Romney did what any taxpayer would
This letter is in response to the Oct. 8 letter submitted by Mr. David Roberts. First, how does Mr. Roberts know that Mitt Romney has any carried interest income on his 2010 or 2011 tax return? I don't know if he did or didn't. The tax returns do not give you that information.
Second, did Mr. Roberts take advantage of the mortgage interest deduction loophole, the real estate tax deduction loophole, the charitable contribution loophole or the tuition credit loophole when he prepared his tax return? The carried interest provision is not a tax loophole. It is part of the U.S. tax code enacted by Congress the same as any other tax provision. Do you expect Romney not to take advantage of every legal tax provision available to him? Did anyone reading this letter not attempt to take advantage of every legal loophole (tax provision) on their own tax return? Did anyone just decide to pay more tax than they were legally obligated to pay? I don't think so.
Third, the argument about salesperson, contingent fee lawyers and waitstaff is not on point. Do any of these taxpayers have their own money at risk if they are not successful? If a salesperson does not make a sale, he is out his time, no direct financial loss. The same goes for contingent fee lawyer or a server. If they get "stiffed" they lose their time and their capital. This is not meant to diminish the efforts by anyone.
Finally, I am not saying whether or not the carried interest provision in the tax code is fair or unfair. Romney did not write the law. Romney, as a taxpayer, took advantage of all legal ways to reduce his tax liability. I assume all of you did, also?
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