Romney Fundraiser Host Used Controversial Tax Strategy
Source: CNBC
Marc J. Leder, the private-equity chief who hosted Mitt Romneys secretly taped fundraiser, used a controversial tax strategy thats come under scrutiny from the New York Attorney General, according to court documents and people familiar with the matter.
According to court documents filed as part of his 2009 divorce, Leder created a system for turning hundreds of millions of dollars in ordinary income into investments that would be taxed at a much lower rate.
The strategy, known as a management fee waiver, may have lowered his tax bill by millions of dollars over time, according to the documents.
Leders private equity firm, Sun Capital Partners, is one of more than a dozen private-equity firms being investigated by New York State Attorney General Eric Schneiderman to see whether they used management fee waivers to avoid taxes, according to people familiar with the matter.
Read more: http://www.cnbc.com/id/49103957
Laurian
(2,593 posts)Money manipulation comes with the privilege of having money, apparently.
maxsolomon
(33,400 posts)to reduce your tax burden?" - Jim Lehrer, 10/3/12