Romney: Releasing tax returns would violate my religious privacy

[^_^ 5,021]

Mitt Romney says in a new interview that one of the reasons he’s distressed about disclosing his tax returns is that everyone sees how much money he and his wife, Ann, have donated to the LDS Church, and that’s a number he wants to keep private.

"Our church doesn’t publish how much people have given," Romney tells Parade magazine in an edition due out Sunday. "This is done entirely privately. One of the downsides of releasing one’s financial information is that this is now all public, but we had never intended our contributions to be known. It’s a very personal thing between ourselves and our commitment to our God and to our church."

http://www.sltrib.com/sltrib/politics/54744938-90/romney-says-church-tithing.html.csp

[I AM NOT THAT GUY 5,715]

Edited August 27, 2012 by The Patriot

[rocks 494]

It's a bit late for that. Link

Republican presidential candidate Mitt Romney donated $7 million to charity in the past two years, more than the $6.2 million the candidate and his wife paid in federal taxes in that period, documents the campaign released show.

Romney and his wife, Ann, who jointly file taxes, gave $1.5 million cash in 2010 and $2.6 million cash in 2011 to the Church of Jesus Christ of Latter-Day Saints, the tax documents show. A former Massachusetts governor whose campaign estimates his fortune at between $190 million and $250 million as co-founder of Boston private-equity firm Bain Capital LLC, Romney is a devout Mormon with deep family ties to the church.

The Romneys donated about 16.4 percent of their adjusted gross income of $42.5 million in the two-year period, according to their 2010 tax returns and an estimate for 2011 taxes. The 2010 return shows $3 million in charitable contributions, and the 2011 estimate shows $4 million.

At first glance, the dollar amount of the Romneys’ charitable giving is “shocking,” Russell James, director of a graduate program in charitable financial planning at Texas Tech University in Lubbock, said in a telephone interview today. “But it’s a different story when you compare it to total wealth. It’s not a shocking amount when you have a quarter- billion dollars in wealth.”

Gifts of Stock

In addition to their church donations, the Romneys had deductions for more than $2 million in donations that are listed as noncash charitable contributions. That includes tens of thousands of shares of stock in Domino’s Pizza Inc, Senasata Technologies, Dunkin Donuts and Warner Chilcott that went to his family’s Tyler Foundation, based in Boston. Romney’s Bain Capital acquired those companies, records show.

It isn’t unusual for high earners like the Romneys to funnel money into charitable foundations that they control, said Lloyd Mayer, an associate dean at the University of Notre Dame Law School.

“If you’re wealthy, you set up your own private foundation,” Mayer said. “You get a deduction now, but you don’t have to give it all away right away. You can do it in a much more leisurely way.”

‘Common Strategy’

From a tax perspective, it makes sense for the Romneys to use shares of stock to make charitable donations, Mayer said. If someone donates shares that have increased in value, they can deduct the contribution while avoiding the 15 percent capital gains tax they would have to pay otherwise.

“It’s a very common strategy,” Mayer said.

Former U.S. House Speaker Newt Gingrich, a Romney rival in the Republican race who made public his 2010 tax returns on Jan. 19, gave about 2.6 percent of his $3.1 million adjusted gross income to charity in that year. He paid an effective federal tax rate of 31.7 percent. Romney’s effective federal tax rate in 2010 was 13.9 percent.

[X Factor 1,112]

That is a cop out

[웃 910]

I'm sure Romney is praying very hard about this in his special undies. Him and his church believe their God lives on Planet Kolob.

It brings a new meaning to "alienating the base"

[james&olya 1,121]

It does make sense. After all, it does seem as if his money is his real religion! He wants to go to Washington to gut the social safety net and cut taxes on his own very high income bracket! I don't remember reading anywhere in the Bible where we are supposed to do that! Maybe it is in his other holy book, the book of mormon!

[Gary and Alla 3,694]

I would just say "It would violate MY privacy. #### you" He would get exactly as many votes on election day

This is nonsense. If the IRS thinks he has done something wrong, like Tim Geitner did for example, they know how to deal with it (put him in charge of the Treasury) Otherwise tax returns are private and not required to run for the office.

Proving one is a US born citizen IS required for the office.

[Gary and Alla 3,694]

It does make sense. After all, it does seem as if his money is his real religion! He wants to go to Washington to gut the social safety net and cut taxes on his own very high income bracket! I don't remember reading anywhere in the Bible where we are supposed to do that! Maybe it is in his other holy book, the book of mormon!

If that is how you feel, do not vote for him.

The issue of tax returns is stupid. People such as yourself will find something to complain about, but you already do that. Is there any possibility you would review his released tax returns and then vote for him? Where is the upside to releasing tax returns, especially beyond 3 years?

I would just say "Bite me."

Edited August 27, 2012 by Gary and Alla

[lostinblue 1,989]

If that is how you feel, do not vote for him.

The issue of tax returns is stupid. People such as yourself will find something to complain about, but you already do that. Is there any possibility you would review his released tax returns and then vote for him? Where is the upside to releasing tax returns, especially beyond 3 years?

I would just say "Bite me."

The kenyan has nothing to run on.This subject is the only thing die hard supporters can come up with.Tax returns = whole game plan. The bank is dry....printing money is the only answer for them. Lets look at the blacks. The kenyan supports gay marriage. Johnsons great society did what it was intended to do. As in the days of the plantation it has broken up the family structure even more than the slave days. You just traded the plantation for the projects and the prisons. Under our first black president blacks have the highest unemployment rate of all groups . The liberals have done nothing for them. Trot a black person out like a dog and pony show. "Obama money will pay for my house" I wonder how that woman feels today.

The economy will rule this election. Not tax returns,rape,birth control pills.... all made up problems by the liberal press. The kenyan kept the hope and spent the change.

Are you better off today than four years ago.If not who will improve thing more.

[Penny Lane 8,159]

The kenyan has nothing to run on.This subject is the only thing die hard supporters can come up with.Tax returns = whole game plan. The bank is dry....printing money is the only answer for them. Lets look at the blacks. The kenyan supports gay marriage. Johnsons great society did what it was intended to do. As in the days of the plantation it has broken up the family structure even more than the slave days. You just traded the plantation for the projects and the prisons. Under our first black president blacks have the highest unemployment rate of all groups . The liberals have done nothing for them. Trot a black person out like a dog and pony show. "Obama money will pay for my house" I wonder how that woman feels today.

The economy will rule this election. Not tax returns,rape,birth control pills.... all made up problems by the liberal press. The kenyan kept the hope and spent the change.

Are you better off today than four years ago.If not who will improve thing more.

I can't take anyone who says "the blacks" seriously.

Rape and birth control are made up problems?

[Mr. Big Dog 10,747]

I can't take anyone who says "the blacks" seriously.

Rape and birth control are made up problems?

I don't read past "the kenyan". Not worth it. These birther freaks don't have an ounce of intelligence. They are morons. Not that I want to offend morons.

[Penny Lane 8,159]

True, I should have taken it as a warning sign that what followed wouldn't make any sense.

[SMOKE 1,426]

Mitt Romney says in a new interview that one of the reasons he’s distressed about disclosing his tax returns is that everyone sees how much money he and his wife, Ann, have donated to the LDS Church, and that’s a number he wants to keep private.

"Our church doesn’t publish how much people have given," Romney tells Parade magazine in an edition due out Sunday. "This is done entirely privately. One of the downsides of releasing one’s financial information is that this is now all public, but we had never intended our contributions to be known. It’s a very personal thing between ourselves and our commitment to our God and to our church."

http://www.sltrib.com/sltrib/politics/54744938-90/romney-says-church-tithing.html.csp

well played mitt. well played.

the only thing that could piss the left off more than just saying no. it'd violate my religious privacy.

[I AM NOT THAT GUY 5,715]

[mawilson 2,133]