Mitt Romney Makes a Good Tax Accountant Muses Allan Sloan

SUSIE GHARIB: Taxes and how much politicians pay, has been a big issue in
the Republican presidential primary. The debate leads Allan Sloan looking
to hire Mitt Romney as his tax accountant. Allan is senior editor at large
at “Fortune.”

ALLAN SLOAN, SR. EDITOR-AT-LARGE, FORTUNE: If the presidential thing
doesn`t work out for Mitt Romney, there`s a whole other career he can
pursue — retirement planner. Romney has gotten what is probably the
greatest retirement package in history. Even though he left Bain Capital in
1999, he still gets millions a year from Bain`s piece of the profits that
investors get from Bain`s buyout funds and he pays only 15 percent Federal
tax on it — in some years, less.

Compare that with my Social Security benefits. My wife and I pay 30
percent on those. That`s because 85 percent of our benefit is taxable and
we pay 35 percent on that, thanks to the AMT. This all happens because,
under our current tax system, income from capital, which is how Romney`s
Bain payments are treated, is much more valuable than income from work,
which is how Social Security is treated. I have no idea if Romney would
make a good president. But if he wants to offer retirement advice, I will
happily be his first client. I`m Allan Sloan.


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