Romney Uses Mormon Church Tax Exemption To Dodge Taxes

Bloomberg News has uncovered Mitt Romney’s use of a tax shelter that allows him to lower his taxes by placing assets in a tax-exempt “charitable remainder unitrust” and then drawing payments from the trust. The charity—in Romney’s case, the Mormon Church—is supposed to get what remains in the trust after a period of time, but his trust is structured in such a way that the church may end up with only a tiny portion of the $750,000 trust. Read more »