How Did Mitt Make So Much Money and Pay So Little in Taxes?Quicklink submitted By Scott Baker Permalink
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|Now that Mitt Romney is the presumed Republican candidate, it's fair to ask how he made so much money ($21 million in 2010 alone) and paid such a low rate of taxes (only 13.9 percent).
Not only fair to ask, but instructive to know. Because the magic of private equity reveals a lot about how and why our economic system has become so distorted and lopsided -- why all the gains are going to the very top while the rest of us aren't going anywhere.
The magic of private equity isn't really magic at all. It's a magic trick -- and it's played on you and me.
Jake Kornbluth and I have made this 2 minute video that explains it all in eight simple steps. (Thanks to MoveOn.org for staking us.)