Joe Nocera On 'The Daily Show': Romney Highlights Problems With Tax Rate Disparity, Private Equity Firms
New York Times business columnist Joe Nocera appeared on "The Daily Show" to discuss what appears to be a bump in the road for Mitt Romney's campaign.
On Tuesday, the GOP candidate admitted that his tax rate is probably less than that of middle-class workers. He said that most of his income comes from investments, which are taxed at a lower rate, and that his speaking fees amounted to "not very much" (they totaled $374,327.62 from February 2010 to February 2011).
Speaking to Jon Stewart, Nocera praised the Republican primary and the infighting between the candidates for inadvertently shining light on the tax rate disparity, and how Wall Street makes its money. Nocera, the author of "All the Devils Are Here," lamented the work of private equity firms like Romney's Bain Capital, which he described as buying companies, laying people off and bringing the company back to market.
When Stewart pointed out that questioning Wall Street is often considered anti-capitalist, Nocera turned to what he believes is "so great" about the 2012 election. "It's not the Obama administration saying Mitt Romney destroys companies, it's his brethren in the Republican party," he said. Watch his critique of Wall Street in the clip above.