General Discussion
In reply to the discussion: Bloomberg News: Romney ‘rented’ Mormon church’s exemption to defer taxes for 15 years [View all]aint_no_life_nowhere
(21,925 posts)Incidentally, I would like to see a more thorough explanation of what went on here, as I have no tax expertise at all. Are these tax returns personal to Romney? If so, how were they obtained through the FOIA without a signed release? Was Romney pretending to be a part of the Mormon Church and using his Bishop's status to acquire a tax exemption regarding his personal non-religious earnings? If Romney "deferred" paying taxes for 15 years does this mean he could have control over the trust funds for personal use without paying any taxes ("at the same time he's benefiting" ? Will he have to pay the deferred taxes eventually or is he somehow sliming his way around that? Why or how does that mean the LDS Church will receive less than what current law requires?