From Jonathan Alter:
I still don’t get why it’s legal for MR to put $100 million into IRA intended for only $6,000 a year. Has he lived for more than 10,000 yrs?
So after the first day of the 2011 Tax Releases from Mitt Romney – there’s some unclaimed tax deductions (which would put the effective rate at 9%), some IRA trickery and some creative average tax rate calculation – adding rates and not dollars – but…. In some ways all of this just goes into the very obvious… that the very rich people pay very little in taxes.