So you know how Romney said he never paid less than 13% in taxes? Then he didn’t deduct all his charitable donations (like, to the Mormon church) in 2011 so that would retroactively be true (otherwise he would’ve paid only 9% in taxes). The 14.1% artificially inflated rate that Mitt paid in 2011 was less than half of what I pay (which means the 9% he could’ve paid was less than a third of what I pay).
Turns out that those aren’t “charitable donations” so much as a tax haven.
“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.”
“The main benefit from a charitable remainder trust is the renting from your favorite charity of its exemption from taxation,” Blattmachr said. Despite the name, giving a gift or getting a charitable deduction “is just a throwaway,” he said. “I used to structure them so the value dedicated to charity was as close to zero as possible without being zero.”
But don’t worry, this guy’s totally going to fix the wealth divide in this country.
To anybody in this country who isn’t rich as all hell, it doesn’t matter what this guy believes about ancient Jews rising from the dead, he is not on your side.