FOIA Report Shows How Mitt Romney Avoided Paying Taxes For 15 Years

[Kevbo_Jones]

http://www.bloomberg.com/news/2012-10-29/romney-avoids-taxes-via-loophole-cutting-mormon-donations.html

 

Bloomberg News confirmed through using a Freedom of Information Act request that Mitt Romney set up a charitable remainder unitrust (CRUT) in June 1996 just before Congress cracked down on the loophole in 1997. While Republicans have extolled Romney for his charitable donations, most of them are contributions to the Mormon Church, and according to this, the church will likely receive even less than the primary donation, while he is benefiting.

 

?In this instance, Romney used the tax-exempt status of a charity ? the Mormon Church, according to a 2007 filing ? to defer taxes for more than 15 years,? Bloomberg?s Jesse Drucker explained. ?At the same time he is benefitting, the trust will probably leave the church with less than what current law requires.?

 

?The main benefit from a charitable remainder trust is the renting from your favorite charity of its exemption from taxation,? Blattmachr said. Despite the name, giving a gift or getting a charitable deduction ?is just a throwaway,? he said. ?I used to structure them so the value dedicated to charity was as close to zero as possible without being zero.?

 

When individuals fund a charitable remainder unitrust, or ?CRUT,? they defer capital gains taxes on any profit from the sale of the assets, and receive a small upfront charitable deduction and a stream of yearly cash payments.

 

While Romney?s tax avoidance is legal, it?s still questionable since he has refused to release his tax returns.

[jduk]

This is the guy people think is going to cut the deficit? Mmmmmkay

[EdGOAT]

Who gives a ****? Oh, my goodness! Someone tried to avoid taxes! I never would've thought! Such a shocker

[chons]

Who gives a ****? Oh' date=' my goodness! Someone tried to avoid taxes! I never would've thought! Such a shocker [/quote']

 

Plus, the OP works for a filthy oil company... lulz galore.

[Melvinj0]

Who gives a sht? Lol, dude could have murdered someone for all I care, would still vote for him over Obama.

[Little_Kang]

Who gives a sht? Lol' date=' dude could have murdered someone for all I care, would still vote for him over Obama.[/quote']

 

gary johnson

[mmafan73]

http://www.bloomberg.com/news/2012-10-29/romney-avoids-taxes-via-loophole-cutting-mormon-donations.html

 

Bloomberg News confirmed through using a Freedom of Information Act request that Mitt Romney set up a charitable remainder unitrust (CRUT) in June 1996 just before Congress cracked down on the loophole in 1997. While Republicans have extolled Romney for his charitable donations' date=' most of them are contributions to the Mormon Church, and according to this, the church will likely receive even less than the primary donation, while he is benefiting.

 

 

 

While Romney?s tax avoidance is legal, it?s still questionable since [b']he has refused to release his tax returns[/b].

 

http://www.mittromney.com/disclosure

 

just based on this link your thread title and the article you posted are lies...

[BillZombie]

What a jerk.......... we all know we should do all we can to give the government more of our own money. I mean, who doesn't think the government has more of a right to our stuff than we do? Shoot, the feds are always much better at spending our cash than we are.

[NewGuy2000]

Romney's heart is not in the right place. I still cannot believe the race is this tight when Obama is running against a man who is a liar and a cheat with an inconsistent political career.

[JBJF]

I hate that charitable contributions can be used as a deduction. I understand tons of people do it and it's legal but they are giving for the wrong reason....

[EdGOAT]

I hate that charitable contributions can be used as a deduction. I understand tons of people do it and it's legal but they are giving for the wrong reason....

 

Doing some good for all the wrong reasons > Doing no good at all.

[JBJF]

Doing some good for all the wrong reasons > Doing no good at all.

 

true. just a personal thing for me. I give money and I don't claim because I feel it is inappropriate. Church always gives me a statement of what i've given so i can but I just don't agree with it so I don't.

[mmafan73]

http://www.bloomberg.com/news/2012-10-29/romney-avoids-taxes-via-loophole-cutting-mormon-donations.html

 

Bloomberg News confirmed through using a Freedom of Information Act request that Mitt Romney set up a charitable remainder unitrust (CRUT) in June 1996 just before Congress cracked down on the loophole in 1997. While Republicans have extolled Romney for his charitable donations' date=' most of them are contributions to the Mormon Church, and according to this, the church will likely receive even less than the primary donation, while he is benefiting.

 

 

 

While Romney’s tax avoidance is legal, it’s still questionable since [b']he has refused to release his tax returns[/b].

 

http://www.mittromney.com/disclosure

 

just based on this link your thread title and the article you posted are lies...

[Kevbo_Jones]

http://www.mittromney.com/disclosure

 

just based on this link your thread title and the article you posted are lies...

 

I wasn't aware that a tax return from 2011, 2010, and 2007 covered his financial disclosures since 1996. Also, you do realize this came from a Federal Information Act investigation right? Meaning spin of 3 years over the last 15 years from his campaign site is irrelevant. You're complete clownshoes. This will be the last time I respond to you on the topic because you're clearly clueless. So don't waste your time getting angry, cursing at me, or calling me stupid like a child throwing a tempur tantrum. It won't serve to lend you anymore credibility.

[EdGOAT]

true. just a personal thing for me. I give money and I don't claim because I feel it is inappropriate. Church always gives me a statement of what i've given so i can but I just don't agree with it so I don't.

 

I've donated money and things to Goodwill and will never try to get a deduction. I've also done a ton of community service that I'll never write on a r?sum?. But at least he's doing some good. Who cares how it's done as long as it's done.

[mmafan73]

I wasn't aware that a tax return from 2011' date=' 2010, and 2007 covered his financial disclosures since 1996. Also, you do realize this came from a Federal Information Act investigation right? Meaning spin of 3 years over the last 15 years from his campaign site is irrelevant. You're complete clownshoes. This will be the last time I respond to you on the topic because you're clearly clueless. So don't waste your time getting angry, cursing at me, or calling me stupid like a child throwing a tempur tantrum. It won't serve to lend you anymore credibility.[/quote']

 

read your thread title and the title of the article " he ddnt pay taxes for 15 years" heres 3 years within those 15 years, rendering that article and your thread title false.../shrug;)

[skullbone]

This isn't true at all. Plus, Mit Romney has paid more in dollar amount in taxes than anyone accusing him of wrongdoing, gave away his inheritence, and continues to give more of his money both as a percentage and dollar amount to charity than Kevbo, Obama, or any other fake political hack out there making up this garbage. He actually paid MORE in taxes than required just to be careful. Obama'a pick for treasury sec, Tim Geithner, however did not pay his taxes correctly. Ironic considering his position. If compassion is your deciding factor then perhaps one should look a little deeper. Obama won't even help his own flesh and blood.

[MaximumBob]

Typical Democrat stratedgy.

 

Throw enough of the brown stuff and hopefully some'll stick,

 

 

Romney, meanwhile, just keeps on smellin of roses..lmao.

[jduk]

Typical Democrat stratedgy.

 

Throw enough of the brown stuff and hopefully some'll stick' date=' [/quote']

 

the republicans are definitely above this kind of strategy, I agree