New Documents Reveal Romney Stole From Charity, Avoided Taxes

[one...two...tree 2,762]

For awhile now, people have talked about how Romney donates a sizable part of his earnings to charity. Talked up by the right-wing as a sign of nobility, that Romney is a good person for it, they use it as a measuring stick against Obama.

Bloomberg is now reporting that due to a grandfathered in charitable trust, the Romney family is able to effectively launder millions of dollars through what is listed on their tax returns as "charitable donations." This form of tax deduction loophole was closed some years ago, but this trust is allowed to operate due to a loophole which makes trusts put in place before the new law was put in to place exempt.

The idea behind this trust was to be able to put money in to it which would be granted to a charity upon the death of the trust holder. A noble thought. But in 2007 alone Romney withdrew over $40,000 from the fund, tax-free, while only earning $48. In effect, he is renting the tax deferred status of a charity, in this case the fund's beneficiary, the Mormon Church.

The fund was set up in 1996, just 13 months before Congress cracked down on the scam. That Romney continues to use it to this day thanks to a loophole speaks volumes of how charitable he truly is. He set the trust up in order to avoid a potential 40% tax on his yearly earnings of just over $1 million from stock options he held. By setting up the trust, known as a charitable remainder unitrust, or "CRUT," he could transfer the stock to that trust, which then can sell it, tax-free. The trust would then be free to invest the profits of the sale and earn money off of those profits.

http://www.addicting...-avoided-taxes/

Edited October 30, 2012 by Commie Appeaser

[SMOKE 1,426]

damn he's smart.

[bsd058 296]

For awhile now, people have talked about how Romney donates a sizable part of his earnings to charity. Talked up by the right-wing as a sign of nobility, that Romney is a good person for it, they use it as a measuring stick against Obama.

Bloomberg is now reporting that due to a grandfathered in charitable trust, the Romney family is able to effectively launder millions of dollars through what is listed on their tax returns as "charitable donations." This form of tax deduction loophole was closed some years ago, but this trust is allowed to operate due to a loophole which makes trusts put in place before the new law was put in to place exempt.

The idea behind this trust was to be able to put money in to it which would be granted to a charity upon the death of the trust holder. A noble thought. But in 2007 alone Romney withdrew over $40,000 from the fund, tax-free, while only earning $48. In effect, he is renting the tax deferred status of a charity, in this case the fund's beneficiary, the Mormon Church.

The fund was set up in 1996, just 13 months before Congress cracked down on the scam. That Romney continues to use it to this day thanks to a loophole speaks volumes of how charitable he truly is. He set the trust up in order to avoid a potential 40% tax on his yearly earnings of just over $1 million from stock options he held. By setting up the trust, known as a charitable remainder unitrust, or "CRUT," he could transfer the stock to that trust, which then can sell it, tax-free. The trust would then be free to invest the profits of the sale and earn money off of those profits.

http://www.addicting...-avoided-taxes/

Wait...you mean to tell me he's doing NOTHING ILLEGAL and he's getting away with it?!?

[Obama 2012 1,714]

http://www.addictinginfo.org/2012/10/30/new-documents-reveal-romney-stole-from-charity-avoided-taxes/

[Karee 4,191]

That really did it for me. I'm definitely voting Romney!

[SMOKE 1,426]

Wait...you mean to tell me he's doing NOTHING ILLEGAL and he's getting away with it?!?

that sob brought donations to the red cross too. the nerve of this guy.

Edited October 30, 2012 by SMOKE

[The Nature Boy 4,224]

For awhile now, people have talked about how Romney donates a sizable part of his earnings to charity. Talked up by the right-wing as a sign of nobility, that Romney is a good person for it, they use it as a measuring stick against Obama.

Bloomberg is now reporting that due to a grandfathered in charitable trust, the Romney family is able to effectively launder millions of dollars through what is listed on their tax returns as "charitable donations." This form of tax deduction loophole was closed some years ago, but this trust is allowed to operate due to a loophole which makes trusts put in place before the new law was put in to place exempt.

The idea behind this trust was to be able to put money in to it which would be granted to a charity upon the death of the trust holder. A noble thought. But in 2007 alone Romney withdrew over $40,000 from the fund, tax-free, while only earning $48. In effect, he is renting the tax deferred status of a charity, in this case the fund's beneficiary, the Mormon Church.

The fund was set up in 1996, just 13 months before Congress cracked down on the scam. That Romney continues to use it to this day thanks to a loophole speaks volumes of how charitable he truly is. He set the trust up in order to avoid a potential 40% tax on his yearly earnings of just over $1 million from stock options he held. By setting up the trust, known as a charitable remainder unitrust, or "CRUT," he could transfer the stock to that trust, which then can sell it, tax-free. The trust would then be free to invest the profits of the sale and earn money off of those profits.

http://www.addicting...-avoided-taxes/

Out of the countless millions he donated to charity he legaly withdrew 40K.. AWWW I am telling YAWN... Wanna talk about Benghazi or the National debt

[Gary and Alla 3,694]

This is why we need a TRUE flat tax or FAIR TAX. Don't you agree? For every "tax increase on the rich" the lobbyists for the rich get plenty of exemptions and credits worked in so they never really pay it.

Steven, the problem is NOT that Mitt Romney took advantage of tax dodges (legally or illegally) they ALL do (Tim Geitner ring a bell?) The PROBLEM is a convoluted, manipulated tax code. We need to burn it and start over with a tax code that funds the government and is not used by politicians.

[elmcitymaven 9,712]

There is a Venn diagram of that which is legal and that which is moral. There is overlap to be sure, but there is much in the law which can be legal whilst also being immoral.

[one...two...tree 2,762]

http://www.addictinginfo.org/2012/10/30/new-documents-reveal-romney-stole-from-charity-avoided-taxes/

The link to voting booklet is right there for you to read over and verify. All the statements in the article have hypertext links to the original sources. Feel free to dispute those facts.

[SMOKE 1,426]

There is a Venn diagram of that which is legal and that which is moral. There is overlap to be sure, but there is much in the law which can be legal whilst also being immoral.

who set the moral compass for the diagram?

[Gary and Alla 3,694]

There is a Venn diagram of that which is legal and that which is moral. There is overlap to be sure, but there is much in the law which can be legal whilst also being immoral.

Not if you are post conventional in moral development and respect only universal values.

We need a tax system that cannot be manipulated and gamed by politicians. The country deserves a steady income source

[SMOKE 1,426]

The link to voting booklet is right there for you to read over and verify. All the statements in the article have hypertext links to the original sources. Feel free to dispute those facts.

i gotta fact for you. all these romney threads are causing VJ to become one big romney google ad.

[I AM NOT THAT GUY 5,715]

There is a Venn diagram of that which is legal and that which is moral. There is overlap to be sure, but there is much in the law which can be legal whilst also being immoral.

Legal is definitive. What is moral is arbitrary. For instance, I may think it is moral to have people get off their lazy butts and get a job, instead of paying them to sit on the couch eating Tyson's Fried Chicken all day.

[Ban Hammer 13,567]

damn he's smart.

sounds like a good reason to vote for him to me, he's smart with money!