Sunday, November 04, 2012

Romney Uses Mormon Church to Defer Taxes for 15 Years

Note that this information was dug up using a freedom of information request, a tool that journalists use to get information that people want to keep secret. This didn't come from Mitt, nor did his campaign comment.
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.

In general, charities don’t owe capital gains taxes when they sell assets for a profit. Trusts like Romney’s permit funders to benefit from that tax-free treatment, said Jonathan Blattmachr, a trusts and estates lawyer who set up hundreds of such vehicles in the 1990s. Bloomberg