Special Income Tax Rates for the Very Wealthy

Steve Rattner, President Barack Obama's former car czar, appeared on Fareed Zakaria’s GPS a few week ago. (Steven Rattner is Chairman of Willett Advisors LLC, the investment arm for New York Mayor Michael R. Bloomberg’s personal and philanthropic assets.) Mr. Rattner said that one of the reasons Mitt Romney won’t release his income tax returns is his legal but highly unusual asset protection.

Romney has a $100 million IRA and off shore accounts that avoid US income tax. Rattner pointed out that many rich people pay icome tax at the 35% rate while there is a group that pay at the much lower rates. Rattner said he didn't think the American people would be too happy with this situation. I certainly don’t!

What’s your opinion?

Don

My blog: http://coastcontact.wordpress.com/

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Coastcontact