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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsBreaking: Romney Paid Zero Taxes From 1996 To 2009
Sun Nov 04, 2012 at 10:09 AM PST
Breaking: Romney Paid Zero Taxes From 1996 To 2009
by kavips
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..
Romney has refused to answer any thing on this topic. His campaign puts out that it was all legal....
http://www.dailykos.com/story/2012/11/04/1155381/-Breaking-Romney-Paid-Zero-Taxes-From-1996-To-2009
blueknight
(2,831 posts)the fucking story breaks the sunday before election day!
undeterred
(34,658 posts)No taxes. No service to his country.
DOG ON ROOF.
rbrnmw
(7,160 posts)and W is as low as I thought they'd go
WillyT
(72,631 posts)siligut
(12,272 posts)Definitely worth an investigation.
calimary
(81,304 posts)Should be Said, Read, and SPREAD!
Saving Hawaii
(441 posts)Bloomberg story does not indicate that Romney payed zero taxes from 96 to 09. It does show that he used sleazy tax dodging schemes to pay less in taxes. But no evidence here that he paid zero.
Romney is a dodger. Draft dodger. Tax dodger. Fact dodger.
Saving Hawaii
(441 posts)And that headline is absolutely wrong.
Squinch
(50,955 posts)SomethingFishy
(4,876 posts)Romney paid ZERO taxes and the campaign is not denying it. They are saying it was all "legal".
If the article was wrong don't you think the campaign would deny it?
muriel_volestrangler
(101,321 posts)We're just websites with anonymous amateurs on. And other Kossacks have already pointed out it's wrong, in the diary.
Ms. Toad
(34,074 posts)I skimmed the article to see if there was anything new (that would support the headline) and found nothing more than you have summarized.
We are appropriately hammering Romney and Ryan for their lies - we should not be engaging in the same tactics.
chowder66
(9,073 posts)Not the overseas investments, IRA, etc. There's more to the story that's missing.
heppcatt
(212 posts)EDIT: Well if you look at the date of the article, it was 10/29/12, last Tuesday. So my title was correct, I didn't hear the newz talking about this story once last week, although admittedly, I don't really pay attention to the newz.
yardwork
(61,636 posts)Iggy
(1,418 posts)i.e. another example is GE, a multi billion dollar multi-national corporation-- paid ZERO taxes in 2010, I believe.
Congress created the multiple loopholes, off shoring, etc. which allow the blatant tax evasion by the one percent which in fact has been going on for decades. congress has to fix this problem.
brentspeak
(18,290 posts)A misleading diary header based on a Bloomberg story that doesn't say that Romney completely avoided paying taxes.
In short: the kind of garbage that discredits Democratic sites, which is why kossacks are calling it out:
http://www.dailykos.com/comments/1155381/48244027#c54
http://www.dailykos.com/comments/1155381/48243608#c9
http://www.dailykos.com/comments/1155381/48243930#c42
http://www.dailykos.com/comments/1155381/48245023#c218
senseandsensibility
(17,060 posts)this guy gets away with everything, and if he squeaks by with a "win" it will be because of a complicit media.
amuse bouche
(3,657 posts)Harry was right
mrsadm
(1,198 posts)Jackpine Radical
(45,274 posts)And what page in the Trolls Handbook gives the details on using that "Old News" line?
I'm no expert on these things, but offhand I'd have though "Commie Bloomberg is lying for Obama" would have been a better choice.
mrsadm
(1,198 posts)Jackpine Radical
(45,274 posts)5 days on a developing story doesn't meet my definition of "old news."
"Old news" means "We're past all that. Get over it."
By "before" I meant, like maybe 6 months ago, something that had been through the story mill & discarded. This is still a live story, especially in conjunction with the new Dutch revelations.
limpyhobbler
(8,244 posts)inamatteroftime
(135 posts)trueblue2007
(17,224 posts)TrogL
(32,822 posts)The Trust is legit. I don't see how this is stealing from the church.
Drahthaardogs
(6,843 posts)Like I said below, if you do not care enough about a country or its people to try to pay your taxes (when you obviously do not need the money) why do you want to lead it?
sevenseas
(114 posts)then why doesn't romney show us his taxes? He is hiding SOMETHING, and this may be just one of many things.
Drahthaardogs
(6,843 posts)IF this is true, it shows you what a pile of dog shit he really is. He is embarrassed enough by it to NOT want it out in the media, but not enough to NOT take the stupid tax break. Herein lies the shit that is the GOP. Do as I say not as I do, that shall be the law of the land. Fuck your neighbor, cheat on your taxes, lie, steal, and obfuscate the facts.
Why would an asshole like this even WANT to run the country? He obviously has not love for it or for its people. He is a pile of shit to avoid paying taxes on his huge fortune but thinks he can be an effective leader. Fucker.
Rosa Luxemburg
(28,627 posts)Drahthaardogs
(6,843 posts)Assuming this vile creature DID get elected, is he so conceited that he believes the truth will not come out? It will, then what happens and who gets hurt? WE THE PEOPLE would get hurt. I am so sick of this bastards putting themselves before their countrymen. Is Utilitarianism dead?
spanone
(135,844 posts)proud2BlibKansan
(96,793 posts)HopeHoops
(47,675 posts)Bainbridge Bear
(155 posts)about Willard the Rat the more loathsome he becomes. An elitist and ruthless corporate whore, a pathological liar and a greedy son of a bitch at the same time. Leave it to the Rethugs to nominate such a detestable scumbag for President. He and Paulie Boy are going down on Tuesday!
spanone
(135,844 posts)Si MC
(55 posts)He would be toast now.
Why was this not available two months ago? Let me guess!
Mc Mike
(9,114 posts)just to see what a great business man and job creator he is. The financial records really would help boster his resume claims.