Romney Avoids Taxes via Loophole Cutting Mormon Donations (Bloomberg News)

[TroyD]

Looks like Unreleased tax returns obtained by Bloomberg show another Romney tax shelter:

October 29 2012

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.

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More:

http://www.bloomberg.com/news/2012-10-29/romney-avoids-taxes-via-loophole-cutting-mormon-donations.html

[clydefrand]

1. Giving to the Morman church is not a 'donation',

It is a REQUIREMENT to remain a member in good standing. Therefore, it SHOULD NOT BE CONSIDERED AS A TAX DEDUCTION!

[ProSense]

2. Connecting the dots on Mitt, despicable liar and fraud

Connecting the dots on Mitt, despicable liar and fraud
http://www.democraticunderground.com/10021657655

[VPStoltz]

3. And then LDS spends millions on the Prop. 8 to keep gays from marrying in Cal.

So, that's not a donation but a political contribution - and they ain't deductible.

[politicaljunkie41910]

4. Romney also has his own charitable organization which he uses to park assets while funneling

earning through it under the guise that they are charitable deductions taken on appreciated stock he picked up at pennies on the dollar but writes off as a charitable deduction at current market values. He has assets sitting in his personal charity appreciating with no corresponding requirement to actually donate any minimal amount, as the article you reference indicates.

This type of charity was outlawed by the IRS in 1997 but Mitt has been using it to legally evade taxes for years. This is just wrong and the IRS should put an end to it now. Otherwise, there is no even perceived since of fairness in the Tax Code when it allows the 1%ers to get away with this kind of crap, and Romney is the King of this type of crap.

[beac]

5. Cheats his country and cheats his church. What a guy! n/t

[bushisanidiot]

6. Ha! I knew he was using the mormon church as a way to avoid paying taxes!

and in return, the mormon church invests money in romney's bain companies.

[TwilightGardener]

7. Some people are voting for a known tax cheat.

USA!! USA!!