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Tx4obama

(36,974 posts)
Wed Oct 31, 2012, 03:05 AM Oct 2012

Romney's LDS Tax Loophole


Romney's LDS Tax Loophole, Broken by Bloomberg

Bloomberg obtains new information about Mitt Romney's taxes and... well, the story comes out when everyone is distracted by imminent disaster. It's too bad, because this is as thorny and irritating a tale of tax law chicanery as you're likely to read.

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.

In general, charities don’t owe capital gains taxes when they sell assets for a profit. Trusts like Romney’s permit funders to benefit from that tax-free treatment.


-snip-
http://www.slate.com/blogs/weigel/2012/10/29/romney_s_lds_tax_loophole_broken_by_bloomberg.html?tid=sm_tw_button_toolbar

FULL Bloomberg article here: http://www.bloomberg.com/news/2012-10-29/romney-avoids-taxes-via-loophole-cutting-mormon-donations.html








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Romney's LDS Tax Loophole (Original Post) Tx4obama Oct 2012 OP
Yep, That's how that disgusting little loophole works. defacto7 Oct 2012 #1

defacto7

(13,485 posts)
1. Yep, That's how that disgusting little loophole works.
Wed Oct 31, 2012, 03:37 AM
Oct 2012

Romney needs to be hung out to dry. Let his business ways be fodder for us all.

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