Using a tax shelter called a CRUT (charitable 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 in 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 ownership..
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!.
Politicians. Curse the lot of them. Deceivers and self servers in a class of their own, voted for by people for whom they have neither concern nor compassion. Curse, curse to eternal torment the entire feckless lot of them.
- Breaking: Romney Paid Zero Taxes From 1996 To 2009 (kaystreet.wordpress.com)
- OCTOBER SURPRISE: Mitt Romney Used Church Loophole To “Defer” Taxes Over 15 Years (newsone.com)
- Exclusive Documents: Romney’s Loophole Trust Tax Filing (buzzfeed.com)
- FOIA Report Shows How Mitt Romney Avoided Paying Taxes For 15 Years (freakoutnation.com)
- Romney’s Use of the CRUT Tax Shelter (lawprofessors.typepad.com)
- Mitt Romney Reportedly Avoids Taxes Through Mormon Church Trust (huffingtonpost.com)