The charitable remainder unitrust, as it is known, is one of several strategies Romney has adopted over his career to reduce his tax bill. While Romney’s tax avoidance is legal and common among high-net-worth individuals, it has become an issue in the campaign. President Barack Obama attacked him in their second debate for paying “lower tax rates than somebody who makes a lot less.”
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.


Romney Avoids Taxes via Loophole Cutting Mormon Donations | Bloomberg

So this seems kind of important.

Mitt Romney: Bank Of America Protesters Too Young 'To Really Understand' Economy ⇢

“Unfortunately, a lot of young folks haven’t had the opportunity to really understand how the economy works, and what it takes to put people to work in real jobs, and why we have banks, and what banks do. It’s a very understandable sentiment if you don’t find a job, and you can’t see rising incomes. You’re going to be angry and looking at someone to blame.”

I noticed the Romney quote above about the Bank of America protesters while in the midst of reading Matt Taibbi’s total annihilation takedown piece on BoA (titled “Too Crooked to Fail”) from the March 29th issue of Rolling Stone (yes, I’m pretty late). Here’s an excerpt from that article:

In sum, Bank of America torched dozens of institutional investors with billions in worthless loans, repeatedly refused to abide by contractual obligations to buy them back, evaded hundreds of millions in local fees and taxes, pushed tens of thousands of people into foreclosure using phony documents, ignored multiple court orders to stop its illegal robo-signing, and exploited President Obama’s signature mortgage-relief program. The bank fixed the bids on bonds for schools and cities and utilities all over America, and even conspired to game the game itself — by fixing global interest rates!

Yeah, I imagine that even Romney’s economically naive “young folks” could read this and grasp how truly, truly shitty BoA is.

Read the whole Taibbi piece if you have time because, like all the rest of his financial reporting over the last 3 or 4 years, it’s pretty goddamn essential. 

And finally, in conclusion, Mitt Romney is a smarmy, patronizing dickface who needs to just shut right the fuck up.

I am prepared. I am prepared. I need no on-the-job training. I wasn’t a mayor for a short period of time. I wasn’t a governor for a short period of time.

- John McCain, in October 2007, on Rudy Giuliani and Mitt Romney

The RNC in a Minute

Mercurio: GOP shoots the messengers ⇢

Aside from Sarah Palin’s speech last night, I haven’t been watching much of the RNC coverage because I have a low threshhold for bullshit. So I was pretty amused when I read this:

"This is how Mitt Romney opened his remarks: ‘For decades, the Washington sun has been rising in the east. Washington has been looking to the eastern elites, to the editorial pages of the Times and the Post, and to the broadcasters from the coast,’ said the multimillionaire ex-governor of Massachusetts. Even more curiously, McCain’s camp tasked Rudy Giuliani to help paint Obama as the urban elite. ‘I’m sorry that Barack Obama feels that [Palin’s] home town isn’t cosmopolitan enough,’ said the liberal former mayor of the country’s largest, and most cosmopolitan, city. ‘I’m sorry that it’s not flashy enough.’"


i'm dave.
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