Let s just make sure we unpack this now. in private equity, they you a choir a firm, the reason they are able to make such very high returns is that they are generally not using much of their own money at all. they are using borrowed money. any interest that they pay against that debt they then deduct from their tax liability. so it is a huge tax boon for those investors. what do you think is in mitt romney s tax returns? do you think he didn t pay a bunch of money? i really don t know. they are starting to be some thought i think this may be correct, that it is not that he paid 15%, he may have paid something like 1% 2shgs%. i mean, there are years in which people with those kinds of investments, there are people that years of those investments that really have, you no i because of their capital losses have very, very tiny tax liabilities. that may be when he s trying to protect there. ability to lie, liability. we will talk about it. our thanks to jared bernstein for jo