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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsHeads up! Lawrence O'Donnell has a story on Romney's tax returns next
And it sounds as if they've found something especially interesting.
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Heads up! Lawrence O'Donnell has a story on Romney's tax returns next (Original Post)
highplainsdem
Feb 2012
OP
The trust fund for the children was created without ANY of that being taxed.
highplainsdem
Feb 2012
#5
tabatha
(18,795 posts)1. I am so darn glad that the MSNBC team is there to get our backs with research.
Al Sharpton, Ed Schultz, Rachel Maddow, Lawrence O'Donnell and sometimes Chris Matthews.
elleng
(131,100 posts)2. They do a good job.
Their info should be spread around.
highplainsdem
(49,034 posts)3. David Cay Johnston is the guest expert.
highplainsdem
(49,034 posts)4. Talking about what Romney has given his children.
highplainsdem
(49,034 posts)5. The trust fund for the children was created without ANY of that being taxed.
highplainsdem
(49,034 posts)6. Using carried interest and so on, to get around inheritance tax.
highplainsdem
(49,034 posts)7. And around the gift tax.
sufrommich
(22,871 posts)8. God, that whole segment made me sick. Romney is scum.
I'd love to see a breakdown of how much money the Romneys have cost U.S. taxpayers by using tax loopholes that favor the filthy rich.
highplainsdem
(49,034 posts)9. More of what Johnston has said on this. Links:
And by the way, the first one here may or may not be the one Lawrence said they'll put on their blog later. This is just what I found checking Google News:
http://in.reuters.com/article/2012/01/31/column-dcjohnston-romney-returns-idINDEE80U0H320120131
Romney's many happy returns? Blame Congress
Tue Jan 31, 2012 9:25pm IST
(The author is a Reuters columnist. The opinions expressed are his own)
By David Cay Johnston
REUTERS - When the Romney campaign disclosed in December that the couple's five sons had a $100 million trust fund, I suspected that, in setting up the fund, the Romneys used a tax strategy that allows some very rich people to avoid paying gift taxes. But it was impossible to know if this was the case without seeing their tax returns going back years.
So when Mitt Romney released the family's 2010 tax return last week, I went looking. I found a hint on pages 132 and 134 of the return. It showed that the value of property placed that year into another family trust, the Ann D. Romney Blind Trust, was, for tax purposes, zero. The Ann Romney trust is not the same trust as the one that holds the Romney sons' $100 million, but I wondered if the Romneys used the same approach in prior years when it came to valuing property placed into the sons' trust.
Reuters emailed the Romney campaign spokeswoman to ask how much the Romneys paid in gift taxes on assets put into the sons' trust over the last 17 years. The spokeswoman, citing Brad Malt, the Romney family tax lawyer, answered: none.
-snip-
From CNN, 1/24:
http://cnnpressroom.blogs.cnn.com/2012/01/24/reuters-tax-columnist-romney-didnt-pay-a-gift-tax-on-100m/
Mother Jones, on that CNN story:
http://motherjones.com/kevin-drum/2012/01/mitt-romneys-kids-pay-even-lower-tax-rate-he-does
Democrats_win
(6,539 posts)10. Tax dodgers!
tabatha
(18,795 posts)11. He did an awesome job on American Airlines as well.