The Fifth Column

Daily Kos

Harry Reid was right.  Bloomberg  finally cracked the story…

Using a tax shelter called a CRUT (charitable remainder unitrust) that was held by the Church of Latter Day Saints (Mormons),  Mitt Romney was able to pay zero taxes (legally) every single year from 1996 to 2009.  Why did he stop in 2009?  Because he would make public his 2010 tax return, that is why.

This tax loophole was  killed by Congress in 1997.  However those including Romney that were already using it were allowed to continue it.   The way it works, is that Romney makes a “charitable” contribution to the Church of Latter Day Saints and it goes into a trust.  Since the trust is held by the church, the money is tax  deferred.  Any capital gains, are non taxed because of the charities status.  Like an annuity, the donor gets a charitable tax deduction…

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About drugsandotherthings

I am a criminal. Because I have used cannabis and psychedelics extensively. I have tried many other drugs, but never cared for the uppers, downers, or dissociatives. I love craft beer, and absinthe, but don't care much for alcohols effects- which quite frankly, are boring and dangerous. Science is my religion. I am in my 40's, and have travelled extensively. And often forced myself outside of my confort zone. I am employed, a respected member of my communtiy, an animal lover, an environmentalist, a political junkie, and the realities I have experienced continue to push me further to the left of the political spectrum.
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