It used to be that failed presidential candidates would shuffle off the national stage after their ignominious defeat and go lick their wounds in private. Eventually they would re-emerge again in some other public service position, trading on the street cred gained by having been this close to being able to nuke another country into a Walmart parking lot because Bunheads got cancelled … or even something trivial
Those were the days.
The past two presidential cycles have seen a change in 1st runner-up temperament; possibly because both of the rich white guys who lost, lost to a black dude. John McCain immediately went back to being the least popular senator in America, but he still shows up on every Sunday morning show, every Sunday pretending that he is president and that he didn’t give America a raging case of the Sarah Palin STDs.
Mitt Romney sulked around his beach house compound – yelling at the stoners to get off of his gosh-darned sand - for a spell before coming out and saying that, sure, Barack Obama may have beaten him, but Barrack isn’t half the man that dreamy Vladamir Putin is. Shirtless and on a horse? Hubba hubba.
On the other hand , Mitt’s wife, perpetual bitter pill Ann Romney, has taken every opportunity to purse her lips and point out that America had a chance to mount Mitt like he was a fancy dancing horse and ride him to prosperity just like she did, but noooooo, America chose poorly and now it must sleep in the bed with the low thread-count sheets that it made. Suck it, America. SUCK. IT. Loooosers. Consuela! Momma needs a Postumtini, stat…
Middle son Josh Romney, the one with the crazy eyes, seems to have inherited some of Ann’s mean genes and, after holding it in for months, had to let it out in a tweet to mean ole next door neighbor Harry Reid that his dad does too pay taxes, not like Harry said during the election:
Oh, SNAP! Romney boy high fives, leaping bicycle-helmet-wearing-for-safety Mormon chest bumps.
Mitt Romney standing in line at the – appears to me to be the La Jolla and not Grand Cayman – post office. What more proof do you need, America, that Mitt Romney pays his taxes? I mean, besides actually releasing them? None. That how much ‘you people‘ need and deserve. Issue closed. Shut up.
Mitt Romney’s five sons — Matt, Tagg, Craig, Ben and Josh — are sitting pretty with a trust fund worth $100 million.
The limit for a couple in 1995 was $20,000 and has since grown to $26,000. In addition, there’s a “lifetime gift-tax exclusion” for all the boys that totaled $1.2 million back in 1995 and has since grown to $10 million.
Add it all up, and the Romneys could have gifted $1.3 million in 1995, and a total of $10.6 million through 2011. All tax free.
As the co-founder of private equity firm Bain Capital, which he left in 1999, Romney has received compensation in the form of “carried interest”, the share of investment profits that is paid to private equity fund managers. And if Romney transferred this interest to make payments to his kids’ trust, he could have received big valuation discounts of up to 40% or more. So if Romney transferred interests in Bain Capital with a net asset value of, say, $14,000, he could have reported the fair market value as only $10,000, below the gift-tax exemption in 1995.
To be fair, Mitt is paying taxes on that trust:
As for paying income taxes on that great growth, Romney is footing the bill. According to his tax forms, the trust is set up as an “intentionally defective grantor trust,” which means the senior generation pays income tax on the trust each year, but they don’t pay the estate tax. That means the sons won’t have to pay a dime on the trust’s earnings until the assets are distributed or the Romneys pass away.
So, really, Americans are benefiting from Mitt Romney’s tax time buck shuffling.
And by ‘Americans,’ I mean Americans named Matt, Tagg, Craig, Ben and Josh Romney….
The rest of you losers are on your own.
[Image Josh Romney Facebook]