Breaking: Romney Paid Zero Taxes From 1996 To 2009

[NJMaverick]

Quote: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..

Bloomsberg's attorneys estimate as the Romneys have received these payments, the money that will potentially be left for charity has declined from at least $750,000 in 2001 to $421,203 at the end of 2011.....

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...96-To-2009

[jaxx]

Willard the shyster. Harry Reid was right, and now it's out there for everyone to see.

[jaxx]

[jaxx]

Romney Avoids $100 Million in Dividend Taxes via Foreign Route

On Nov. 5, 2012, De Volkrant ran an article about how Mitt Romney avoided $100 million in dividend taxes through a private equity fund in The Netherlands. Here is the Volkskrant story. A longer version of the story originally appeared at Follow the Money. Below is a translation (posted with permission of Follow the Money). Thanks to John Sinteur, blogger at The Daily Irrelevant (and author of the iPhone app above), for the translation.

The offshore fiscal routes Mitt Romney uses also go through The Netherlands. The private equity fund Bain Capital, in which the presidential candidate participates, uses the Dutch route to evade about 80 million euro ($102 million) of taxes on dividends.

<..> Romney receives part of the large returns by the Bain Capital Fund VIII in the form of shares. On March 10, 2011, Romney donated 19,799 shares of Warner Chilcott (valued at about $450,000) to his son's non-profit, the Tyler Foundation. By doing this Romney did not have to pay taxes in the USA. Gifts in the form of shares to dedicated non-profit organisations are exempt from capital gains taxes. The gift is also a deductible on his own tax returns.

<..> The Netherlands so far was not on that list, but it now appears it should have been listed. The Netherlands as a tax evasion route were mentioned earlier in the news about the US coffee company Starbucks, causing much consternation in the U.K.

http://www.electoral-vote.com/evp2012/In...taxes.html

Is this another one for Willard? It's hard for me to keep up with where/how/who he screws the US with.

[Brewman_Jax]

Yes, Willard, we know it's legal, but that doesn't make it right.

I guess we all why he wouldn't release any more tax returns--because there aren't any to release. And the rabid racist RW and the teabaggers will vote for him anyway.

[Velleity]

Wait a minute. I do some estate planning. Please don't disrespect the charitable remainder trust.

Every single charity that I have worked with blows its budget. It isn't that they're not fiscally responsible. It's that there's always more that needs to be done. They always blow their budgets.

These things are called planned giving, and it ranges from outright gifts upon one's death to these trusts. And without these unplanned gifts a lot of these charities would be out of business.

I hate to rain on the anti-Rmoney parade but if he's really giving his money to charities that's really a good thing, even if he ends up not paying taxes.