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The Water Cooler
General Discussion
'We Don't Believe Anybody Is Entitled to Success in This Country'
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<blockquote data-quote="Hobbes" data-source="post: 1933335" data-attributes="member: 3371"><p>I doubt we will ever agree on this so I'll just distill my viewpoint down to this:</p><p></p><p>The US tax code is designed to encourage those with capital to put that capital at risk to create new businesses.</p><p></p><p>Romney put no capital at risk.</p><p>As a matter of fact, he took no risk at all.</p><p></p><p>Management at Bain Capital was paid on a contingency basis.</p><p>If they lost money on a business the managers didn't lose money individually.</p><p>The worst case scenario would be that they didn't get paid at all on a failed investment while <strong>the investors would suffer the loss in capital</strong>.</p><p></p><p>To me that distinction is crucial.</p><p></p><p>And if he took no risk of a loss in capital he's not entitled to a capital gains rate for his services.</p></blockquote><p></p>
[QUOTE="Hobbes, post: 1933335, member: 3371"] I doubt we will ever agree on this so I'll just distill my viewpoint down to this: The US tax code is designed to encourage those with capital to put that capital at risk to create new businesses. Romney put no capital at risk. As a matter of fact, he took no risk at all. Management at Bain Capital was paid on a contingency basis. If they lost money on a business the managers didn't lose money individually. The worst case scenario would be that they didn't get paid at all on a failed investment while [B]the investors would suffer the loss in capital[/B]. To me that distinction is crucial. And if he took no risk of a loss in capital he's not entitled to a capital gains rate for his services. [/QUOTE]
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'We Don't Believe Anybody Is Entitled to Success in This Country'
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