Romney ‘rented’ Mormon church’s exemption to defer taxes for 15 years

Republican presidential nominee Mitt Romney used a loophole to “rent” the Mormon church’s tax exemption status and defer paying taxes for 15 years, according to a new report.

Tax returns obtained by Bloomberg News through a Freedom of Information Act request indicated that Romney set up a charitable remainder unitrust (CRUT) in June 1996 just before Congress cracked down on the loophole in 1997.

“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,” Bloomberg’s Jesse Drucker explained. “At the same time he is benefitting, the trust will probably leave the church with less than what current law requires.”

[link to www.rawstory.com]

pin whatever horseshit story on obama you see, every day.

and go ahead, just ignore anything that may point out romney's malfeasance. you do that every day, too.

Last Edited by Mordier L'eft on 10/29/2012 04:40 PM