Romney 'rented' church's tax exemption to dodge paying taxes for 15 years

[L.A. BRONCOS FAN]

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."

[Rohirrim]

He's one slick puppy. He also has $100 million tied up in a trust fund in his son's names and who knows how many millions in a blind trust in his wife's name spread around about six countries.

If he was the Democratic candidate, Fox News would be going 24/7 about his lack of patriotism.

[L.A. BRONCOS FAN]

Originally Posted by Rohirrim

He's one slick puppy. He also has $100 million tied up in a trust fund in his son's names and who knows how many millions in a blind trust in his wife's name spread around about six countries.

If he was the Democratic candidate, Fox News would be going 24/7 about his lack of patriotism.

And you'd never hear the end of "where are those tax returns?"

[Vegas_Bronco]

Why hasnt obama changed the loopholes? Because he enjoys the same benefits...with less000s. You r pretence that this is unique to mitt is ignorant.

[L.A. BRONCOS FAN]

Originally Posted by Vegas_Bronco

Why hasnt obama changed the loopholes? Because he enjoys the same benefits...with less000s. You r pretence(sic) that this is unique to mitt is ignorant.

Really?

You have evidence that Obama used a church's tax exemption to avoid taxes?

Or are you just pulling this out of your ass like most of your claims?

[Rohirrim]

Originally Posted by Vegas_Bronco

Why hasnt obama changed the loopholes? Because he enjoys the same benefits...with less000s. You r pretence that this is unique to mitt is ignorant.

Let's put it this way, we know that the Cayman Islands banks are used by some nefarious individuals, including drug dealers, to launder profits. Do you feel comfortable with the idea of a president hiding his assets there as well? Especially when the reason for doing so is to obviously hide those funds from taxation? Like Newt Gingrich said, "Romney would be the first president in our history with a Swiss bank account."

Besides, the president doesn't have the power to "change the loopholes", despite what Romney keeps saying. He's got to go through Congress. And the people who own Congress will have something to say about that.

[Irish Stout]

Originally Posted by Vegas_Bronco

Why hasnt obama changed the loopholes? Because he enjoys the same benefits...with less000s. You r pretence that this is unique to mitt is ignorant.

1 - This specific loophole got closed in 1997.

2 - Obama wasn't worth what he currently is in 1997, and probably had no where near the amount of money that would enable him to do this in a cost effective way and be able to retain any of his income.

3 - I don't know how much we should care that Romney is doing this... he is gaming the system, but it is the system. I do think its important for everyone to know how the system can be manipulated or to change the system so that it can't. Thats the problem a lot of us lefties have, we just want an equal playing field where someone like Mitt is going to have the exact same tax consequences as someone like me. I don't really care if my taxes go down or up, as long as its in correlation to everyone else in the country and the information is easily accessible by all to understand what the tax standards/code is.

[Rohirrim]

Originally Posted by Irish Stout

1 - This specific loophole got closed in 1997.

2 - Obama wasn't worth what he currently is in 1997, and probably had no where near the amount of money that would enable him to do this in a cost effective way and be able to retain any of his income.

3 - I don't know how much we should care that Romney is doing this... he is gaming the system, but it is the system. I do think its important for everyone to know how the system can be manipulated or to change the system so that it can't. Thats the problem a lot of us lefties have, we just want an equal playing field where someone like Mitt is going to have the exact same tax consequences as someone like me. I don't really care if my taxes go down or up, as long as its in correlation to everyone else in the country and the information is easily accessible by all to understand what the tax standards/code is.

I think it exhibits an appalling lack of leadership, or even the basic sensibilities of a leader.

[razorwire77]

Regardless of how the election turns out, Mitty and Co. have set a dubious precedent. Basically, you can now run for president with minimal financial disclosure. Future candidates will undoubtedly "clean up" their investments and tax forms a year prior to running for POTUS. When they run, they'll only release the single year.

Yay, transparency.

[Vegas_Bronco]

Originally Posted by Rohirrim

I think it exhibits an appalling lack of leadership, or even the basic sensibilities of a leader.

Meh...thats a stretch.

[Rohirrim]

Originally Posted by Vegas_Bronco

Meh...thats a stretch.

Not really. Caesar slept on the dirt with his soldiers and ate what they ate. TR bunked with his fellow soldiers in the Rough Riders and endured all the hardships of the campaign with them (actually more, because he wanted to set the example). For Romney, I think it would have exhibited much more leadership to, like his father, release 12 years of tax returns and repatriate his overseas funds, and thereby set an example, hopefully that the other one percenters might see and follow. E pluribus unum. The leader of the country should set that example.

[L.A. BRONCOS FAN]

Originally Posted by Rohirrim

Not really. Caesar slept on the dirt with his soldiers and ate what they ate. TR bunked with his fellow soldiers in the Rough Riders and endured all the hardships of the campaign with them (actually more, because he wanted to set the example). For Romney, I think it would have exhibited much more leadership to, like his father, release 12 years of tax returns and repatriate his overseas funds, and thereby set an example, hopefully that the other one percenters might see and follow. E pluribus unum. The leader of the country should set that example.

Yep.

Unfortunately, however, such codes of conduct exist solely for the little people if you're a republican nowadays.

[Vegas_Bronco]

Originally Posted by L.A. BRONCOS FAN

Yep.

Unfortunately, however, such codes of conduct exist solely for the little people if you're a republican nowadays.

Yep and Obama sleeps over at George Clooney's house...

[Vegas_Bronco]

Originally Posted by Rohirrim

Not really. Caesar slept on the dirt with his soldiers and ate what they ate. TR bunked with his fellow soldiers in the Rough Riders and endured all the hardships of the campaign with them (actually more, because he wanted to set the example). For Romney, I think it would have exhibited much more leadership to, like his father, release 12 years of tax returns and repatriate his overseas funds, and thereby set an example, hopefully that the other one percenters might see and follow. E pluribus unum. The leader of the country should set that example.

Wow...Roh now you hold all politicians by the balls...good work, but how does that apply to our current culture? Have you tested this same scientific method on the left?

[L.A. BRONCOS FAN]

Originally Posted by Vegas_Bronco

Yep and Obama sleeps over at George Clooney's house...

Another deflection masquerading as a rebuttal.

Straight from the ditto monkey playbook.