Romney took advantage of the 'carried interest' loophole which allows hedge fund managers and people like Mitt Romney to have their incomes declared as 'interest' earned on investment and thus subject to the 15% maximum capital gains tax rate. Anyway, in 2007 an attempt was made to remove this particular provision from the tax codes which would have returned this class of income back to the fully-taxed, regular income column. However, congress was lobbied heavily to defeat the change, which eventually was the case. It's being reported now that Bain Capital was one of the companies which put a significant amount of money into the hands of the K-Street lobbyists working to keep the status quo when it came to the treatment of income labeled as 'carried interest'. It seems that Romney was funding the lobbying for the very tax laws which he now claims he was simply taking legal advantage of, like any other 'middle class' American could have done if they too were making a crap load of money by investing in companies which you later bled dry and tossed on the junk heap.
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