By Joe Conason

Tax Avoidance, Government Dependency, And Romney’s Boca Raton Host

September 24, 2012 12:53 am Category: Memo Pad, Politics 152 Comments A+ / A-
Tax Avoidance, Government Dependency, And Romney’s Boca Raton Host

Amid the ongoing uproar over Mitt Romney’s snooty remarks at a Florida fundraiser concerning the “47 percent” who pay no federal income taxes, the party’s high-rolling host hasn’t drawn quite as much attention as he deserves. As the head of private equity firm Sun Capital Partners, Marc Leder is a longtime associate of the Republican nominee – and a practitioner of the same dubious behavior that has smudged Romney’s reputation.

Lately Leder has been dogged by tabloid headlines recounting his nasty divorce and wild partying (replete with reported nudity and public sex around the pool at a summer house he rented on Long Island’s East End for $500,000). What he has in common with Romney, however, isn’t a taste for bacchanalian revels, of course, but a record of business and taxation practices that working Americans might find troubling.

At the moment, Leder is under investigation by New York State Attorney General Eric Schneiderman, who subpoenaed internal records from Sun Capital, Bain Capital, and several other private equity giants last July. Issued by the Attorney General’s taxpayer protection bureau, the subpoenas were evidently designed to probe whether Leder and other executives had misused “carried interest,” a method of reducing tax liability by converting management fees into investment income — which is taxed at the lower capital gains rate of 15 percent that keeps Romney’s taxes lower than the rate paid by many middle-income families. (Tax analysts say that Bain Capital records released last August indicate that the firm may have saved more than $200 million in federal taxes thanks to the carried-interest maneuver.)

If Leder did benefit from such aggressive practices, he would merely be typical of an industry where tax manipulations are not just widespread, but fundamental.

Equally common in private equity is profiting from bankrupted companies in which other stakeholders – especially workers and government – are left to cope with the loss. During the Republican primaries, Romney’s rivals helped to make Bain notorious for such practices – and his fundraiser Leder seems no different.

Although roughly 25 firms held by Sun have gone bankrupt, perhaps the best known example involves Friendly’s, the family restaurant and ice cream chain that went under at the hands of Sun Capital in 2010 after more than 70 years in business. After acquiring Friendly’s in 2007 for a premium price, Sun took the company into bankruptcy only three years later, supposedly due to rising milk prices.

But the Pension Benefit Guaranty Corporation – the federal agency that insures benefits to workers victimized by failed corporate pension plans – accused Sun of sinking Friendly’s to dump pension costs onto the government. By pushing the company’s pension burden onto federal taxpayers, who fund the PBGC, Sun could then reorganize Friendly’s in bankruptcy, get rid of laid-off workers and less profitable restaurants, and – as Romney likes to say – give the company a “turnaround.” So far, that is precisely what Sun appears to doing, and getting away with it.

So there on the videotape shot in Leder’s huge Boca mansion stood Romney, complaining about the income taxes that the working poor don’t pay and their dependence on government assistance, while the host surely nodded in agreement. At $50,000 a plate, the lobster was garnished with a nice helping of irony.

Photo credit: AP/Charles Dharapak

Tax Avoidance, Government Dependency, And Romney’s Boca Raton Host Reviewed by on . Amid the ongoing uproar over Mitt Romney’s snooty remarks at a Florida fundraiser concerning the “47 percent" who pay no federal income taxes, the party’s high- Amid the ongoing uproar over Mitt Romney’s snooty remarks at a Florida fundraiser concerning the “47 percent" who pay no federal income taxes, the party’s high- Rating:

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Comments

  • http://www.facebook.com/dominick.vila.1 Dominick Vila

    What is behind Romney’s fund raiser in Boca Raton is the same kind of stuff that has been going on for decades in smoke filled room where all decisions are made, and our best interests are never considered.

    • neece00

      Only the interests of the few “good ole boys” in the smoke filled room.

      • http://www.facebook.com/fern.woodfork Fern Woodfork

        Hiding The Fact That He’s Ready To Throw Half Of A The American People Under The Bus!! Then Back Over Them With The Bus And Have The Nerve To Ask For Gas Money!!

        • rustacus21

          HAHAHAHAHA!!!! I mean, that’s really not funny, but it IS true & the American voter better get w/it – QUICK!!! Thanx 4 the belly-laugh… I needed that ~

          • http://www.facebook.com/fern.woodfork Fern Woodfork

            I Just Thought I Put A Little Humor To It But It’s Really Sad!!! People Need To Wake The Hell Up We Are Being Over Run By The Lunatics That Escaped From The Asylum!!!!:-(

    • http://www.facebook.com/fern.woodfork Fern Woodfork

      And He’s Not Really Hiding That He’s A No Good Rat Bastard Romney Wears It Like A Badge Of Honor!! He’s Always Been A Con Artist It Tell You So In Those Tax Returns He Still Hiding!! He’s Been Selling Out And Destroying The American People Lives For Years!! Just To Make Money He Clearly Don’t Need!!

    • TheOldNorthChurch

      Well you are right. And this is why the “Political Class” (R or D) has no respect for the everyday citizen.

      • rustacus21

        I beg to differ, b/c if U research history, U know full well the only thing standing between Americans & tyranny ARE Liberal/Progressive (Democrats of late). Eisenhower was the very LAST Republican to legislate for 100% of Americans (to borrow my own phrase back…) & not even remotely one since. Whatever is lacking in our Democracy is our own fault, as voters, so if looking for places to blame, we need only to look in the mirror! We know the difference between right & wrong. Responsible & irresponsible. There’s no excuse giving a pass to conservatives again, after 2001-2009. The lack of voter engagement in the 2010 MidTerms doomed the possibility of a fullout recovery & the absence of rational, reasonable legislative initiatives was due to the absence of Liberal/Progressive DEMOCRATS in Congress, which meant OUR President had to do it virtually alone. Lets be clear on this & stop w/that ‘… they all do it, b/c they’re all the same…’ which is simply a lie. The money involved doesn’t affect them all the same, as U see the pressure the President is under by conservative non-cooperation. Please research the history & the voting patterns of Dems vs. Republicans & U’ll understand this better…

  • http://pulse.yahoo.com/_5LCXMWHFPRMEYD4RWN56QE2FF4 Grunge45

    There is this big tax loophole. Will Ryan plug it up? I’ll bet my retirement fund, he will not. Also what do you think of these “patriots” who everything they can to put this country down.

    • CPANY

      Grunge45:

      You sound like the spineless super patriotic idiot that the neocons love. We have the First Amendment because the writers of that document recognized that tyrannies thrive on acqiescence.

      If you see an injustice or an inequity, you should speak out against it. That’s how things get fixed. Benjamin Franklin said “The only thing needed for evil to prevail is for good men to do nothing.”

    • http://www.facebook.com/fern.woodfork Fern Woodfork

      Medicare And Social Security!!!!!!! These People Are NOT Patriots Nor Are They Christians What They Are is Nothing But Low Life Terrorists And Traitors To America And The American People!! Money Is Their Main Agenda And How Much Of It Can They Hoard!!!

  • adler56

    Many Americans put up with scum like Romney and Leder because like them they’re basically evil at heart. We haven’t worn the white hats for many years and i doubt that we ever will. Most Americans used to care how things were done- now they just care about what’s in it for them- 3rd world here we come.

    • CPANY

      adler56:

      Your premise is ridiculous. Whether or not we “…wear the white hat” is irrelevant. Lethargy and fear fear are probably more reasonable explanations of the public’s acquiescience in the face of the Republican threat to the middle class.

      I believe that there will be an “explosion” when the fortunes of the middle class are reduced to the near poverty level and blind anger sets in. But, that “explosion” requires more than anger. It requires the emergence of a chatrismatic leader. If and when that happens, there will be a revolution.

    • http://www.facebook.com/fern.woodfork Fern Woodfork

      Most Are Racist Asshole Who Just Want Obama Out Of Office Cause He’s Black!!! Trickle Down Polices Are Destroying The Middle Class And The Poor Working People Cause The Only Thing Trickle Down Is Rich Men Pissing On Your Head Telling You It’s Rain!! It’s The Trickle Down Bullshit That Screwing The American People!!!

      • 345_719

        yOUR SO RIGHT Fernh!!! I heard poeple bad mouthing Obama before he was even elected.

  • BDC_57

    sounds like romney still have no clue.

  • AlfredSonny

    Will this be our future president’s new home?

    • CPANY

      You’re assuming then that Romney will win in November?

      • msrita

        LOL! OBAMA WINS HANDS DOWN.

        This is to alfread

        • CPANY

          I hope that you’re right.

      • timeforchange321

        If Dems don’t start getting energized, he just might cuz there are alot of folks buying his bs. Obama/biden…..please post to your fb or any other net info that you have…reports state that more people get involved thru internet..it has worked with my previously passive friends.

      • http://www.facebook.com/fern.woodfork Fern Woodfork

        He Must Be Cause Romney Will Make Bush Nixon Look Like Babies!! Romney Is Bush And Nixon On Crack, Meth And Steroids !! Romney Would Finnish Where Bush Left Off Throwing America And The American People In A Pit That Will That Decades To Come Out Of!!! America Would Be Just Another Third World Country!!

    • CPANY

      Put a tombstone on it and I’ll agree with you.

    • http://www.facebook.com/joel.sorenson.9 Joel Sorenson

      No the big O is staying in the whitehouse. But Mitt and Leder might end up there. It should be our former president George the second’s new home though.

      • http://profile.yahoo.com/V7NOGTX34VBERC4J5SB4QMWL5I Matt

        Correction.
        The campaign is not Romney/Leder.
        It’s Romney/Ryan.

  • http://profile.yahoo.com/FBXSXCATN6XVK77YNC676N44PA Lester

    DEAR JOE/ LIKE SO MANY OTHER LIBERAL WRITERS YOU ARE A LYING PIECE OF SHIT! YOU WOULDNT KNOW THE TRUTH ABOUT SOMETHING IF IF JUMPED UP- AND BIT YOU IN YOUR ASS!!!!!!!!!!!!!!!!!!!!

    • old_blu

      Yeah, Joe you don’t agree with my blow up doll Rush, so you must be a liar.

      As Grunge says above you when you vote for Romney you are betting your retirement also.

      • BDC_57

        he lose his job to company overseas cause romney is good sending jobs over seas

        • old_blu

          Job? Read Kansan’s post below. LOL

    • William Deutschlander

      Your arrogance reveals your ignorance!
      You would not recognize or accept the truth if it smacked you in the face.
      Thank you Obama Administration for saving us from the financial disaster of the Republican Cartel.
      Obama, Biden, Democrat Senators and Representatives you have our vote, we can then govern without Republican Ignorance and Arrogance.

    • BDC_57

      you have no clue like romney you must be one of his butt buddies.

    • frivolous01

      Oh wow, I think you are right. You have convinced me to vote for Romney! I see the light!! *eye roll* (just in case you didn’t recognize the sarcasm)

    • Kansan

      Lester sits in his underwear in him mom’s basement all day and thinks that his lame posts will convince all as ignorant as himself if he WRITES IN ALL CAPITALS!

      Time to move out, Lester, and get a job.

      • old_blu

        Do you think between posts he plays video games? I’m trying to get a visual.

        LOL

        • neece00

          I don’t want a visual of what he does between posts.

          • old_blu

            Come on neece no sense of adventure? I was going to describe him to you, but no.

          • neece00

            I will wait for the description

          • Gammaanya

            Wiping his nose from Romney ‘s as …ole??? LOL

        • CPANY

          If he does, he probably plays with himself.

          • old_blu

            Now there is a visual I could have done without, I guess I should becareful what I wish for. LOL

        • Kansan

          I think you should spare yourself the visual. Unless you work in a mortuary or an emergency room, you could lose your lunch.

      • CPANY

        Lester writes in all capitals because he doesn’t know what the “Caps Lock” key does.

    • http://www.facebook.com/maggie.croft.92 Maggie Croft

      Lester, who is Joe? Is he an empty chair or something? And I find people who shout during a discourse, use loudness to cover their lack of knowledge. Like a poster, above, I am neither Republican nor Democrat. That means I have to study candidates and issues before I make up my mind. I can see that you are probably not well educated and whatever facts you were trying to convey were lost in your vulgarity.

    • CPANY

      Lester:

      And what hole did you pop out of?

    • oldtack

      Ah Lester

      Your reply tells all the world of the gutter mentality of the Tea Party mindless masses. Your language reveals your character as well.

      “…A LYING PIECE OF SHIT! …WOULDN’T KNOW THE TRUTH IF IT JUMPED UP AND BIT YOU IN THE ASS!!!!!!!!!!!!”

      I am totally overwhelmed by your masterful command of the English language.

      Did you ever hear of “mindless Basses”?

      At certain times Bass go on a feeding frenzy. When this happens they turn into the downstream flow of water with mouth agape and engorge what ever comes their way regardless of whether it is food or poison. Thus, the name “mindless Basses.

      Just like you and the Tea Party -Mindless Basses (without the B.)

    • mynx1

      Wow Lester sounds like somebody who woke up on the wrong side of the 47%

  • BDC_57

    sounds like leder and romney are butt buddies and they would do anything to screw the american poeple.

  • HWEngineer

    Does anyone know how much of Romney’s/Bain’s profits come through stiffing other people through the bankruptcy system?

    And Lester – any facts to back up your insightful comments?

    • johninPCFL

      GST Steel went out owing $432 million to banks and suppliers, plus pension obligations. When Bain acquired it, it’s pension plan was fully funded and it owed about $25 million.

      • Kansan

        Thanks for the numbers.

      • Gammaanya

        Bain raided that fund and PBG Corp a federal ins. agency came to rescue. I think they are owed 35M. – not collected.

        • johninPCFL

          That’s exactly the point the “MItt used his own money” crowd coneniently forgets. After Mitt lined his own pockets with money paid into the pension fund by the workers, he simply walked away and left the taxpayers to pay back what he stole.

    • CPANY

      Just the Bain insiders.

    • Gammaanya

      AMP – AD – profit 102M bankrupt in 2002
      DDI Corp. profit 36M bankrupt 2003
      Dade Behring 365M bankrupt 2002
      Damon Corp. 1.5M was under reorganization not yet known
      Stage Stores – short lives made 100M and bankrupted 2000
      GST Industries profit 65M bankrupt in 2001
      Worldwide Grinding profit 16.5 bankrupt 2003
      Details Corp – profit 92M bankrupt in 2003
      Armco Steel – gone
      GSteel- Kansas – Federal Insurance Agency PBG Corp)had to rescue peoples pensions at taxpayers money.
      On each laid off employee Bain/Romney made average 24.5K ( that is people weekly paycheck. Most steelworkers made about $37-45K. a year.
      Whne in bankrupcy any money corp. make is taxe free for shareholders. It’s a trick and you truly have to know when to file and when to start raking money and n ot to pay taxes.
      I posted these tricks sometime ago.
      As for LESTER – IGNORE the IGNORANT. Lester WHO??? LOL

  • SaneJane

    These private equity firms not only shaft the employees of firms they “turn around” but they also shaft creditors. Now I realize they also let FDIC pay the pension liabilities.

    Also, in 1991 Romeny saved Bain Capital from bankruptcy by convincing the FDIC to give him a $10 million bailout.

    • Kansan

      And GHWB was the president at the time.

    • docb

      It was $30 million..negotiated down to $10 million! What a raud and of course , ryan FORGOT $61,000 on his 2011 taxes ..RYAN Had to amend and pay penalties!

      They are both scam artists!

  • landonthegr8

    Thankfully, Romney/Ryan already threw the election already. A few times. LOL! Even when they are lying, they still are no good. Hopefully we don’t get gridlocked in other branches of government so that there will be some form of progress.

    • Kansan

      It’s not just about the presidential race. In Montana, Obama, who lost by only 2% to McCain, is down seven and he will take Senator John Tester down with him. Tester is 3 points down at this time. How many other Senate seats will be lost?

      • landonthegr8

        It’s a bit more difficult to pay attention to the other states and their politicians. That said, I believe Pelosi said she is confident of keeping the senate. Time will tell though. I am pretty sure a lot of folks remember 2010’s mistakes, so it may not be as bad as it could be.

        • Gammaanya

          Sorry to say, but some people do not learn on mistakes, too stupid to even notice.

  • TZToronto

    So this is what they’re up to. They declare bankruptcy, rid themselves of pension obligations–at the expense of taxpayers–borrow money to “save” the company, and then shut it down, leaving everybody but themselves holding the bag, which is empty since the, let’s call it like it is, CROOKS emptied the bag before they handed it over. Maybe this is one of the loopholes Romney and Ryan will close to cut the deficit–get rid of the pension obligations and close that wasteful Pension Benefit Guaranty Corporation. After all, if the workers had done a good job of investing their own money, they wouldn’t need government help when their jobs disappear. Working for money is for chumps!

    • CPANY

      Yes. Yes. Now you’ve got it.

  • Kenneth Bailey

    Who is the group behind Mittwit for his campaign? The shadow group has never come to light as we know Mittwit would not spend his money to be elected.

    • CPANY

      Leder, Rove, the Kroch brothers, Adelson and various other rich scumbags.

      • http://www.facebook.com/fern.woodfork Fern Woodfork

        All Members Of The KKK American Taliban!!!

        • CPANY

          You got it right.

  • Pi_Boson

    So there is a terrific scam Romney loves. Bankrupt a compamy so the taxpayers get stuck with the pension plan debt, same thing republicans a doing around the nation to get cities, counties, and states out of their pension commitments.

    • johninPCFL

      You forgot the most crucial steps – loot the pension plan to pay back the buyers, then borrow tremendous amounts of money against the assets to pay the “management fees”. Bankrupting the ecompany is only the last step. But it does have the upside for Bain that it erases all the records.

      • Kansan

        Thanks for the numbers.

      • http://www.facebook.com/fern.woodfork Fern Woodfork

        You Got That Right Romney Don’t Create Jobs He Create Debt!!

      • http://pulse.yahoo.com/_PAUIKIQNIDB7IU5R6PHBXSQURY Mr. Bombastic

        If it erases all of the numbers, then where are you getting your info? Oh yeah, MSNBC and The National Memo, another words the “Garbage”!

        • johninPCFL

          What a moron you are. Does the residual “$432 million bankruptcy” filing list the magnitude of Mitt Romney’s mooching? No it doesn’t. It just showns Bain’s mooching while Romney was in charge.

          • http://www.facebook.com/fern.woodfork Fern Woodfork

            He Another Tea Bagging Idiot Come Here To Release A Stink Bomb Full Of Lies Just Like The Rest Of The GOP/ Tea Bagging Nuts!!

    • http://www.facebook.com/fern.woodfork Fern Woodfork

      And Scamming The American People Stating He Will Create Jobs When He In Fact Has Been Shipping Jobs Overseas For A Living For Years Now!!

    • TheOldNorthChurch

      Same thing that has happened to all of us with Mortgage bailouts and allowing Short Sales. Banks don’t take the hit for letting someone not pay-off all of their mortgage, we all get it in the end from Freddy and Fanny. Thank you Barney Frank!

  • howa4x

    this is typical republican business practice. This is the reason that they want no regulation on Banks and Wall st. They have the philosophy of Leonia Helmsley the billionaire who stated”only little people pay taxes”. The 1% think it’s their right to shelter money away from the prying eyes of the IRS. They feel that because they won the greed game it gives them rights that others beneath them monatarily don’t have. It is what is wrong with this country. We allow through our tax code for people to become outragously wealthy. For that we expect them to ceate jobs, but they discovered that they could just take the money and run away with it and create no jobs as in Bush II. The tax cuts is one of the reasons we have the giant deficit, since they were never repealed, that along wiht the 2 unfunded wars and the medicare unfunded drug program. We are the stupid ones that let them get away with it. Every private equity firm should be investigated along with every stock firm on Wall st. We need to flush the rats out of that sewer, or the economy will never be safe..

    • Kansan

      Don’t hold your breath waiting for Obama or Holder to make that flushing a priority.

      • Gammaanya

        Nor R/R – Filibuster on many good thngs for all should be enough where the Repukes stands including the recent one on Veterans Job benefit. SHame.

        • http://www.facebook.com/fern.woodfork Fern Woodfork

          And John McCain Showed His True Traitor Colors!! Cause He’s Rich He Can’t Throw The Other Vets Under The Bus!!

    • http://www.facebook.com/maggie.croft.92 Maggie Croft

      How, remember Enron? Bain capital job. Part of my retirement was underwritten by Enron. At least, I am getting part of it. Some people got shafted altogether.

      • howa4x

        yes I remember Enron. Kenneth Lay was a personal Friend of GWB and never got any jail time. He convinced employees to invest their savings when he knew the company was headed toward insolvency. They manipulated the energy grid in Calif , and created rolling blackouts to raise their prices. They were large contributers to the Republican party. This is what no regulation is like.

        • Gammaanya

          Yes and all Calif. and Texas big honchos got MILLIONS.

        • http://www.facebook.com/joel.sorenson.9 Joel Sorenson

          Ken and his buddies were ALL the money behind Recalling the Gov of CA and putting Arnnie in charge. It’s public record. Complete horseshit…especially because we now know they created the brown outs and the black outs.

          That’s why it wouldn’t suprize me to find out Karl Rove funded the anti islam vid….it’s just not working because Mitt can’t pull off any real acting….he’s not regan.

  • Kansan

    I thought it was particularly interesting that Romney finally filed his 2011 tax returns, late apparently, because his accountants had to figure a way to make he paid fair taxes, which has neve been the case.

    So their choice for smoke and mirrors was to have him choose not to take deductions for two million bucks he gave to the Mormon church. That kept his tax rate last year at 13%. The hook, which few media sources have publicized, is that he can amend his returns over the next three years and take those deductions which will drop his effective tax rate last year to 10%. He can do this whether he wins or loses, but I’d bet ten bucks against five that if he loses he will amend because he thinks he deserves special treatment that is not due to pensioners, Social Security recipients, food stamp recipients, because of his devotion to his version of Jesus.

    I just saw John Sweeney’s BBC documentary, “The Mormon Candidate.” You can find it on You Tube if you want a good perspective on their unique sense of entitlement.

    • CPANY

      Kansan:

      You’re wrong on that point. Romney had undoubtedly filed for an extension to file, which gave him until October 15, 2012 to file, Before you get angry, please be advised that an extension to file is not an extension to pay, The estimated tax must be paid when the request for extension is filed, i.e. April 15 for individuals.

    • Gammaanya

      Evenif he amends his taxes win or loose, the reason – he gets back more than he put in – it’s the leverage. Corp. taxes are due on March 15 – Pers, Apr. 15 with ext. Corp. must file by Oct.15 (no more extentions) and personal on Oct. 15. He did to show that he paid an average of 13-14 %, HE WILL N T SHOW HIS TAXES IN FULL. It would show that he invested in corp that he is against (or not – u never know how he stands on things) a Corp that is involved in fetuses disposal (late term abortions) , how they did the money change vs fees, Investment in foreign banks (German bank at one time paid 9% per annum on 100K dep. (must be in Euro). Do your math and just see how much he made in interest (almost tax free), not to mention that he buys US Treasury debts, like China who does that, because it’s a sure investment – guaranteed by US Gov. and TAXPAYERS.
      Credit rating have nothing to do with these type of debts and not affect US GOV. in any shape or form – that’s Repukes Propaganda and people do not understand international banking and what clearing exchange is, etc. Just pray that NONE of the countries start trading with their own currency – then we are GONERS.

    • timeforchange321

      Helo Kansan, you are correct, the interesting thing about claiming less on his taxes is that he can file an amendment whether he loses or not and get that few million back…….

      • Kansan

        He will probably not file to get the undeclared two million deduction back if he’s elected, because that would threaten his chances of reelection.

        That, and I expect winning the presidency would raise his net worth from a quarter billion to one of the 400 richest Americans who have net worths of over a billion.

  • TheOldNorthChurch

    Let’s end the discussion with a solution from the American People, not the “Political Class”. Tax reform that eliminates welfare, corporate and personal, from the tax code entirely.

    Social Security and Medicare are taxes, so assess them on all earnings without limit. For income all earnings under 20,000 pay 1%, all earnings under 100,000 pay 5%, all earnings under 250,000 pay 10% and all remaining pay 15%. All earnings are based on the individual and not whether you are married. No deductions for anything period. No exemptions from any taxes whether you are a public or private employee. Everyone pays the same taxes.

    Very fair? IMHO

    • neece00

      Do you think you can get the millionaires on board with your plan? And since corporations are people now, does this apply to them as well?

      • http://www.facebook.com/maggie.croft.92 Maggie Croft

        Neec, $92 billion dollars went to corporate welfare last year. $40 billion of that went to farm subsidies that originally were meant to keep family farms in business. Now they are being used by corporate farms to run family farms out of business.

      • TheOldNorthChurch

        I would say that you could get everyone on board with maybe just a bit of compromise. As far as Corporations do not tax them at all for any activity in the USA.

        All earnings must be paid to a USA entity and are taxable as income. It takes away most foreign investment incentives.

    • Gammaanya

      NO!

      • TheOldNorthChurch

        And why do you say No? Is it not all about fairness?

  • http://profile.yahoo.com/JMT6C3LHLJDD4RX4NB4KY5ICAE gargray

    Yes the good old boys, Romney and his buddies they use the system.

    • CPANY

      They do much more than that. They pass the laws that enable them to use the system.

  • Polygamyman

    Jesus is in the campaign. It is reported that Romney has recently had his magical mormon underwear made in a Bain Capital sweat shop in China. Unfortunately the workers despise this insensitive owner and injected the underwear with a foot and mouth virus. Now Romney and Beck regularly stick their foot in their mouth and the results are hilarious. I hope Romney wears the underwear at the debate

    • neece00

      That is so funny, but Romney does have his magic underwear on and it prevents him for feeling anything for the 47% or seeing anything past the nose on his face. And Ann Romney saying, “it is just so hard” running a campaign.

  • joceandre

    Why should anyone be surprised by those comments? This is the behavior of the very spoiled and privileged people. The rest of us does not count except sometimes when they need a body part ,because illness does not discriminate such as cancer , diabetes, heart attacks just to name a few. Look at Dick Cheney today with a new heart. Did it make any difference ? No he is still heartless as ever. the same thing goes for Mitt and his powerful rich friends. Bottom line is when you go to work stop doing the work of two to three people while you are getting the salary of one. All they do is cut ,cut, cut,while they are getting richer and richer. Remove the blinders there is plenty of money. Just remember your basic chemistry , matter is neither created nor destroyed !

    • CPANY

      Matter is neither created or destroyed is a principle of physics. You’re all right on the other parts of your comment, though. This is deja vu, a primer on why unions got started in the mid nineteenth century.

    • lavorne46

      In Matthew 25:31-46 Jesus teaches about”the judgement of nations.” He will separate
      them.Those who was sensitive to the pain of others are his sheep. Those who were
      insensitive to other’s suffering will be designated as goats. To be a sheep are those
      who fed the hungry, clothes the naked , tend the sick and visit those in prison. The
      goat insensitive to fhe suffering of others.
      Mitt is a goat along with is cromies. They have no regard

  • Polygamyman

    Romney is narcistic sociopath (no conscience) that has the support of his Cult to lie, as long as it supports the worldwide domination goal of mormonism. He annually spends millions of dollars to fund his missionaries to convert Jews and Christians (false religions) to mormonism.

  • jim1230

    It’s odd that Romney would make the statement this week , that what he wants ,is for all Americans to make good living wages. When earlier this year ,the article came out about one of the companys that Bain Capitol purchased, Issued pink slips to all employees, Saying, If you want to return to work at lower wages, fill out attached forms. He is like Machell Bauchman, wants to do away with minimum wages. Poor old Ann Romney said that they have to WORK hard. ( poor thing ) Probabley the only work she has done in the last 50 years. If it gets too hard. Maybe they can get their MAIDS,BUTLERS AND CHAUFFERS to campaign for them. ( PART OF THE 47%) If they had, They might be leading today. Keep up the request for more tax returns… Romney keeps saying how much he loves America, He must hate American BANKS, Afraid to put his money here , where it could help. He chooses to hide it off shore , and away from the Mormon Church . Why doesn’t Romney say what charity he donates to ,other than the Mormon church, . And he only does that because he is afraid. Can you find anything in the bible that calls tithe , charity donations ?

    • CPANY

      So, Romney is a hypocrite? What a revelation.

  • http://www.facebook.com/people/Carol-Frick/1722028233 Carol Frick

    Pension Benefit Guaranty Corporation – the federal agency that insures benefits is a big tax drain on the tax payer. My dad worked in steel and they shipped everything overseas including the money for the pension. My mother became part of the 47% at 80 when she was blind because the money she got was less than half of what she was guaranteed with the vest pension my Dad paid into. She had less than 12,000 a year so paid no taxes. The govenment paid the small part to people for years. Talk about corporate welfare. They took the pension money to open plants overseas and left the government to pay what they had promised.

  • dggrundhoffer

    If you accept what your friends do without scrutiny , then you are what they are also. Maybe, we should tire of the elite behavior who think because they have money , they are above the law and can shun what is morally right. Or , Maybe you wish to do as they do. Either way it is wrong. Untill we put to rest , what is hidden is right , no matter what. Then we can take the next step as Americans. To be the best we can. Accept and reward on merit not power and riches!!!!

  • mkzp

    Well thank goodness at least the rest of us are bright enough to see what’s really going on and are willing to stand up to these greedy, self-rightous goons.

    • CPANY

      What are you doing to stand up to the rich scumbags?

  • wonderingzeb

    Yes Dominick you are correct but this guy is as hate able as every boss that ever I hated. This guy is every thing that reeks about capitalism and I hope he goes down in flames along with his greedy, selfish, hateful way of life. Marx was so right, may he rest in peace.

  • pologo14

    Mitt Romney is hiding all the facts of the taxes that he did not return in 10 or more years that he did not report. The light is shinning in his dark areas. The truth will come out sooner are later!!!

  • wonderingzeb

    o beautiful for old rich guys waka waka waka blah blah blah

  • wonderingzeb

    suck my commie ass

  • http://www.facebook.com/audibility Samuel Owusu

    I wonder how many Americans Mr Romney put on the unemployment line by destroying , bankrupting the companies they worked for, and yet he expects them to pay tax. How much he made in the ones he created. No wonder why Jesus said the poor will always be, scammers like Mr Romney and his group are responsible.

  • http://profile.yahoo.com/GXWLKAZ74R3JLABOP2OC2J226E Toni Anthony

    it would be nice to have America run like a business
    where all its citizens are employees and subject to the whimsical
    of the POTUS. that’s what you get if the GOP wins after November 6th

  • Joe Narusiewicz

    Romney is a vampire

  • http://www.facebook.com/people/Andrew-Rei/100001727442607 Andrew Rei

    As an FB friend of mine pointed out the other day, what Bain and Sun do cannot be called “vulture capitalism” because vultures pick clean a dead carcass…in actuality, he pointed out, it’s “vampire capitalism” because it sucks the life blood out of a company, eventually leading to its death. Remember the correct term: vampire capitalism.

  • http://www.facebook.com/people/Christopher-P-Doyle/1517044469 Christopher P Doyle

    Romney: Disgusting and outrageous, and Oh so typical for the 1% ruling elite. Down with Robber Baron Capitalism!

  • http://profile.yahoo.com/7XIIKC7ZAR55R2M7GDJ3TBEFG4 Jeremy

    Damn, wish we could catch Mitt screwing some whore besides the pool! Wonder if he would have his mormon jammies on!

  • msrita

    November 6 hurry up so we can see Obama win his second term.

  • hilandar1000

    These are the true parasites in our society. They don’t want to work, so they invest in businesses so they can benefit from the labor of others and don’t have to do any work themselves. They manage to get votes from others who WANT to emulate this type of “free ride” and think they, too, can reap the benefit of labor — without actually doing the work. That is the bulk of the Republican party. Show me a business owner who works alongside his or her workers, pays fair wages and takes safety precautions to ensure that his workers can work in a safe environment, and I’ll show you a Democrat.

  • howa4x

    Well the republicans never will, since they invented greed. Anyway the Atty General of NYS has a history of taking these guys down. Remember Eliot spitzer the sherrif of Wall st? Wouldn’t it be funny if they got Mitt on tax evasion? That magic underwear he wears wouldn’t help him with that. He would need two pairs.

  • Lilrascal15

    These people are the scum of the earth. They steal from the poor to give to the rich. Romney is part of this crew that believes that all the money should be theirs. While the USA hurts, these low lives get richer by the day, and we are left to aid the rest of those put out of work, left without a pension or a job. These 1% ers are a disgrace!!!
    Vote for Obama!

  • http://www.facebook.com/len.carrier.1 Len Carrier

    Let’s face it. Willard Romney has been bought and paid for by people like Leder, rotten scoundrels who are probably criminals as well. The NY State Attorney General is a straight arrow. He will probably find skullduggery rife in Leder’s past.

    Another nasty character is the sleazebag Terre Haute, Indiana lawyer, Jim Bopp. Bopp is bopping about telling the Atlantic Magazine’s Senior Editor, James Bennet, that the more money that pours into elections the better it is. Is he nuts? If not simply wild-eyed crazy, he is certainly one of those of whom Shakespeare was probably thinking when he had one of his actors say that if one were to become king, he would first kill all the lawyers (followed by the “priests,” such as perhaps Pat Robertson).

    People who are fed up by the Boppster (he who promoted Citizens United and its outrageous view that corporations are people) might think of picketing his home, soaping his car, sending him annoying telephone calls, flooding his email box with poinson pen letters, and generally ragging on him the way he wants to rag on 99% of us. That would be letting Jimmy boy see how it feels, seeing if he can take what he wants to dish out to others. I rather doubt whether he can.

    • CPANY

      When are you going to start?

  • Ida Bill

    All that we know about Romney and his schemes will mean nothing if we do not do not do alll we can while we have a chance, to see that he does not make it to the White House!

    The Republicans intend to win by any means necessary. Remember, suppressing the vote? Please help those who are targeted, get whatever they need to cast their ballot! Host talk sessions to inform neighbors & friends about the issues! Make sure stories like this are circulated as widely as possible, work, work, work!

  • 7Alpha3W

    Private equity, as Warren Buffet stated is a new level of high class Greed. Please know that the definition of Greed is in-satisfiable! Leder, Romney and the Private Equity hustler’s can’t ever have enough – they are Greedheads!

    • TheOldNorthChurch

      How much do you think WB has invested in PE?

  • http://pulse.yahoo.com/_PAUIKIQNIDB7IU5R6PHBXSQURY Mr. Bombastic

    Once again a smear article by a smear paper about nothing! Don’t you liberals have anything better to do than to gossip? Lets talk about a failling economy and jobs! Oh yeah, you can’t talk about that, because it would mean lthat your man is failling!

  • docb

    Mr. romney is running a parallel scam..Lying about his true lack of core and President Obama character..Projection at it’s worst!

    The money is going sideways on him and has been for at least 2 months..People are not donating to mitt but to the the RNC…He disrespected the Hispanic community at Univision by blackmailing them about a lackluster audience and demanding a new introduction!

    Horrid Horrid person!

    • TheOldNorthChurch

      They donate to the RNC because there is a $33,000 threshold vs about a $2500 threshold direct to the candidate.

  • http://www.facebook.com/robert.blankenship.779 Robert Blankenship

    A substantial number of these ‘esteemed businesspersons’ should be taking dirt naps.

  • http://www.facebook.com/profile.php?id=731921527 Mary Aseltyne

    so they attach themselves to dying companies like leeches and suck them dry, how charming

  • http://profile.yahoo.com/E3QXTIRQLGO3MROOP2T64HDLXI wayne

    Romney is a carbon copy of W. Harding, Calvin Coolidge and Hebert Hoover, 1921 to 1933. Other puppets for big corporations.

  • bcarreiro

    do the 53% get a rebate if they vote for you? just wondering what they can get with $10 …anything they want at the dollar store.

  • Joey0013

    These two scum bags should be arrested and put away for the rest of the time they have on this earth and bang at rocks all day untill the sun goes down. A tast of hell for both of them is what they need.

    • http://www.facebook.com/people/Jim-Myers/100001512942781 Jim Myers

      Better yet, take away all the wealth, connections and everything else they rely on to make money at the expense of the working poor. Then, let them try to find minimum wage jobs, and work in menial positions for ruthless bosses who take delight in torturing those less fortunate than they are. Always with the threat of being fired.

      After reading this, it made me feel like I am sliding down to the level of R & R.

  • http://pulse.yahoo.com/_QFTD4SSX5TR5T6YNW7WVHPSJZI Fred

    Just two words Mitt is untruthful and untrustworthy. His repeated behaviors prove it. He doesn’t understand behaviors have consequences!!!

  • http://www.facebook.com/jodie.c.sr Jodie C. Hall Sr

    Only if you could attend this $50,000 per plate dinner or are certain that four years of Mitt in the Presidency will place you nearer that place financially should you even think of voting for him. He is another rich, insensitive self serving ass who could not have failed because his father was rich and gave him everything. He is not ‘one of the people’, he IS one of the elite who protect the elite and don’t care about the 47% or the ones who are better than that but not filthy rich.

  • daniel bostdorf

    Romney’s campaign is dead.

    What ever language you want to spin it:

    Romney campaign está muerto.
    Campagne de Romney est mort.
    Romney Kampagne tot ist.
    Is é Romney feachtas marbh.
    Campagna di Romney è morto.
    Kampania Romney jest martwy.
    Ромни кампании мертв.

    As my grandmother would say:

    Kaput!

    THE BIGGEST MOOCHERS AND FREELOADERS ARE THE BANKS AND BILLIONAIRES WHO GOT THEIR BAILOUTS…

  • http://pulse.yahoo.com/_SSUXPFNKSRDKHYDJWWIUVLMVNE Religulous

    Mitt is the poster child of what is wrong in this country and there is more wrong than what Mitt has done. Take me I am eligible for an 80,000 house loan. I find a 5 bed room 4,000 square foot house for only 18,000. I can’t get it because the house is being held for auction for the rich but the house has been up three times but no rich people want because it is in the middle of no where. Will they let me have it no, I can’t get the loan people to give me the money for the auction. The realtors tell me if a rich person has to buy the house and resale it for 60,000 or more than I can have it. Rich get discounts while the poor get denied or forced to pay 4 times more. I’ve heard the rich say keep the rich, rich and the poor, poor. That is why people that make a lot of money can get a car on lease for 199 a month but poor people have to pay 429 a month. It makes no sense until you understand the rich really is trying to keep them overly rich and us poor mindless wage slaves. If Mitt gets elected I’m rioting starting with the rich.

  • rustacus21

    The masks are off & the monsters are finally out front & unmistakeably conservative!!! Now lets pull together & get a Liberal/Progressive Congress in office to force this administration to STOP negotiating & start legislating the way the Constitution & we the people demand!!! Conservatives don’t understand Democracy anyway, so who is there to negotiate w/anyway?! They can thank us later after the nation has recovered from the ’08 Depression, we’re back solvent, prosperous & at peace w/the world, the way we were as of December 10, 2000…

  • silver fox

    WARNING: CONASON IS AN EFFING MORON. IT’S GUYS LIKE HIM THAT KEEP US LIED TOO AND LAUGHED AT.
    SUIBNE

  • http://profile.yahoo.com/X2KKGDYW2F5T5XUT6233KBNWSI robert

    GO REGISTER. GET ID’ED. VOTE!!!!!!!!!!

  • ridemybroom

    what a Rotten Bastard Romney is !!!….now i understand…..What a con artist….teaches his sons well i see….wonder if they gonna be con artists as well…..

  • daniel bostdorf

    Silver Fox or whoever you are. Quit hiding behind a fake name. What are you afraid of?

    This article is about Tax Avoidance, Government Dependency, And Romney’s Boca Raton Host.

    Not the author, Joe Conason.

    You have no original thoughts of your own, other than a “bumper sticker” approach to your really well thought out criticism of Conason. You sound like Limbaugh/Beck and foxnews propagandists…make up a lie and say it is the truth.

    Nazi propagandist Joseph Goebbels (like Linmbaugh, beck and Rove believe) said it best:

    “If you tell a lie big enough and keep repeating it, people will eventually come to believe it. The lie can be maintained only for such time as the State can shield the people from the political, economic and/or military consequences of the lie. It thus becomes vitally important for the State to use all of its powers to repress dissent, for the truth is the mortal enemy of the lie, and thus by extension, the truth is the greatest enemy of the State.”

    or as Adolph Hitler stated:

    “Make the lie big, make it simple, keep saying it, and eventually they will believe it”

    Keep lying Silver Fox….we know what you are.

  • 13observer

    Nothing any of you wouldn’t be doing if given the chance!!!!!!!!!!!! Are you sh*tting me? WTF makes you so “above it all” ? If you stole something, cheated on your taxes……….you know who I’m talking to!

  • daniel bostdorf

    13observer…..this article has absolutely NOTHING to do with your juvenile posts or anyone being “Nothing any of you wouldn’t be doing if given the chance.” That is a lie….

    No sane person is a cheater or a schemer or inanely believes the ends justifies the means.

    This article is about Tax Avoidance, Government Dependency, And Romney’s Boca Raton Host Marc Leder …

    Not about any of us here, except you possibly.

    Quoting the article:

    “Amid the ongoing uproar over Mitt Romney’s snooty remarks at a Florida fundraiser concerning the “47 percent” who pay no federal income taxes, the party’s high-rolling host hasn’t drawn quite as much attention as he deserves. As the head of private equity firm Sun Capital Partners, Marc Leder is a longtime associate of the Republican nominee – and a practitioner of the same dubious behavior that has smudged Romney’s reputation. Lately Leder has been dogged by tabloid headlines recounting his nasty divorce and wild partying (replete with reported nudity and public sex around the pool at a summer house he rented on Long Island’s East End for $500,000). What he has in common with Romney, however, isn’t a taste for bacchanalian revels, of course, but a record of business and taxation practices that working Americans might find troubling.”

    Romney’s own words:

    “here are 47 percent of the people who will vote for the president no matter what. All right, there are 47 percent who are with him, who are dependent upon government, who believe that they are victims, who believe that government has a responsibility to care for them, who believe that they are entitled to health care, to food, to housing, to you-name-it — that that’s an entitlement and the government should give it to them. And they will vote for this president no matter what. … These are people who pay no income tax. Forty-seven percent of Americans pay no income tax. So our message of low taxes doesn’t connect. And he’ll be out there talking about tax cuts for the rich. I mean, that’s what they sell every four years. And so my job is not to worry about those people. I’ll never convince them they should take personal responsibility and care for their lives.”

    13observer: You have no original thoughts of your own, other than a liars “bumper sticker” approach to your really well thought out profane, inane posting. You intentionally distract us from thoughtful dialog and discourse.

    Quit hiding behind a fake name. What are you afraid of?

    Are you a propagandist for Karl Rove? You sound like Limbaugh/Beck and foxnews..make up a lie and say it is the truth.

    Nazi propagandist Joseph Goebbels (like Linmbaugh, beck and Rove believe) said it best:

    “If you tell a lie big enough and keep repeating it, people will eventually come to believe it. The lie can be maintained only for such time as the State can shield the people from the political, economic and/or military consequences of the lie. It thus becomes vitally important for the State to use all of its powers to repress dissent, for the truth is the mortal enemy of the lie, and thus by extension, the truth is the greatest enemy of the State.”

    or as Adolph Hitler stated:

    “Make the lie big, make it simple, keep saying it, and eventually they will believe it”

    13observer……Keep lying and distracting us ….we know what you are.

  • http://www.facebook.com/people/Joan-Maurer/100000910841619 Joan Maurer

    It would be a violation of US law for an American company to do business with Iran.

    To parapharse Gov. Romney ” a blind trust is a dodge. You give a blind trust instructions.” Apparently the instructions he gave his blind trust was to work against American intrests, to aid and finance countries and companies that hate America.

    This is a man that has been running for President for years. He cannot have an illegal doing yard work for him but he can invest with our enemies. The difference must be in the dollars. It is not ok to pay a undocumented worker a pittance to work all day in the hot sun. It is ok to sink millions in a foreign country hostile to the US, doing business with a country that has threatened the US with harm.

    I think that he is underserving of high office based on stupidity and arrogance. He had years to clean his finances up to run for President. The fact that he did not do so- is one or the other or prehaps both!

  • ALLLLAMERICAN

    Heeeeeyyyyy allllll you OBAMA LOVERS—-
    We knew it would come out—-
    Obama Administration Knew Libya Attack Was Terrorism Within 24 Hours—-
    He was trying to cover it up!!!!!!!!!

  • daniel bostdorf

    Buzz off “ALLAMERICAN” who is not….you are a fascist.

    This article is about Tax Avoidance, Government Dependency, And Romney’s Boca Raton Host Marc Leder …

    Not Obama or anything else your feeble mind comes up with to distract us…

    Quoting the article:

    “Amid the ongoing uproar over Mitt Romney’s snooty remarks at a Florida fundraiser concerning the “47 percent” who pay no federal income taxes, the party’s high-rolling host hasn’t drawn quite as much attention as he deserves. As the head of private equity firm Sun Capital Partners, Marc Leder is a longtime associate of the Republican nominee – and a practitioner of the same dubious behavior that has smudged Romney’s reputation. Lately Leder has been dogged by tabloid headlines recounting his nasty divorce and wild partying (replete with reported nudity and public sex around the pool at a summer house he rented on Long Island’s East End for $500,000). What he has in common with Romney, however, isn’t a taste for bacchanalian revels, of course, but a record of business and taxation practices that working Americans might find troubling.”

    Romney’s own words:

    “here are 47 percent of the people who will vote for the president no matter what. All right, there are 47 percent who are with him, who are dependent upon government, who believe that they are victims, who believe that government has a responsibility to care for them, who believe that they are entitled to health care, to food, to housing, to you-name-it — that that’s an entitlement and the government should give it to them. And they will vote for this president no matter what. … These are people who pay no income tax. Forty-seven percent of Americans pay no income tax. So our message of low taxes doesn’t connect. And he’ll be out there talking about tax cuts for the rich. I mean, that’s what they sell every four years. And so my job is not to worry about those people. I’ll never convince them they should take personal responsibility and care for their lives.”

    “ALLAMERICAN” who is not: You have no original thoughts of your own, other than a liars “bumper sticker” approach to your really well thought out posting. You intentionally distract us from thoughtful dialog and discourse.

    Quit hiding behind a fake name. What are you afraid of?

    Are you a propagandist for Karl Rove? You sound like Limbaugh/Beck and foxnews..make up a lie and say it is the truth.

    Nazi propagandist Joseph Goebbels (like Linmbaugh, beck and Rove believe) said it best:

    “If you tell a lie big enough and keep repeating it, people will eventually come to believe it. The lie can be maintained only for such time as the State can shield the people from the political, economic and/or military consequences of the lie. It thus becomes vitally important for the State to use all of its powers to repress dissent, for the truth is the mortal enemy of the lie, and thus by extension, the truth is the greatest enemy of the State.”

    or as Adolph Hitler stated:

    “Make the lie big, make it simple, keep saying it, and eventually they will believe it”

    “ALLAMERICAN” who is not…Keep lying and distracting us ….we know what you are.

  • daniel bostdorf

    Ecomonic Partriotism!

    Grow the economy with middle class….not the 1% class!

    Romney’s own words:

    “here are 47 percent of the people who will vote for the president no matter what. All right, there are 47 percent who are with him, who are dependent upon government, who believe that they are victims, who believe that government has a responsibility to care for them, who believe that they are entitled to health care, to food, to housing, to you-name-it — that that’s an entitlement and the government should give it to them. And they will vote for this president no matter what. … These are people who pay no income tax. Forty-seven percent of Americans pay no income tax. So our message of low taxes doesn’t connect. And he’ll be out there talking about tax cuts for the rich. I mean, that’s what they sell every four years. And so my job is not to worry about those people. I’ll never convince them they should take personal responsibility and care for their lives.”

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