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In reply to the discussion: Bloomberg News: Romney ‘rented’ Mormon church’s exemption to defer taxes for 15 years [View all]mojowork_n
(2,354 posts)94. The bottom line is at the end of the article.
It's one more reason to suspect (as Harry Reid speculated), that on balance, over the last ten years,
Romney may have had ZERO tax liability. He's released incomplete returns for a very small part of
that decade. But using strategies likes this, it's a way to pay a nominal amount to the Mormon church,
and significantly reduce tax liability.
The article quotes Harry Reid:
For all we know Mitt Romney could be one of those who have paid no federal income tax. Thousands of families making more than a million dollars per year pay nothing in federal income tax, the Nevada Democrat observed. Is Mitt Romney among those? Well never know because he refuses to release his tax returns.
We know that Mitt Romney pays a lower tax rate than middle-class families, thanks to a number of things hes done: Swiss bank accounts, Cayman Islands tax shelters. And we can only imagine what new secrets would be revealed if he showed the American people a dozen years of tax returns like his dad did.
Reid noted that most of those people who Romney talked about are not avoiding their tax bills using Cayman Islands tax shelters or Swiss Bank accounts like Mitt Romney. Millions of the 47 percent are seniors on Social Security, who dont have Bain Capital retirement funds or inherited stock to fall back on.
Also, I'm not following when you say, "...you get no present-day tax write-off because you can't touch the cash."
That's not the point. Churches are not liable for capital gains taxes, so you do get that write-off. Your investment grows tax deferred, and it dribbles back to you in manageable chunks.
At least that's how I read the Bloomberg report.
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Bloomberg News: Romney ‘rented’ Mormon church’s exemption to defer taxes for 15 years [View all]
theglammistress
Oct 2012
OP
I've always thought of him as a grifter, it's not an often used word when describing him
nc4bo
Oct 2012
#14
I knew his refusal to release more tax returns had to do with the Mormon Church....
Sekhmets Daughter
Oct 2012
#4
Didn't he say he did not want to reveal how much he had donated to the Church?
merrily
Oct 2012
#118
I don't think we have a word in the English language that conveys the level of corruption
factsarenotfair
Oct 2012
#6
I've talked mad shit about Reid in the past. I take it all back. nt
Guy Whitey Corngood
Oct 2012
#71
Yeah, Reid knew this through his contacts in Mormon church, but probably wouldn't have released
northoftheborder
Oct 2012
#48
What a toad, and 1,000,000+ all of the great negative responses above.
northoftheborder
Oct 2012
#44
All churches should have to pay taxes. They have to much political power to be tax exempt .
OverBurn
Oct 2012
#49
When Churches do this type of dirty, it is just the right time to start taxing the same.
kathman-duzi
Oct 2012
#54
K&R any chance of this getting pinned for a while to stop it getting buried? n/t
Turborama
Oct 2012
#75
Waiting for the DU scolds to come and chastise all of us for being mean to Mitt for his Mormon faith
riderinthestorm
Oct 2012
#78
Well good for him. He found a way to legally cheat his country and the American people.
geckosfeet
Oct 2012
#81
Is the reason I am not hearing one word about this on the news is because of the storm? n/t
patricia92243
Oct 2012
#82
Yes, I agree. By then, someone should've prepared a good piece/story on this. AND,
liberalla
Oct 2012
#120
I know hurricane news will dominate today but this story is too important to drop. Am kick! nt
riderinthestorm
Oct 2012
#122
Wonder how LDS would feel if every member did this?? Will the church speak up?
Historic NY
Oct 2012
#139