Monday, October 29, 2012

Romney Avoids Taxes via Loophole Cutting Mormon Donations

Romney Character: Even his charitable fund is set up in a way that he benefits more than the charity. He gets a fixed, tax-deferred dividend and the scraps are passed down to the charity when he dies. "The current investing strategy favors the Romneys over the charity because they get a guaranteed payout, said Michael Arlein, a trusts and estates lawyer at Patterson Belknap Webb & Tyler LLP. “The Romneys get theirs off the top and the charity gets what’s left,” he said. “So by definition, if it’s not performing as well, the charity gets harmed more. [...] what’s going to go to charity is probably close to nothing”

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