Once again, David Cay Johnston nails it.
Reminds me of Winston Churchill's speech, to the effect that we oughtn't to blame those who see their opportunities and take them; we need to fix the system so that it isn't rigged to create opportunities for some at the expense of the rest of us!
See "The People's Land" (1909).
Romney's many happy returns? Blame Congress | Reuters.
Mitt and Ann Romney appear to have complied with the law. What's at fault is the law. Congress treats ordinary taxpayers one way and managers of private equity and hedge funds like Mitt Romney another. It's also a fiction that there is a lifetime limit on tax-free gifts of $10 million when Congress lets unlimited sums pass untaxed this way.
Mitt and Ann Romney appear to have complied with the law. What's at fault is the law. Congress treats ordinary taxpayers one way and managers of private equity and hedge funds like Mitt Romney another. It's also a fiction that there is a lifetime limit on tax-free gifts of $10 million when Congress lets unlimited sums pass untaxed this way.
Reminds me of Winston Churchill's speech, to the effect that we oughtn't to blame those who see their opportunities and take them; we need to fix the system so that it isn't rigged to create opportunities for some at the expense of the rest of us!
See "The People's Land" (1909).
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