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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsMitt Romney Wouldn't Know a Free Market If It Bit Him on the Ass
http://www.alternet.org/economy/153808/mitt_romney_wouldn%27t_know_a_free_market_if_it_bit_him_on_the_ass/The lion's share of the wealth Mitt Romney accumulated during his years at Bain Capital was extracted not only by laying off workers and raiding their pensions, but by using what conservatives call big government to redistribute wealth from taxpayers to Bain's investors and partners.
Bain Capital was not in the business of creating jobs, or even saving companies over the long-term. Its model had a relatively low rate of success; a study by Deutche Bank found that 33 out of 68 major deals cut on Romney's watch lost money for the firm's investors. Its richest deals made up for the flops, however, and Bain's partners were guaranteed hefty fees regardless of how the businesses they restructured ultimately performed.
Romney and his partners then exploited a loophole in the tax code that allowed them to pay just 15 percent of their growing fortunes in taxes a rate less than what many of their companies' employees forked over to Uncle Sam.
By and large, [government] gets in the way of creating jobs," Romney said during a GOP debate last year. But, as the Los Angeles Times noted, during his business career Romney made avid use of public-private partnerships, something that many conservatives consider to be 'corporate welfare.'"
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Mitt Romney Wouldn't Know a Free Market If It Bit Him on the Ass (Original Post)
xchrom
Jan 2012
OP
bigtree
(86,005 posts)1. 2 and 20
little risk - force the companies to borrow - skim the tax dollars for start-ups off of the top -- bleed the companies dry . . .
What does Romney actually do to deserve only paying 15% tax on his 'investment' income from his private equity firm? Is that how the tax code intended to define capital gains ?
http://www.democraticunderground.com/1002183860
Octafish
(55,745 posts)2. That's what passes for 'progress' these days.
What shocks me is how many "progressives" go along with it.
one_voice
(20,043 posts)3. K&R.
The Magistrate
(95,255 posts)5. Brawlers Say, Sir, 'If You're In A Fair Fight, You've Fucked Up'
A businessman's attitude towards a truely free market is about the same....