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US Election 2012

Harry Reid was right: Romney paid no taxes for 15 years

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Lili On July 12, 2019
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Sunshine Land,
#1New Post! Nov 01, 2012 @ 18:50:48
https://www.bloomberg.com/news/2012-10-29/romney-avoids-taxes-via-loophole-cutting-mormon-donations.html

https://politics.gather.com/viewArticle.action?articleId=281474981730200

Quote:
In 1997, Congress cracked down on a popular tax shelter that allowed rich people to take advantage of the exempt status of charities without actually giving away much money.
Individuals who had already set up these vehicles were allowed to keep them. That included Mitt Romney, then the chief executive officer of Bain Capital, who had just established such an arrangement in June 1996.

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 benefiting, 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.

“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.”
jonnythan On August 02, 2014
Bringer of rad mirth


Deleted



Here and there,
#2New Post! Nov 01, 2012 @ 18:53:19
Deferring taxes isn't quite the same as just not paying them. Sounds like what he did was legal.
Lili On July 12, 2019
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Sunshine Land,
#3New Post! Nov 01, 2012 @ 18:55:25
@jonnythan Said

Deferring taxes isn't quite the same as just not paying them. Sounds like what he did was legal.



Did Harry Reid claim that Romney didn't pay taxes that were due?
Lili On July 12, 2019
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Sunshine Land,
#4New Post! Nov 01, 2012 @ 18:58:03
The thing that people take issue with about this is the avoidance of taxes via a legal technicality through a charity of all things. The purpose of the tax law originally was to allow a person to ultimately increase the amount of money available to charities. Instead, Romney just used it as a tax shelter solely for his own financial benefit. It's skeevy, lol. Rich people using the law that way is what led to the law being changed. Tax shelters for the wealthy was never the intent of that tax law.
floydgirrl On October 08, 2022
Stalkee





Pope's Wine Celler, Holy See (
#5New Post! Nov 01, 2012 @ 19:12:32
Is this one of the loopholes he claims he's going to close? Would that mean he has to pay back taxes for 15 years?
jonnythan On August 02, 2014
Bringer of rad mirth


Deleted



Here and there,
#6New Post! Nov 01, 2012 @ 19:52:23
@floydgirrl Said

Is this one of the loopholes he claims he's going to close? Would that mean he has to pay back taxes for 15 years?


No, you can never pass a retroactive law.
Spinkiegirl On August 18, 2018




Chicago, Illinois
#7New Post! Nov 01, 2012 @ 22:50:06
@floydgirrl Said

Is this one of the loopholes he claims he's going to close? Would that mean he has to pay back taxes for 15 years?



I agree.....I hope that's what it means!
Pcptrvanion On November 10, 2014




Howe, Texas
#8New Post! Nov 02, 2012 @ 00:00:37
@jonnythan Said

No, you can never pass a retroactive law.



In 1993 Mr. Clinton signed a retroactive tax hike into law.

In 1994 the Supreme Court upheld the law as legal.
shinobinoz On May 28, 2017
Stnd w Standing Rock





Wichita, Kansas
#9New Post! Nov 02, 2012 @ 00:09:12
We all should get to defer taxes for 15 years. Imagine your savings after all that!
Willi On August 21, 2018




northinmind,
#10New Post! Nov 02, 2012 @ 00:09:41
@Pcptrvanion Said

In 1993 Mr. Clinton signed a retroactive tax hike into law.

In 1994 the Supreme Court upheld the law as legal.



how many years back did it retro to?
jonnythan On August 02, 2014
Bringer of rad mirth


Deleted



Here and there,
#11New Post! Nov 02, 2012 @ 01:04:11
@Willi Said

how many years back did it retro to?



It was on estate taxes only, so it was an indirect tax. And it only went back a couple of months to about the time the tax was proposed.
Willi On August 21, 2018




northinmind,
#12New Post! Nov 02, 2012 @ 01:09:18
@jonnythan Said

It was on estate taxes only, so it was an indirect tax. And it only went back a couple of months to about the time the tax was proposed.



isurance overpayment tax free repayments musta started after that.
DorkySupergirl On November 02, 2017




, Canada
#13New Post! Nov 02, 2012 @ 01:30:50
When I first heard about this, it sounded not like Romney was exempt from paying taxes due to tax laws but that Romney did not pay his taxes for 15 years as in he owed taxes and did not pay it.

While I am not a fan of Romney, I see nothing illegal that he has done. He did not create the laws but is only using the laws to his advantage and we would all do that.

I take advantage of every tax break and write off I can. While I think Romney is smug, arrogant, and nothing more than a punk with money who wears a business suit, he has done nothing wrong in this situation that I can see.
LuckyCharms On July 31, 2021
Magically Delicious





,
#14New Post! Nov 02, 2012 @ 01:39:36
It's not illegal, though it should be. Regardless, it's unscrupulous and makes him that much more of one of these rich SOB's milking the system.
DorkySupergirl On November 02, 2017




, Canada
#15New Post! Nov 02, 2012 @ 01:45:35
@LuckyCharms Said

It's not illegal, though it should be. Regardless, it's unscrupulous and makes him that much more of one of these rich SOB's milking the system.



It was just the way I found it presented to be quite misleading. Not this thread but on the news when they were talking about it. They made it seem as I stated above that he has not paid taxes in 15 years with the implication that it was some sort of tax evasion not at all that he did not pay for 15 years because he did not owe any. I can't stand the man but I like things presented how they actually are and not twisted to suit an agenda.
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