An earth shattering report finds that Mitt Romney used the Mormon Church
as a pawn in a scheme to potentially save millions of dollars in tax payments owed the U.S. government.
A Freedom of Information Act
request yielded some of the most telling information about Mitt Romney's business holdings yet.
A report by Bloomberg.com
found that Mitt Romney set up a "unitrust
" in 1996 which allowed him to defer paying his own taxes for at least 15 years.
The unitrust was constructed to grant individuals the ability to defer capital gains taxes on any profit they earn from the sale of assets through charitable means. Essentially this allowed an individual to be able to receive yearly cash payments for the profit from their gains, while paying zero in taxes on said profit.
The report indicates that the fund Romney used as a front formerly contained $750,000 in 2001, but as of 2011 only contains $421,203. As Mitt Romney is worth well over the estimated $250 million, this single trust represents only a fraction of the known financial manipulations that are used in his daily financial affairs.
When asked for a comment the Romney campaign did not deny the holdings and instead opted to say the trust was "operated in accordance with the law."