Romney did pay ZERO taxes !!?

Posted in the Minneapolis Forum

Bushwhacker

Seattle, WA

#1 May 18, 2013
Was Harry Reid right? Bloomberg finally cracked the story...

Using a tax shelter called a CRUT (charitable remainder unitrust) that was held by the Church of Latter Day Saints (Mormons), along with foreign tax credits and deferred capital gains losses, Mitt Romney was theoretically able to pay zero taxes (legally) every single year from 1996 to 2009. Why did he stop after 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!

SWEET !!! Looks like Harry Reid had Mittiot BY THE BALLS, all along !!!
Bridework

Saint Paul, MN

#3 May 19, 2013
"Mitt Romney was theoretically able to pay zero taxes"

Do you know what theoretically mean?

Since: Oct 08

Location hidden

#4 May 19, 2013
Did you all know that "Theoretically" I could be the smartest person on topix?? Just saying
Iowan

West Des Moines, IA

#5 May 19, 2013
Romneyt eivl Obama cool Trust in Obama why do you hate the president why why why?
Bushwacker

Minneapolis, MN

#8 May 19, 2013
Bushwhacker wrote:
MONEY THAT'S WHAT I WANT 4:48 pm May 16, 2013
RNC Spokeswoman Admits Harry Reid Was Right About Romney’s Taxes All Along, Whoops
by Rebecca Schoenkopf
“We all wondered how Harry Reid had Mitt Romney’s taxes,” Republican National Committee spokeswoman Kirsten Kukowski told The Daily Caller.“The question is, will he call for a full investigation into the IRS?”
SUPPOSEDLY, not at all, cantgetitup....
Cha-ching! Gay Slewsie just made another nickle.

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