Romney's Taxes: It's The Carried Interest, Stupid

http://www.forbes.com/sites/janetnovack/2012/08/24/romneys-taxes-its-the-carried-interest-stupid/

Good article containing detailed explanation of carried interest – and this is the guy who’s going to close loopholes?!?

“While Democrats continue to fulminate about Mitt Romney’s failure to release more than two years of his income tax returns, some tax geeks have been itching to get a look at a different set of Mitt and Ann Romney’s private papers—their gift tax returns. That curiosity was stoked in January after the Romney campaign confirmed to Reuters tax columnist David Cay Johnston that Mitt and Ann Romney had paid no gift tax on the transfers made to the Ann & Mitt Romney 1995 Family Trust, worth about $100 million. (The $100 million isn’t included in the financial disclosure forms Romney files as a candidate, since legally the trust assets belong to his heirs. But since it’s set up as a “grantor” trust, Mitt and Ann pay income tax on the earnings within the trust, effectively transferring even more wealth to their offspring.)”