Romney Avoids Taxes via Loophole Cutting Mormon Donations - New England Patriots Forums

Holy Diver · 10-30-2012, 12:14 PM

in the midst of the storm, Bloomberg is reporting this:

Romney Avoids Taxes via Loophole Cutting Mormon Donations - Bloomberg

Quote:

In this instance, Romney used the tax-exempt status of a charity -- the Mormon Church, according to a 2007 filing -- to defer taxes for more than 15 years. At the same time he is benefitting, the trust will probably leave the church with less than what current law requires, according to tax returns obtained by Bloomberg this month through a Freedom of Information Act request.

This sounds pretty complicated, But looks as if Romney is using the tax exempt status of his own church to generate a stream on income to his trust.

Its legal for those who were grandfathered in, but I don't think I'm alone in saying this is SUPER shady.

wistahpatsfan · 10-30-2012, 12:24 PM

Quote:

Originally Posted by Holy Diver

in the midst of the storm, Bloomberg is reporting this:

Romney Avoids Taxes via Loophole Cutting Mormon Donations - Bloomberg

This sounds pretty complicated, But looks as if Romney is using the tax exempt status of his own church to generate a stream on income to his trust.

Its legal for those who were grandfathered in, but I don't think I'm alone in saying this is SUPER shady.

Well, I think the problem is with YOU.

Ya see, there are some financial devices and tax advantages that are perfectly legal and available to use for every American...provided, of course, you have the army of accountants, financial planners and lawyers at your disposal. It would also be beneficial if you had an unknown millions of dollars to take advantage of these devices.

Maybe your problem is that you're just jealous because YOU don't have a billion dollars that allows you to use these "financial tools" like Willard. Don't blame him because you're idea of a tax deduction is your mortgage interest or some mini-human running around the living room drawing on your flatscreen with a sharpie. That's not his fault.

Holy Diver · 10-30-2012, 12:32 PM

Quote:

Originally Posted by wistahpatsfan

Well, I think the problem is with YOU.

Ya see, there are some financial devices and tax advantages that are perfectly legal and available to use for every American...provided, of course, you have the army of accountants, financial planners and lawyers at your disposal. It would also be beneficial if you had an unknown millions of dollars to take advantage of these devices.

Maybe your problem is that you're just jealous because YOU don't have a billion dollars that allows you to use these "financial tools" like Willard. Don't blame him because you're idea of a tax deduction is your mortgage interest or some mini-human running around the living room drawing on your flatscreen with a sharpie. That's not his fault.

I honestly could give a flying F how much money a person has, money means exactly jack $#!t to me. I've seen what it does to people. Your claim is baseless, and quite frankly insulting. Is Bloomerg News also jealous of his $$? No...so check yourself.

What Romney is doing is CURRENTLY ILLEGAL, If you get a billion dollars today, you can't do this. He is grandfathered into this. They made this practice against the law, because its kindof sick.

The actual problem I have with it, and if you look into it without jumping on the tires cop-out "YOU ARE JEALOUS OF $$$" bull-crap is that he is using the disguise of his charitable donation to the church as a revenue stream. All his chest boasting of being a generous man, is actually a stream on INCOME.

what should have most Romney supporters a bit uneasy after reading this is not so much this terrible fact that Mitt is generating money from his donations to the church, but the fact that Bloomberg news has obtained his tax returns from 2007....I bet this is the tip of the iceberg...

Quote:

“The main benefit from a charitable remainder trust is the renting from your favorite charity of its exemption from taxation,” Blattmachr said. Despite the name, giving a gift or getting a charitable deduction “is just a throwaway,” he said. “I used to structure them so the value dedicated to charity was as close to zero as possible without being zero.”

wistahpatsfan · 10-30-2012, 12:39 PM

Quote:

Originally Posted by Holy Diver

I honestly could give a flying F how much money a person has, money means exactly jack $#!t to me. I've seen what it does to people. Your claim is baseless, and quite frankly insulting. Is Bloomerg News also jealous of his $$? No...so check yourself.

What Romney is doing is CURRENTLY ILLEGAL, If you get a billion dollars today, you can't do this. He is grandfathered into this. They made this practice against the law, because its kindof sick.

The actual problem I have with it, and if you look into it without jumping on the tires cop-out "YOU ARE JEALOUS OF $$$" bull-crap is that he is using the disguise of his charitable donation to the church as a revenue stream. All his chest boasting of being a generous man, is actually a stream on INCOME.

what should have most Romney supporters a bit uneasy after reading this is not so much this terrible fact that Mitt is generating money from his donations to the church, but the fact that Bloomberg news has obtained his tax returns from 2007....I bet this is the tip of the iceberg...

Wow.

Totally missed the sarcasm of my post, huh?

Holy Diver · 10-30-2012, 12:42 PM

Quote:

Originally Posted by wistahpatsfan

Wow.

Totally missed the sarcasm of my post, huh?

I KNEW IT!!!!.... I thought it was a bit of an odd jab coming from you. we are solid. My bad for not giving you the benefit of the doubt...errr...benefit of the sarcasm

From the same article, showing his returns and the $$$ the church has been getting from this CRUT...

Quote:

Romney’s CRUT, which is only a small part of the $250 million that Romney’s campaign cites as his net worth, has been paying him 8 percent of its assets each year. 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.

No doubt about it...Mitt Romney is a terrible human being...just terrible

.

DocHoliday · 10-30-2012, 12:52 PM

Don't you know it's your fault for being too poor and stupid to take advantage of these perfectly legal things?

It's everyone's right to minimize their tax liability. Should have taken advantage of it!

Holy Diver · 10-30-2012, 12:55 PM

Quote:

Originally Posted by DocHoliday

Don't you know it's your fault for being too poor and stupid to take advantage of these perfectly legal things?

It's everyone's right to minimize their tax liability. Should have taken advantage of it!

ha! I know..my bad for not being rich back in the 90s.

The analyst closes the article with the sad truth....

Quote:

Nevertheless, “what’s going to go to charity is probably close to nothing,” Hesch said.

The Brandon Five · 10-30-2012, 01:29 PM

Quote:

Originally Posted by Holy Diver

I KNEW IT!!!!.... I thought it was a bit of an odd jab coming from you. we are solid. My bad for not giving you the benefit of the doubt...errr...benefit of the sarcasm

From the same article, showing his returns and the $$$ the church has been getting from this CRUT...

No doubt about it...Mitt Romney is a terrible human being...just terrible

.

But anyone else with a CRUT (like the Kennedys) are ok, right?

You might have missed this passage in the article:

Quote:

Romney has been an active member of the church, which expects members to donate 10 percent of their income. Over the years, he has donated millions of dollars of stock in Bain-owned companies to the church, securities filings show.

Holy Diver · 10-30-2012, 01:35 PM

Quote:

Originally Posted by The Brandon Five

But anyone else with a CRUT (like the Kennedys) are ok, right?

You might have missed this passage in the article:

Nah, its not cool...in fact in 1997, congress decided it wasn't cool. They made it illegal.

I didn't miss that passage. It seems to me it would be charitable for Mitt to donate his $$$ to the church instead of using it as a revenue stream to him. He could simply NOT use his CRUT, but he still uses a loophole that is now illegal, and the contribution to the church is shrinking.

what a real stand-up guy!

DocHoliday · 10-30-2012, 01:38 PM

Quote:

Originally Posted by The Brandon Five

But anyone else with a CRUT (like the Kennedys) are ok, right?

You might have missed this passage in the article:

Who said that?

I don't know where people get this idea that being unhappy with Romney means we are all Kennedy loving, rank file Democrats who read ThinkProgress and think Obama is the perfect son of George Washington and Abe Lincoln.

I'm guessing you get this rhetoric from the blogs that dig up Democratic history (Kennedy was a _____) and expect that to mean anything to your average person that doesn't agree with Romney.

We're not 'libtards' or 'Moonbats' who are suffering from 'the disease of liberalism'