Listen in to my weekly business and economics report on "America Now" with Andy Dean. We've talked politics a decent amount in recent shows about politics, and that's how we kicked if off last week. Mitt Romney as much as admitted that he's been paying income taxes at less than 14 percent for the past five years. This shouldn't surprise anyone — Romney's "income" is really carried interest, a type of capital gains that's taxed at a lower rate than income, on assumption that it's riskier to put capital to work on investments and that risk should be rewarded.
The Obama-Biden campaign may very well stay on Romney to release tax returns, but there's probably nothing nefarious to be found. What Mitt's comments do basically show is that he's a rich guy who set up his compensation when he was at Bain Capital to be as tax-advantaged as possible. It is what it is. Some members of the financial world don't like this. Some are fine with it. But Obama/Biden should probably move on from this issue.
Conveniently, the need for the Romney campaign to deal with Paul Ryan's rather extreme reform of Medicare has done just that. That's all we've been talking about for a week, so who cares if Mitt has been paying taxes at at least half the rate her probably should?
Andy and I also discuss Jon Corzine, the disgraced former head of MF Global and a one-time governor of New Jersey, and his plans to start a new hedge fund. And what would a week be without more troubles for Facebook? The question now is whether CEO Mark Zuckerberg should step down.
Enjoy and be sure to listen live NEXT Friday, at 4 p.m. Pacific Time. Andy and I are both taking the day off.