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(Columbia Journalism Review)   According to John McCain, Romney scams his Church to lower his federal taxes   (cjr.org) divider line 28
    More: Obvious, John McCain, local taxes, plutocrats, capital gains taxes, Jesse Drucker, tax bill, investment management  
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2978 clicks; posted to Politics » on 31 Oct 2012 at 8:27 AM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-10-31 08:28:52 AM  
Yea, but that was back when people respected John McCain.
 
2012-10-31 08:30:28 AM  
So apparently Mitt Romney is the Mormon Church now. He'll have to start tithing to himself.
 
2012-10-31 08:34:18 AM  

LeoffDaGrate: So apparently Mitt Romney is the Mormon Church now. He'll have to start tithing to himself.


I'd be shocked if he hadn't thought of that years ago.
 
2012-10-31 08:34:58 AM  

LeoffDaGrate: So apparently Mitt Romney is the Mormon Church now. He'll have to start tithing to himself.


He is, at 8% a year from that tax dodging account
 
2012-10-31 08:36:41 AM  
It's really past time to remove all religion-based tax loopholes.
 
2012-10-31 08:38:27 AM  
When Romney's lawyers and accountants created it, the church was supposed to end up with just 8 percent of its assets, while Romney got 92 percent. But the investments haven't been doing well, so Romney's withdrawals, at 8 percent a year, have been steadily reducing the money in the trust, and Bloomberg quotes an expert saying the church will eventually get "probably close to nothing."

Suddenly there' increased evidence for the theory that Mitt Romney's reluctance to show his taxes had more to do with fear of a Mormon Church who might realize just how badly they were getting hosed than it did fear of the electorate finding out exactly how a wealthy plutocrat pays a lesser tax rate than a middle class family.

Good on Bloomers, here. Nice to see something resembling investigative journalism in the middle of all the nontroversies, fauxrages and meaningless chit chat from the talking heads in the rest of the corporate media. It's appreciated.
 
2012-10-31 08:38:37 AM  
I still don't know why the press seems to have forgotten about Romney's tax returns, or lack thereof. It's not like anything has changed, he is still hiding them like a body under the floor boards. There much be something juicy there, and I for one would love to see it.
 
2012-10-31 08:39:17 AM  

Effectively, the Romneys put up a trust that pays them 8 percent of its assets a year until they die, at which point the Mormon church gets what's left in the account.


No different than what a lot of people do, and not just with religious charities. The charity technically owns the money, but the interest goes to the payer, which benefits both parties.

To limit this, I'd just cap the interest payout. It's probably beneficial that rich people, instead of hoarding their money, ensure that it goes to good causes when they die.
 
2012-10-31 08:41:19 AM  

sodomizer: Effectively, the Romneys put up a trust that pays them 8 percent of its assets a year until they die, at which point the Mormon church gets what's left in the account.


No different than what a lot of people do, and not just with religious charities. The charity technically owns the money, but the interest goes to the payer, which benefits both parties.

To limit this, I'd just cap the interest payout. It's probably beneficial that rich people, instead of hoarding their money, ensure that it goes to good causes when they die.


. . . of which the Mormon church is not an example.
 
2012-10-31 09:03:14 AM  

markfara: It's really past time to remove all religion-based tax loopholes.


and to be fair Rmoney is proposing a cap for this type of deduction
 
2012-10-31 09:07:31 AM  

monoski: markfara: It's really past time to remove all religion-based tax loopholes.

and to be fair Rmoney is proposing a cap for this type of deduction


No he really hasn't. He has repeatedly refused to say anything specific about which deductions would get capped or for how much.
 
2012-10-31 09:09:54 AM  
Romney's tax avoidance should be the least of his worries in the "lib news complex"

Let's hear more about *HIS* Meningitis Deathcount.
 
2012-10-31 09:20:44 AM  

Philip Francis Queeg: monoski: markfara: It's really past time to remove all religion-based tax loopholes.

and to be fair Rmoney is proposing a cap for this type of deduction

No he really hasn't. He has repeatedly refused to say anything specific about which deductions would get capped or for how much.


He lacks specifics in everything that comes out of his mouth but the general idea he is spouting is there would be income brackets and each would have a cap for total deductions and you could apply them how you prefer (not that I agree with this idea or even think it has a chance in hell of getting past congress but that is what I have read of his deductions plan)
 
2012-10-31 09:21:10 AM  
Cheating on your taxes doesn't just impact the government. The rest of us taxpayers have to make up the difference. When you cheat on your taxes you are stealing from me.

Mitt Romney is a thief.
 
2012-10-31 09:24:51 AM  

sodomizer: Effectively, the Romneys put up a trust that pays them 8 percent of its assets a year until they die, at which point the Mormon church gets what's left in the account.


No different than what a lot of people do, and not just with religious charities. The charity technically owns the money, but the interest goes to the payer, which benefits both parties.

To limit this, I'd just cap the interest payout. It's probably beneficial that rich people, instead of hoarding their money, ensure that it goes to good causes when they die.


That's the intent of the charitable trust, but they were being heavily abused, which is why the IRS took them away. Like the headline says, Romney's running a scam here- because instead of being sustained, or grown, by its investments like it is supposed to, the charitable trust is shrinking:

"But the investments haven't been doing well, so Romney's withdrawals, at 8 percent a year, have been steadily reducing the money in the trust, and Bloomberg quotes an expert saying the church will eventually get "probably close to nothing.""
 
2012-10-31 09:36:41 AM  
Quit picking on Mittney!


I dont get why dumbshiats even want to vote for this prick.
 
2012-10-31 09:38:01 AM  

FuturePastNow: "But the investments haven't been doing well, so Romney's withdrawals, at 8 percent a year, have been steadily reducing the money in the trust, and Bloomberg quotes an expert saying the church will eventually get "probably close to nothing.""


Well, that's good. The less money that creepy cult has, the less people they can oppress.
 
2012-10-31 09:50:19 AM  

TheWhoppah: Cheating on your taxes doesn't just impact the government. The rest of us taxpayers have to make up the difference. When you cheat on your taxes you are stealing from me.

Mitt Romney is a thief.


Is it cheating when you get to write the rules in manner that favor yourself?
 
2012-10-31 09:50:49 AM  
The guy doesn't give up his tax forms and his own father started the tradition of candidates giving up their tax forms. This shiat is like bad movie writing only it's real life. But then so is a President destroying a country so his VP can profit on a no bid contract to rebuild it so I guess people will let anything pass.
 
2012-10-31 09:55:06 AM  

wingnut396: TheWhoppah: Cheating on your taxes doesn't just impact the government. The rest of us taxpayers have to make up the difference. When you cheat on your taxes you are stealing from me.

Mitt Romney is a thief.

Is it cheating when you get to write the rules in manner that favor yourself?


Nope, that is democracy at work
 
2012-10-31 10:03:43 AM  

monoski: Philip Francis Queeg: monoski: markfara: It's really past time to remove all religion-based tax loopholes.

and to be fair Rmoney is proposing a cap for this type of deduction

No he really hasn't. He has repeatedly refused to say anything specific about which deductions would get capped or for how much.

He lacks specifics in everything that comes out of his mouth but the general idea he is spouting is there would be income brackets and each would have a cap for total deductions and you could apply them how you prefer (not that I agree with this idea or even think it has a chance in hell of getting past congress but that is what I have read of his deductions plan)


You left out the part where Romney said he'll cut Capital Gains taxes to 0%.

Since 100% of Romney's income is from Capital Gains, he'll be cutting his tax rate to 0%. Who needs loopholes when you can write the tax code to just give you 0%?
 
2012-10-31 10:08:06 AM  

ghall3: LeoffDaGrate: So apparently Mitt Romney is the Mormon Church now. He'll have to start tithing to himself.

He is, at 8% a year from that tax dodging account


He also donates to a non profit that he and Ann control and writes that off as a charitable contribution. Suks to be you people.
 
2012-10-31 10:16:04 AM  

MithrandirBooga: You left out the part where Romney said he'll cut Capital Gains taxes to 0%.

Since 100% of Romney's income is from Capital Gains, he'll be cutting his tax rate to 0%. Who needs loopholes when you can write the tax code to just give you 0%?


At least at one point on the trail this year, he said he did not support cutting capital gains taxes to zero.

However, that is his party's platform, part of his vice-Presidential nominee's proposals, something he has supported in the past, and he hasn't give any specific tax proposals as to what he thinks capital gains rates should be.

But, he was, at least at one point, not in favor of cutting his own taxes to zero. But, if that were to happen somehow, I guess he'd just have to live with that.
 
2012-10-31 10:34:31 AM  

MithrandirBooga: monoski: Philip Francis Queeg: monoski: markfara: It's really past time to remove all religion-based tax loopholes.

and to be fair Rmoney is proposing a cap for this type of deduction

No he really hasn't. He has repeatedly refused to say anything specific about which deductions would get capped or for how much.

He lacks specifics in everything that comes out of his mouth but the general idea he is spouting is there would be income brackets and each would have a cap for total deductions and you could apply them how you prefer (not that I agree with this idea or even think it has a chance in hell of getting past congress but that is what I have read of his deductions plan)

You left out the part where Romney said he'll cut Capital Gains taxes to 0%.

Since 100% of Romney's income is from Capital Gains, he'll be cutting his tax rate to 0%. Who needs loopholes when you can write the tax code to just give you 0%?


Technically I did not include that here but I have pointed that out repeatedly. I honestly feel it is the only reason he wants to be president is to ensure his own tax-free future.
 
2012-10-31 10:35:21 AM  

Lawnchair: MithrandirBooga: You left out the part where Romney said he'll cut Capital Gains taxes to 0%.

Since 100% of Romney's income is from Capital Gains, he'll be cutting his tax rate to 0%. Who needs loopholes when you can write the tax code to just give you 0%?

At least at one point on the trail this year, he said he did not support cutting capital gains taxes to zero.

However, that is his party's platform, part of his vice-Presidential nominee's proposals, something he has supported in the past, and he hasn't give any specific tax proposals as to what he thinks capital gains rates should be.

But, he was, at least at one point, not in favor of cutting his own taxes to zero. But, if that were to happen somehow, I guess he'd just have to live with that.


At least the rest of us will get a tax break on all that interest we make on our vast savings accounts! That is some middle-class tax relief right there!
 
2012-10-31 11:11:02 AM  

Lawnchair: MithrandirBooga: You left out the part where Romney said he'll cut Capital Gains taxes to 0%.

Since 100% of Romney's income is from Capital Gains, he'll be cutting his tax rate to 0%. Who needs loopholes when you can write the tax code to just give you 0%?

At least at one point on the trail this year, he said he did not support cutting capital gains taxes to zero.

However, that is his party's platform, part of his vice-Presidential nominee's proposals, something he has supported in the past, and he hasn't give any specific tax proposals as to what he thinks capital gains rates should be.

But, he was, at least at one point, not in favor of cutting his own taxes to zero. But, if that were to happen somehow, I guess he'd just have to live with that.



He's since flipped then, because during the 2nd debate he clearly mentioned cutting Capital Gains to 0%.
 
2012-10-31 01:42:24 PM  

MithrandirBooga: Lawnchair: MithrandirBooga: You left out the part where Romney said he'll cut Capital Gains taxes to 0%.

Since 100% of Romney's income is from Capital Gains, he'll be cutting his tax rate to 0%. Who needs loopholes when you can write the tax code to just give you 0%?

At least at one point on the trail this year, he said he did not support cutting capital gains taxes to zero.

However, that is his party's platform, part of his vice-Presidential nominee's proposals, something he has supported in the past, and he hasn't give any specific tax proposals as to what he thinks capital gains rates should be.

But, he was, at least at one point, not in favor of cutting his own taxes to zero. But, if that were to happen somehow, I guess he'd just have to live with that.


He's since flipped then, because during the 2nd debate he clearly mentioned cutting Capital Gains to 0%.


From his own website

"Eliminate taxes for taxpayers with AGI below $200,000 on interest, dividends, and capital gains"

take it for what you will
 
2012-10-31 01:46:06 PM  

GameSprocket: At least the rest of us will get a tax break on all that interest we make on our vast savings accounts! That is some middle-class tax relief right there!


Ha hahahah. No no no. That's ordinary (plebian, little people) interest. That gets taxed as income and consider yourself lucky we don't charge self-employment-FICA on it.
 
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