Romney’s Returns Refute His Tax Argument

[geckosfeet]

OK - I don't usually post at work but this is a must see. Probably not so much of a surprise as a confirmation of what many knew/know/suspected.

Now, no one other that the Wall Street Journal themselves publishes an analysis showing how full of bull droppings Mr.Rmoney and the standard repuke line that taxing investment income stiffles investment and economic growth are.

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http://www.bloomberg.com/news/2012-02-09/romney-s-returns-refute-his-tax-argument-commentary-by-david-abromowitz.html

For all the attention devoted to Mitt Romney’s tax returns last month, one element went largely unnoticed: They directly refute the Republican candidate’s argument that higher tax rates deter capital investment.

Simply put, all of the investments made by Bain Capital LLC, the private-equity company Romney cofounded in 1984 and ran until 1999, occurred when capital-gains rates were much higher than they are today. Yet Bain consistently attracted massive amounts of private capital, and thrived.

An analysis by the Wall Street Journal of 77 Bain deals in that time period showed that the firm “produced about $2.5 billion in gains for its investors,” on about $1.1 billion invested. Clearly, even with capital-gains rates almost double those today, fund managers such as Romney didn’t lack investors.

Others can debate whether the private-equity crucible created more jobs than it destroyed. One thing is certain, though: Investors signing up for a chance to earn, say, a gross $10 million profit on a deal weren’t deterred by the prospect that taxes meant they would only keep a net $7.2 million.

More at link...
http://www.bloomberg.com/news/2012-02-09/romney-s-returns-refute-his-tax-argument-commentary-by-david-abromowitz.html

[Johonny]

1. They sure hurt his argument the economy is doing bad

The dude makes more a week than the average American in a year. Hey Mitt if that's a bad economy wtf is a good economy for you. If there isn't the capital to invest in new jobs, why not? You seem to have a heck of a lot of capital just hanging around and you are investing it. If Obama's policies were creating investing uncertainty it sure isn't showing up on his tax return.

[thelordofhell]

2. A week?

Try a Day