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Author: Subject: Why Romney won't release his tax returns
Redwolf5150
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[*] Post 466164 posted on 31-10-2012 at 01:07 Reply With Quote
Why Romney won't release his tax returns



And you won't believe WHY!
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Redwolf5150
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[*] Post 466175 posted on 31-10-2012 at 15:18 Reply With Quote


Apparently the web into Manhattan is still wonky.

The gist is, Mitt "rented" the tax exempt status of the Mormon church, and in doing so, pays NO capital gains taxes whatsoever for FIFTEEN YEARS!

When asked about it, the Romney campaign said "it's all legal" even though the IRS did away with this several years ago.

As a consequence of what he's doing, Mitt is ALSO draining funds from his own church!

So, Sen. Harry Reid was right. Romney is paying NO taxes!

HOPEFULLY I can find another link that works.
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Redwolf5150
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[*] Post 466180 posted on 31-10-2012 at 17:12 Reply With Quote


Salon has now picked up the story.

Expect more "mainstream" outlets to start covering this as the Romney Campaign implodes under the weight of its many, MANY lies.

Quote:
The trust essentially lets someone “rent” the charity’s tax-exemption while not actually giving the charity much money. If done for this purpose, the trust pays out more every year to the donor than it makes in returns on its holdings, depleting the principal over time, so that when the donor dies and the trust is transferred to the charity, there’s often little left. The actual contribution “is just a throwaway,” Jonathan Blattmachr, a lawyer who set up hundreds of CRUTs in the 1990s, told Bloomberg. “I used to structure them so the value dedicated to charity was as close to zero as possible without being zero.”

Indeed, this appears to be the case for Romney’s trust as well. Bloomberg obtained the trust’s tax returns through a Freedom of Information Request and found that Romney’s CRUT started at $750,000 in 2001 but ended 2011 with only $421,203 — over a period when the stock market grew. Romney’s trust was projected to leave less than 8 percent of the original contribution to the church (or another charity that he can designate). This, along with the trust’s poor returns — it made just $48 in 2011 — suggest the trust is not designed to grow for the LDS church but just serve as a tax-free holding pool from which annual payments can be disbursed to the Romneys.
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