I suppose Bain could represent those “small businesses” that Romney is going to help out by slashing their taxes.
And one more thing, ……… Romney’s 20 million dollar income last year was represented almost totally by investment income. Taxed at the capital gains rate of 15%
He wants the capital gains tax to go away. Imagine that.
October 17, 2012, 7:22 am131 Comments
OK, this is just bizarre. Romney in the debate:
And then let’s take the last one, championing small business. Our party has been focused on big business too long. I came through small business. I understand how hard it is to start a small business. That’s why everything I’ll do is designed to help small businesses grow and add jobs. I want to keep their taxes down on small business. I want regulators to see their job as encouraging small enterprise, not crushing it.
Now, as I understand it, Romney first went to work for Bain and Company, a management consultancy. Then he founded Bain Capital, the private-equity spinoff that took him from being rich — his starting point — to being incredibly rich.
This merits the claim, ” I came though small business”???
October 17, 2012, 3:21 pm1 Comment
So, I was amazed to hear Mitt Romney describing himself as having “come through small business”, as if his private equity firm were just like a mom-and-pop store or something. But Digby informs us that he made similar claims in his convention speech, making Bain sound like a scrappy little start-up. And it’s true it had only 10 people at first — that, and $37 million, yes, $37 million, in seed money.
Where did that $37 million come from? A large part from foreigners, in many cases investing via Panama-based shell companies. Also, funds from families of Central American oligarchs, who were sitting things out in Miami while death squads sponsored by their class, and in some cases by their relatives, were roaming their home countries.
Hey, doesn’t this sound like just your usual small-business success story?