Let's make it 11 to 5 ... This is another good one:
Mitt Romney Sidestepping Taxes With Family Trust Worth At Least $100 Million
Apparently there is another way Mitt Romney is allegedly dodging his taxes.
Romney has set up a trust
for his children and grandchildren that technically does not qualify as an inheritance, Bloomberg's Jesse Drucker reports. As a result, Romney has been able to legally sidestep estate and gift taxes. The top gift tax rate
is 55 percent.
Romney has been criticized for allegedly sidestepping taxes in other ways. He holds investments abroad, including in the Cayman Islands, and a Swiss bank account
-- where he does not need to pay U.S. taxes.
In this case, he has moved about $100 million
into the family trust, which does not count toward his $250 million net worth, and it has grown in value with income from Romney's various investments, according to Bloomberg. It is unclear how much Romney has saved in gift and estate taxes.
Critics also have slammed Romney for refusing to release more than two tax returns -- from 2010 and 2011 -- which The Huffington Post's Mark Gongloff notes are not the interesting ones.
At the same time that Romney's being accused of dodging taxes, he's also been criticizing ordinary Americans for the way they pay their taxes.
You have to like a man who shows initiative and creation. What has Obama shown? 8% unemployment for his entire term, huge gas price increase, 10% loss of household income. And you want to point to tax dodges. Your bag of tricks are amusing, but meanwhile the economy sucks, debt is at record levels, the country has had credit downgraded. And the only idea coming out ot Bernanke and the administration is to print up more money to buy more mortgage securities. So Obama has signed off on bailing out the Wall Street guys who created these devices.
No wonder the rich have increased their wealth under Barack's watch. The Left claims to want to decrease wealth disparity, but Obama must have missed that meeting. Would prefer to hang out with David Letterman. Or have a bottle of $300 champagne with Beyonce while people are suffering.
Thomas Sowell: There are no solutions, just trade-offs.
Why would anyone consider it 'wrong' to try and pass on your assets to your kids while minimizing the tax implications? Taxes are expenses, and doesn't everyone try to minimize expenses?
"Whatever you are, be a good one." ~ Abraham Lincoln
