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View Diary: Rolling Stone Magazine Exposes how Mitt Romney Dodged his Taxes (252 comments)

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  •  Remember he is passing stuff onto grandkids (0+ / 0-)

    Their MRDs would be very very low. They don't pay any tax as long as the money says in the IRA.  Plus how many grandkids does he have? Divide that hundred million by 18 kids, each over a life expectancy of 70 to 85 years in the future (based on their ages).

    And guess what? He's also cheated the Church out of their tithe by so undervaluing that stock.

    In capitalist America, bank robs you!

    by madhaus on Sun Oct 14, 2012 at 12:01:47 PM PDT

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    •  The GST tax on that would be (0+ / 0-)

      prohibitive, and I'm guessing he used his GST exemption on his IDGT.    Maybe to the kids, their MRDs would still be low, but there's quite a hit there.

      •  $5M exemption now (0+ / 0-)

        $5M x 18 = $90M.  That might just cover it!

        Question is, if it's given to the grandkids as an IRA, there's no tax until they take the MRDs, right?

        In capitalist America, bank robs you!

        by madhaus on Sun Oct 14, 2012 at 11:25:13 PM PDT

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        •  It's one time only, not per so its only $5.0 m (0+ / 0-)

          There is no income tax until they take the MRD.   The estate and GST tax should be due on death.

          •  Could he have gifted it before revaluing the stock (0+ / 0-)

            That gets around the $5M, no? If the stock is "worth" $30k, then no GST, right?  But hmmm, an IRA can't be gifted until death, can it? Or are we talking about two different piles of stock, the $100M IRA and the trusts for the grand kids?

            In capitalist America, bank robs you!

            by madhaus on Mon Oct 15, 2012 at 01:56:55 PM PDT

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