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(Columbia Journalism Review)   According to John McCain, Romney scams his Church to lower his federal taxes   ( divider line
    More: Obvious, John McCain, local taxes, plutocrats, capital gains taxes, Jesse Drucker, tax bill, investment management  
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2988 clicks; posted to Politics » on 31 Oct 2012 at 8:27 AM (4 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»

Voting Results (Smartest)
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2012-10-31 08:36:41 AM  
5 votes:
It's really past time to remove all religion-based tax loopholes.
2012-10-31 08:38:27 AM  
3 votes:
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 09:21:10 AM  
1 vote:
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 09:09:54 AM  
1 vote:
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 09:07:31 AM  
1 vote:

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 08:41:19 AM  
1 vote:

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 08:38:37 AM  
1 vote:
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 08:34:58 AM  
1 vote:

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 08:28:52 AM  
1 vote:
Yea, but that was back when people respected John McCain.
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