Sun Nov 04, 2012 at 10:09 AM PST
Breaking: Romney Paid Zero Taxes From 1996 To 2009
Harry Reid was right. Bloomberg finally cracked the story...
Using a tax shelter called a CRUT
remainder unitrust) that was held by the Church of Latter Day Saints
(Mormons), Mitt Romney was able to pay zero taxes (legally) every
single year from 1996 to 2009. Why did he stop in 2009? Because he
would make public his 2010 tax return, that is why.
This tax loophole was killed by Congress
1997. However those including Romney that were already using it were
allowed to continue it. The way it works, is that Romney makes a
"charitable" contribution to the Church of Latter Day Saints and it goes
into a trust. Since the trust is held by the church, the money is tax
deferred. Any capital gains, are non taxed because of the charities
status. Like an annuity, the donor gets a charitable tax deduction and
an stream of cash payments. When Romney dies, the church accepts full
Bloomsberg's attorneys estimate as the
Romneys have received these payments, the money that will potentially be
left for charity has declined from at least $750,000 in 2001 to
$421,203 at the end of 2011.....
Romney has refused to answer any thing on this topic. His campaign puts out that it was all legal....
Legal perhaps. Ethical for the president
of the United States? Well, only if you want a crook running the
country.... Imagine! Legally stealing from your church!.