Reason the Next Why Romney Didn’t Release His Tax Returns: He’s Using the Mormon Church to Avoid Paying Taxes

Bloomberg News: Romney ‘rented’ Mormon church’s exemption to defer taxes for 15 years | The Raw Story

“I used to structure them so the value dedicated to charity was as close to zero as possible without being zero,” he pointed out.

The CRUT allows individuals to “defer capital gains taxes on any profit from the sale of the assets, and receive a small upfront charitable deduction and a stream of yearly cash payments,” Drucker wrote. “Like an individual retirement account, the trust allows money to grow tax deferred, while like an annuity it also pays Romney a steady income. After the funder’s death, the trust’s remaining assets go to a designated charity.”

In fact, the amount available to go to the Mormon church has decreased from at least $750,000 in 2001 to $421,203 at the end of 2011 as Romney has collected yearly cash payments from the trust.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s