Leather and Suits

On aesthetic vision, cultural musings and leather. Lots of leather.

So this is where we end up. Mitt Romney pays low tax rates on his capital gains because this is supposed to encourage him to invest his money. But it turns out that it doesn’t. And he pays low tax rates on his carried interest because his job of managing companies that other people own was conveniently redefined as sweat equity and therefore treated as capital gains. It’s a nice deal for the rich, who get nearly all of the benefit of these policies, but neither of them is really defensible. It’s one thing for Mitt Romney to have gotten wealthy running Bain Capital. Good for him. But he ought to pay the same taxes on his earnings as the rest of us.

Why Mitt Romney Should Pay Higher Taxes (via azspot)

Of course, what he conveniently leaves out is the significant unsystematic and liquidity risk any investor in an illiquid asset bears. Investing in a business is not the same as working a 9-5, just as punching out at the end of the day is not the same as facing the prospect of not being able to pay the bills if your big idea doesn’t work.

(via quotingthecrisis)

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