Mitt Romney the “job cremator” uses his own company to create a tax-dodging loophole. Priceless!!
Mitt Romney, the “job cremator” was CEO of Bain Capital, and directly responsible for ravishing the lives of thousands of workers so he could reap the rewards. Mitt Romney would spot what he deemed to be a weak company, or simply use this as an excuse to swoop in like the vulture he is and feed off of the employee’s wages and benefits. Once finished, vulture firms like Bain Capital would offer the employees of the companies they just ravaged their jobs back, but at considerably less pay and benefits.
The higher paying union wages, pensions and benefits these career employees were receiving are replaced with non-livable, minimum wage jobs, with no pensions and minimal benefits. The difference between what these employees were earning and what they are now being offered is pocketed by the vultures. This money is then safely tucked away in off-shore tax havens earning what’s known as carried interest, while the vultures who stole it from the workers live large and convince the rest of the general public that they worked hard for it.
Millionaire Mitt, is a vulture capitalist, who made over $40 million dollars in un-earned income in the past two years. That’s right! He did not earn a penny of it. After all, he doesn’t even have a job. This money came from the carried interest associated with his offshore investments, which was made possible through a tax-dodging loophole his company lobbied to get passed.
Take a look at this clip from the Daily Show with Jon Stewart describing how this all took place.
Instead of paying the top tax rate of 35% on his un-earned income, (which is less than half of what it used to be for millionaires like Mitt) he now gets to enjoy an unheard of 13.9% capital gains rate. But this is only half the story. According to David Cay Johnston, we would need to see his tax returns dating back to the mid 1980’s when he was CEO of Bain Capitol because it’s quite possible that Mitt Romney may have paid $0.00 in taxes throughout this period.