That old Bain Capital (Wall Street Journal, via ThinkProgress) when Willard Mitt Romney was running it was such a sweet place to work, always thinking of the employees—especially the CEO. When they acquired a new company they'd issue special "high-risk" shares that you could dump in your IRA, where they would magically increase to as much as almost 600 times their original value, with any and all taxes deferred as the funds grew or as you reinvested them somewhere else:
So Willard himself in this way amassed an IRA of $100 million, which is some basket of eggs. But doesn't every silver lining have a cloud? Now if he wants to withdraw that money it counts as income, not capital gains, and he'll have to pay a top marginal tax rate of 35%—just like ordinary people have to do with their money! Talk about adding insult to injury, this is doing it at compound rates!
Just sickening what a job creator has to go through these days, isn't it? No wonder he's so anxious to reform the system.
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| Wall Street Journal, 28 March 2012 |
Just sickening what a job creator has to go through these days, isn't it? No wonder he's so anxious to reform the system.
