quote:

ORIGINAL: FMRFGOPGAL

Well it's not in the Romney Empire. Read how Romney has stashed his wealth to the tune of $100,000,000 in assets, and perhaps even so he could appear less socially detached from the common American, and hid a fortune on a public offering:


Romney ‘I Dig It’ Trust Gives Heirs Triple BenefitBy Jesse Drucker - Sep 27, 2012 12:41 PM ET 
In January 1999, a trust set up by Mitt Romney for his children and grandchildren reaped a 1,000 percent return on the sale of shares in Internet advertising firm DoubleClick Inc.
If Romney had given the cash directly, he could have owed a gift tax at a rate as high as 55 percent. He avoided gift and estate taxes by using a type of generation-skipping trust known to tax planners by the nickname: “I Dig It.”


The sale of DoubleClick shares received before the company went public, detailed in previously unreported securities filings reviewed by Bloomberg News, sheds new light on Romney’s estate planning -- the art of leaving assets for heirs while avoiding taxes. The Republican presidential candidate used a trust considered one of the most effective techniques for the wealthy to bypass estate and gift taxes. The Obama administration proposed cracking down on the tax benefits in February.
While Romney’s tax avoidance is both legal and common among high-net-worth individuals, it has become increasingly awkward for his candidacy since the disclosure of his remarks at a May fundraiser. He said that the nearly one-half of Americans who pay no income taxes are “dependent upon government” and “believe that they are victims.”
Trust’s Funds
Romney’s effective income tax rate in 2011 was about 14 percent. He has also enhanced his family’s wealth by moving assets worth $100 million into a trust while taking steps to avoid paying any gift taxes. The trust’s value isn’t counted in the $250 million that his campaign cites as Romney’s net worth.

The bulk of the trust’s income comes from Romney’s interests in Bain Capital funds, hedge funds and other investments, according to his 2011 tax return. The return doesn’t show how much Romney paid for these holdings, nor the value assigned to them when he gave them to the trust, so it’s unclear how much in total the trust has saved in gift and estate taxes.

“People like Mitt Romney make a lot of money, but they pay very little income tax,” said Victor Fleischer, a tax law professor at the University of Colorado who has written extensively about private equity and taxes. “Then by dodging the estate and gift tax, they are able to build dynastic wealth. These DoubleClick documents really show that tax planning in action.”
The Obama administration estimates that closing the loophole Romney used would bring the federal government almost $1 billion in the coming decade.

‘Laughable’ Estimate
That’s a “laughable” under-estimate, said Stephen Breitstone, co-head of the taxation and wealth preservation group at law firm Meltzer, Lippe, Goldstein & Breitstone LLP. A single billionaire could pay $500 million more in estate taxes if these trusts are shut down by the Obama administration, Breitstone said.
Romney or his trust received shares in DoubleClick eight months before the company went public in 1998. The trust sold them less than a year after the IPO. The trust’s sale of the DoubleClick stake made it possible to save hundreds of thousands of dollars in estate and gift taxes.

There is more to the article... I stopped here because I wasn't sure how much we are allowed to quote. The rest of the article is here and bears reading:

http://www.bloomberg.com/news/2012-09-27/romney-i-dig-it-trust-gives-heirs-triple-benefit.html

quote:

ORIGINAL: SternSkipper

Oh.... I am liking your presence here more every day....

Anyhow, this is the first tid-bit of Romney's disregard for Americans ... Investing and profiteering form the internet's biggest bandwidth drain. A product line so infamous and.untrusted, most anti-virus products detect and remove their shit by default.

For those of you who happen to be unfamiliar with DoubleClick, let me sum it up in a nutshell. It's the worst spyware on the web. I guarantee you've been tracked and information has been logged in regard to where you go the web.

quote:

ORIGINAL: LookieNoNookie
Who gives a shit if the firm he invested in sold bull sperm at 300 bucks an ounce?

It grew by 1,000 percent.

I'll take a guy who can invest at a profit anytime.

quote:

ORIGINAL: xBullx

Here's my problem with all this.

Romney really did little more than prove he is a capable businessman; I've been researching his efforts. Both Left and Right wing businessman, and women are using any and all the same money making options at their disposal, as we speak even. Every successful businessperson works the system to the best of their ability. What the fuck do you think tax attorneys are for? So they demonstrate competence in their fields and that pisses you off? I mean the only one that is talking loudly about getting rid of all these loop holes is Romney. It appears Obama is doing little more than bitching about the fact that Romney has kicked ass at whatever he has done. Maybe we should make use of a man's special skills instead of a dreamer's fantasies.

In the old days, the wild western towns, hell, all American towns, the citizens actually sought gunfighters to serve as their sheriffs and police force. The reason being, that it took a tough guy to meet another tough guy in the street. Ok, so Romney knows where the system can be improved since he has been working it in the exact way as those that have employed him, expected. I want a man that provides results that improve our country. While Obama is not without some degree of success, he is failing overall, in my opinion.

This country is a business, while we need a man with real compassion and concern for all Americans, even the 47%; we need more than a community organizer that seemingly has organized ............. nothing. The whole world is nearly a catastrophe, economically, socially and absolutely no one wants to lead it, though it appears a few would like to own and control it.

Romney did his job and that's a bad thing? Has anyone discovered something he did that actually hurt someone? And don't toss out some spin about a cancer victim or this fictitious war on women. I come here and ask honest questions and present honest interest and get spin that makes that idiot Hannity look like a saint.

And folks it isn’t Romney that is convincing me that he is a better choice as much as it has been the, so-called, pendants that oppose him. There’s no substance to their argument, only sniveling rhetoric and defamation.

quote:

ORIGINAL: LookieNoNookie

iu

quote:

ORIGINAL: SternSkipper

Oh.... I am liking your presence here more every day....

Anyhow, this is the first tid-bit of Romney's disregard for Americans ... Investing and profiteering form the internet's biggest bandwidth drain. A product line so infamous and.untrusted, most anti-virus products detect and remove their shit by default.

For those of you who happen to be unfamiliar with DoubleClick, let me sum it up in a nutshell. It's the worst spyware on the web. I guarantee you've been tracked and information has been logged in regard to where you go the web.

Who gives a shit if the firm he invested in sold bull sperm at 300 bucks an ounce?

It grew by 1,000 percent.

I'll take a guy who can invest at a profit anytime.

quote:

ORIGINAL: SternSkipper

quote:

ORIGINAL: LookieNoNookie

iu

quote:

ORIGINAL: SternSkipper

Oh.... I am liking your presence here more every day....

Anyhow, this is the first tid-bit of Romney's disregard for Americans ... Investing and profiteering form the internet's biggest bandwidth drain. A product line so infamous and.untrusted, most anti-virus products detect and remove their shit by default.

For those of you who happen to be unfamiliar with DoubleClick, let me sum it up in a nutshell. It's the worst spyware on the web. I guarantee you've been tracked and information has been logged in regard to where you go the web.

Who gives a shit if the firm he invested in sold bull sperm at 300 bucks an ounce?

It grew by 1,000 percent.

I'll take a guy who can invest at a profit anytime.

I don't really see what your favorite beverage has to do with anything.

quote:

ORIGINAL: Politesub53

To be fair to anyone taking part in tax avoidance, rather than tax evasion, if they are within the rules then so what. The problem becomes the themselves.

Except often those advising on rules are the very ones avoiding them.

quote:

ORIGINAL: SternSkipper

quote:

ORIGINAL: Politesub53

To be fair to anyone taking part in tax avoidance, rather than tax evasion, if they are within the rules then so what. The problem becomes the themselves.

Except often those advising on rules are the very ones avoiding them.

NoNookie and I have been down that road
already. He loses it when you call a spade a spade..