Sun Aug 26, 2012, 06:27 PM
DeSwiss (27,137 posts)
Confidential Documents Expose Romney On Taxes
Published on Aug 25, 2012 by TheYoungTurks
"Hundreds of pages of confidential internal documents from the private equity firm Bain Capital published online Thursday provided new details on investments held by the Romney family's trusts, as well as aggressive strategies that Bain appears to have used to minimize its investors' and partners' tax liabilities...".* Cenk Uygur and comedian Jimmy Dore discuss on The Young Turks.
*Read more from NICHOLAS CONFESSORE, FLOYD NORRIS and JULIE CRESWELL in The New York Times: http://www.nytimes.com/2012/08/24/us/politics/documents-show-details-on-romne...
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- Strange as it may seem, one of the best sources I've found in trying to understand these complex shenanigans is WONKETTE. Here's what a commenter who does this sort of thing for her living has to say:
What was super-cute was after the financial collapse of 08 the ability to 'defer' management and incentive fees (instead of taking cash today and paying tax on them today, they will take a portion of the profits and then 'defer' payment of said fees, plus profits, until some time in the future and paying the taxes then) was made illegal. SOOOO...the super smart hedge and private equity funds created mini-masters, essentially circumventing the new rules and taking the fees as an allocation, taxable as cap gains instead of the traditional income. This is why regulating the financial markets half-assed does not work. You either have to go all in, or let asswipes like Romney do this shit they way they want.
However, Internal Revenue Code Section 457A, adopted as part of the Emergency Economic Stabilization Act of 2008, disallows such fee deferrals and requires hedge fund managers to take all existing deferrals into income by 2017. Mini-master funds seek to circumvent this rule by converting the performance “fee” into a performance “allocation.” http://www.hflawreport.com/issue/69
For the complete article see: http://wonkette.com/482078/wonkettes-guide-to-gawkers-scooper-duper-bain-capital-documents-pt-1
Best-case scenario, agents with the IRS are preparing subpoenas and warrants as we speak. An even better case scenario: Rmoney is arrested right as he's about to deliver his acceptance speech in Tampa.......
3 replies, 1565 views
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Replies to this discussion thread
Response to DeSwiss (Original post)
Sun Aug 26, 2012, 07:07 PM
Control-Z (10,028 posts)
1. Oh, you dreamer.
"An even better case scenario: Rmoney is arrested right as he's about to deliver his acceptance speech in Tampa....... "
Well, you're not the only one. My fingers are crossed, baby!!
Response to Control-Z (Reply #1)
Sun Aug 26, 2012, 10:02 PM
Amonester (11,406 posts)
3. NO... Not yet!
Bust him JUST BEFORE the first national debate (so the President can answer all the questions ALONE, and in a sane, classy manner, as always)!