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Harry Reid Was Right: Mitt Romney Paid No Taxes for 15 Years
11-03-2012, 03:38 PM
Post: #1
Harry Reid Was Right: Mitt Romney Paid No Taxes for 15 Years
http://politics.gather.com/viewArticle.a...4981730200

Bloomberg broke the story late Sunday night, with a story published around 11pm Central Time which gives an in-depth explanation of Romney's legal tax evasion since 1996. His tax avoidance was completely legal, although most hardworking Americans might question its ethical qualities. As President Obama said in the second debate, the GOP candidate paid less money in taxes than people earning less than $30,000 per year. How can that happen? Well, up until 1997, if you were rich, you could "rent" non-profit status from your favorite charity.

Huh? How can an individual rent tax-exempt status from a charity? It's pretty intricate, but the way it worked was, in Mitt's case, he used the Mormon church as a tax shelter by setting up a Charitable Remainder Unitrust (CRUT), that paid him a specific amount of money per year from dividends while also donating the smallest amount possible to the church.

Estate and trust attorney Jonathan Blattmachr told Bloomberg that he had set up many of these for clients prior to the 1997 law banning them: "I used to structure them so the value dedicated to charity was as close to zero as possible without being zero."

Romney got lucky in that he and other wealthy individuals who took advantage of this loophole were grandfathered in so he was permitted to keep his "charitable" status

“Any fool can criticize, condemn and complain and most fools do.”

Benjamin Franklin
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11-03-2012, 03:45 PM
Post: #2
RE: Harry Reid Was Right: Mitt Romney Paid No Taxes for 15 Years
This sounds right to me, but I still want to see the "smoking gun" of Romney's tax returns. He really is a piece of work, isn't he?
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11-03-2012, 06:33 PM
Post: #3
RE: Harry Reid Was Right: Mitt Romney Paid No Taxes for 15 Years
Willard should have to answer for his dirty deeds. I wish.

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