybe more important is "Where are the Obama budgets and why were they tabled by his own party?"

[GeneV]

Maybe more important is "Where are the Obama budgets and why were they tabled by his own party?"

Then again, maybe not.

[JohnInIndy]

Not disclosing tax returns seems more and more to be part of a bigger picture of non-disclosure, including on policies. We don't know enough about what he has done or where he would go.

We knew less about Obama. Obama was always a "Community Organizer". He also never had to make payroll. He had less foreign affairs experience than Ryan also.

[GeneV]

We knew less about Obama. Obama was always a "Community Organizer". He also never had to make payroll. He had less foreign affairs experience than Ryan also.

That is not an accurate summary of Sen. Obama's resume, but at this point who cares? The choice today is not between Sen. Obama and former Gov. Romney. It is between President Obama and former Gov. Romney. No one on that ticket has even a fraction of the experience of a sitting president.

[ihasa]

Well, Romney has foreign affairs experience too. He has gained experience in pissing off the British, the Palestinians, the Chinese, the Russians... I know a lot of Americans take a certain delight in having a president who is despised abroad - because it shows how 'kick-ass' and 'awesome' they are. If that's what you want - Romney's your guy! He is disliked or dismissed by the sorts of people you'd expect to favour a republican president.

[boriscleto]

Well, Romney has foreign affairs experience too. He has gained experience in pissing off the British, the Palestinians, the Chinese, the Russians. I know a lot of you Americans take a certain delight in having a president who is despised abroad - because it shows how 'kick-ass' and 'awesome' they are. If that's what you want - Romney's your guy! He is disliked or dismissed by the sorts of people you'd expect to favour a republican president.

Commentary: if Mitt Romney doesn’t like us, we shouldn’t care - Telegraph

Mitt Romney is perhaps the only politician who could start a trip that was supposed to be a charm offensive by being utterly devoid of charm and mildly offensive.

[GeneV]

Well, Romney has foreign affairs experience too. He has gained experience in pissing off the British, the Palestinians, the Chinese, the Russians... I know a lot of Americans take a certain delight in having a president who is despised abroad - because it shows how 'kick-ass' and 'awesome' they are. If that's what you want - Romney's your guy! He is disliked or dismissed by the sorts of people you'd expect to favour a republican president.

Making a statement which your handlers disavow within hours is also EXACTLY the kind of trait you want for the man handling foreign policy.

[jeffkrol]

Maybe more important is "Where are the Obama budgets and why were they tabled by his own party?"

who cares.. country survived......