Michael Knoll

What Would Happen If We Closed Mitt Romney's Tax Loophole?
January 17, 2012

Under increasing pressure to divulge his income tax returns, Mitt Romney announced today that he’s “probably” taxed at a fifteen percent rate (he seems more certain of the amount of jobs Bain created). The number is significant. If Romney were a typical rich guy, he’d pay 35%—the top marginal rate—on most of his yearly income. But since he’s a private equity guy who still gets paychecks from Bain Capital, he’s taxed at 15%, the capital gains rate that the Bush tax cuts instituted.