knapplc Posted October 30, 2012 Share Posted October 30, 2012 Romney Avoids Taxes via Loophole Cutting Mormon Donations In 1997, Congress cracked down on a popular tax shelter that allowed rich people to take advantage of the exempt status of charities without actually giving away much money. Individuals who had already set up these vehicles were allowed to keep them. That included Mitt Romney, then the chief executive officer of Bain Capital, who had just established such an arrangement in June 1996. The charitable remainder unitrust, as it is known, is one of several strategies Romney has adopted over his career to reduce his tax bill. While Romney’s tax avoidance is legal and common among high-net-worth individuals, it has become an issue in the campaign. President Barack Obama attacked him in their second debate for paying “lower tax rates than somebody who makes a lot less.” 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. At the same time he is benefitting, the trust will probably leave the church with less than what current law requires, according to tax returns obtained by Bloomberg this month through a Freedom of Information Act request. Something the mainstream media seems not to want to report on, but thankfully not everyone is willing to let Mitt continue to scam the American people. Link to comment
Ziggy Posted October 30, 2012 Share Posted October 30, 2012 Right, so how much does Mitt give to the Mormon church? And last I heard he actually could have written more off his taxes than he did. Link to comment
zoogs Posted October 30, 2012 Share Posted October 30, 2012 If it's what the law allows, in his position, I'd probably do the same. Link to comment
JJ Husker Posted October 30, 2012 Share Posted October 30, 2012 How is he "scamming" the American people knapp? Show me one person who chooses to not use fully legal tax reducing measures and I'll show you one dumb sumbich. I use every possible deduction I can. Why should we expect anything other than that from anyone? If you've got a problem with the tax code, (I do) fine, but why should any person voluntarily pay higher taxes than what is legally required? Link to comment
knapplc Posted October 30, 2012 Author Share Posted October 30, 2012 I would say using more American resources than you're putting in to the tax system is a scam. Isn't that what the welfare people do, that the Republicans are so up in arms about? 1 Link to comment
JJ Husker Posted October 30, 2012 Share Posted October 30, 2012 I would say using more American resources than you're putting in to the tax system is a scam. Isn't that what the welfare people do, that the Republicans are so up in arms about? Ok. What is the dollar amount of "resources" he is using compared to what he is putting in? Remember, if we start down this road, what's fair for the goose is fair for the gander. Next thing ya know you'll prove that 47% of the people are using more than they put in. That doesn't strike me as an argument you would like to help make. Link to comment
knapplc Posted October 30, 2012 Author Share Posted October 30, 2012 Who is the goose, and who is the gander? Romney is making a campaign based on denouncing exactly what he's doing. Link to comment
Ziggy Posted October 30, 2012 Share Posted October 30, 2012 Evade and attack, evade and attack. Link to comment
knapplc Posted October 30, 2012 Author Share Posted October 30, 2012 Evade and attack, evade and attack. "I'm Mitt Romney, and I approve of this message." Link to comment
Ziggy Posted October 30, 2012 Share Posted October 30, 2012 Evade and attack, evade and attack. "I'm Mitt Romney, and I approve of this message." "I'm Barack Obama, and I approve this message." Link to comment
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