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DU Home » Latest Threads » Forums & Groups » Main » General Discussion (Forum) » Bloomberg News: Romney ‘r... » Reply #94

Response to Igel (Reply #69)

Mon Oct 29, 2012, 09:30 PM

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? We’ll 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 he’s 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 don’t 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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