When 2011 Carlyle company went public in 2011, they had to open their books.The "dirty little secret" was revealed...which I'm sure in certain circles is a well known!
While working at Carlyle, the partners took "very low salaries", they got 96% of their compensations from investment profits.
Investment profits are taxed at a much, much lower rate than salary, this means tthat they paid much lower taxes! By deferring much of their compensations into "investment profits" Carlyle partners only paid 15% rate on this income.This is because of a tax loophole known as "carried interest". This loophole lets the managers of Carlyle and Bain, arrange compensations to look like a share of profits which are taxed as long term gains. Instead of standard compensation for services, which would be taxed as normal income from work. Long term capital gains have a maximum tax rate of 15%!
Do you really think that Romney and his army of tax attorneys,didn't do this as well, as any other loophole he could find?
Romney will never release any more tax returns! Big business will never allow this!