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It implies taking advantange of the "system" in ways that are detrimental to the US (less tax revenue), though perfectly legal. I think your point

about the economic unfairness of the system that allows those who can afford to take advantage of the system get tax benefits that those who can't, don't is really the heart of the criticism. Pointing out the inequity, but it paints with a broad brush to sort of dirty Romney as someone who has "taken advantage" of that system.

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