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Old 25th Aug 2012, 22:13
  #7191 (permalink)  
Turbine D
 
Join Date: Dec 2010
Location: Middle America
Age: 80
Posts: 1,158
What do you make of Mitt's reasons for not releasing his tax returns, re-entry, namely because the money he donates to the Mormon church and how releasing that data would "not be right" as the donations are something that is private?
To be a Mormon and a member in good standing, you must tithe, that is giving 10%/year of one's gross income. If you don't one loses privileges such as being able to enter the Tabernacle in SLC among other things. It is admirable that the Mormon faithful in great numbers do tithe, the money goes to support the church and their large outreach worldwide program.
Mitt & Ann Romney's 2010 gross income was $21,661,344. They donated cash in the sum of $1,525,167 outright to the Church of The Latter Day Saints. From Ann Romney's blind trust, a donation of $1,458,807 was made to the Tyler Foundation in the form of property (stock) originally received in the form of a partnership distributions. That was their only two donations. Then, the Tyler Foundation donated $145,000 to the C of TLDS. That brings their total donation to the church of $1,603,807 for 2010. That is short of 10% of gross income, but closer if taxable income is used ($17,120,067).
Now the Tyler Foundation is Private Foundation known as a 501(c)(3) totally controlled by the Romneys. Assets at the end of 2010 were around $20M. The $145,000 donation to the church was Tyler's largest donation, the second largest was $100,000 to the George W. Bush Library. The remaining distributions dropped down in value significantly.
Mitt Romney stated in an interview on CBS that he didn't want to disclose additional income tax returns for previous years because he felt his donations to the church should remain private information, not public. OTOH, Ann Romney expressed great joy when the check to the church is written, it makes her cry with joy. So why doesn't Mitt really want to release more tax returns, hmm, what if....
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