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Romney’s church charity fraud

02 Nov

Thanks to mykeystrokes.com for this detailed look at some of the unethical tax strategies used by Lyin’ Mitt.

 

4 days left until the Presidential election. Vote for Barack Obama because

mykeystrokes.com

We already know that Mormon Mitt Romney has been tremendously generous to his church, giving over $5 million in the past two years alone, but now we learn that his charitable activity with LDS may not have been entirely altruistic. Bloomberg’s Jesse Drucker reports that Romney exploited the church’s tax-exempt status to lower his tax bill.

Romney reportedly took advantage of a loophole, called a charitable remainder unitrust or CRUT, which allows someone to park money or securities in a tax-deferred trust marked for his or her favorite charity, but which often doesn’t pay out much to the nonprofit. The donor pays taxes on the fixed yearly income from the trust, but the principal remains untaxed. Congress outlawed the practice in 1997, but Romney slid in under the wire when his trust, created in June 1996, was grandfathered in.

The trust essentially lets someone “rent” the charity’s tax-exemption while not…

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Posted by on November 2, 2012 in freedom

 

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