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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsSo using a Tax shelter, Romney paid zero taxes from 1996 to 2009...
Harry Reid was right..
http://www.bloomberg.com/news/2012-10-29/romney-avoids-taxes-via-loophole-cutting-mormon-donations.html
Using a tax shelter called a CRUT (charitable remainder unitrust) that was held by the Church of Latter Day Saints (Mormons), Mitt Romney was able to pay zero taxes (legally) every single year from 1996 to 2009. Why did he stop in 2009? Because he would make public his 2010 tax return, that is why.
This tax loophole was killed by Congress in 1997. However those including Romney that were already using it were allowed to continue it. The way it works, is that Romney makes a "charitable" contribution to the Church of Latter Day Saints and it goes into a trust. Since the trust is held by the church, the money is tax deferred. Any capital gains, are non taxed because of the charities status. Like an annuity, the donor gets a charitable tax deduction and an stream of cash payments. When Romney dies, the church accepts full ownership..
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So using a Tax shelter, Romney paid zero taxes from 1996 to 2009... (Original Post)
HipChick
Nov 2012
OP
Angry Dragon
(36,693 posts)1. Plus he has laudered drug money through his foreign accounts
HipChick
(25,485 posts)2. Link?
Angry Dragon
(36,693 posts)3. I am waiting for Willard to prove it wrong
Everyone knows that drug money is run through the Caymans
orangejuice
(17 posts)4. Daily Kos piece is wrong
Please see other thread here: http://www.democraticunderground.com/10021710291
leveymg
(36,418 posts)5. So RMoney is on the Mormon Church dole?
the donor gets a charitable tax deduction and an stream of cash payments.
That looks like tax-free welfare payments to me. Must run in the family - his father was on welfare, as well!
That makes Queen Ann a welfare queen!
malaise
(269,054 posts)6. This story has legs
Sadly Sandy intervened and yes Harry Reid was correct
hughee99
(16,113 posts)7. So Rmoney released his tax records,
or this is speculation as to how he might have avoided taxes altogether and why he won't release them?
Saving Hawaii
(441 posts)8. Speculation pretending to be fact.
Just speculation. Bloomberg put out a factual story about how Romney evaded taxes using a "charity".
Then somebody at Kos lied about it and claimed that Bloomberg had evidence that Romney paid zero taxes.
That's a lie. Not cool.
hughee99
(16,113 posts)9. This is what I thought, I just wanted to make sure I wasn't misreading something. n/t