Hi CW :-)
Isn’t it just heartbreaking to see a scoundrel like Romney besting a man like Perry :-(
Romney is a man with a faulty moral compass. God help us.
the special tax treatment these partnerships receive through a mechanism known as carried interest or, in short, “the carry.”
Sure would be interesting to know who in Congress got that in! Just as a matter of historical curiosity -- sounds like a long-standing policy, but the history would probably be revealing.
This is an article about carried interest, which is a certain partner — usually a working partner — to get a disproportionately large share of the profit from a venture. It is not unusual and has been around since at least the 70s. If the venture throws off capital gain income, the carry partners get capital gain like anyone else. This was never controversial when Romney did it. There was a move to tax carry like ordinary income in the Dem controlled Congress but they didn’t do it because their supporters vetoed it. Obama didn’t push it because he gets Wall Street money too. You can argue that it should be ordinary income but until it is, there is nothing wrong with taking it as compensation. Especially since it is putting your compensation at risk (imagine not getting paid unless you were successful at a project). This is a bogus line of attack on Romney.
Bain did at least prat of what it did on our dime.