Does Mitt get a lower tithing rate? ....

[_maklelan]

But Mitt is not falling for it.

You're omitting the stock that Romney has stated he gives to the church each year as part of his tithing. He hasn't said exactly how much he gives, but in 2007 there was a transfer in stock from Bain to the church worth $2M, and one worth $1.3M in 2008. If that's Romney's money, and if he's given about the same since, it more than covers the disparity. The church's practice is to immediately sell stock that has been tithed, and it's a common practice among many wealthy members because they then don't have to pay taxes on the stock's appreciation in value (which they would have to if they just sold it for cash) and they may be able to deduct the whole amount from their taxable income.

[_harmony]

Rich man... eye of needle...

Nuff said.

[_Jonah]

"On his tax returns, Romney reported that he gave the church $1.53 million in 2010 on income of $21.7 million, and in 2011 estimates he'll donate $2.6 million to the church, on expected income of $21 million. The 2010 amount is less than 10 percent, while the 2011 figure is higher than the expected tithe. A campaign official said the governor bases his tithes on estimated income, since he donates to the church at the end of the calendar year before his taxes are finalized. He plans to pay above the 10 percent in 2011, to make up for the underestimate the year before, the campaign official said.

http://www.google.com/hostednews/ap/art ... 54d046dec0

[_maklelan]

Rich man... eye of needle...

Nuff said.

Yes, no need to know a person when little proverbs are there to help us judge their salvation.

[_DarkHelmet]

Rich man... eye of needle...

Nuff said.

Yes, no need to know a person when little proverbs are there to help us judge their salvation.

Isn't that what proverbs are for?

[_maklelan]

Isn't that what proverbs are for?

Not where I come from, and I would think that would be undesirable among folks who spend so much time accusing Mormons of being judgmental jerks.

[Guest]

"On his tax returns, Romney reported that he gave the church $1.53 million in 2010 on income of $21.7 million, and in 2011 estimates he'll donate $2.6 million to the church, on expected income of $21 million. The 2010 amount is less than 10 percent, while the 2011 figure is higher than the expected tithe. A campaign official said the governor bases his tithes on estimated income, since he donates to the church at the end of the calendar year before his taxes are finalized. He plans to pay above the 10 percent in 2011, to make up for the underestimate the year before, the campaign official said.

http://www.google.com/hostednews/ap/art ... 54d046dec0

If Mitt has a year with a net operating loss (NOL), can he carry it back against prior year's tithing payments and get a tithing refund? It seems he's tithe averaging, like income averaging over more than one year--a tax concept--so why not carry back or forward an NOL?

[_sock puppet]

But Mitt is not falling for it.

You're omitting the stock that Romney has stated he gives to the church each year as part of his tithing. He hasn't said exactly how much he gives, but in 2007 there was a transfer in stock from Bain to the church worth $2M, and one worth $1.3M in 2008. If that's Romney's money, and if he's given about the same since, it more than covers the disparity. The church's practice is to immediately sell stock that has been tithed, and it's a common practice among many wealthy members because they then don't have to pay taxes on the stock's appreciation in value (which they would have to if they just sold it for cash) and they may be able to deduct the whole amount from their taxable income.

Does Mitt not claim a deduction for the stock he contributes because it is in-kind rather than in cash? That would be foolish for such an astute businessman, with tax attorneys at his disposal. I'm sure the numbers for his charitable contributions (includes tithing) to the LDS Church, that show on his tax returns include the fair market value (FMV) of the stock he gifts.

[_Rollo Tomasi]

Does Mitt not claim a deduction for the stock he contributes because it is in-kind rather than in cash? That would be foolish for such an astute businessman, with tax attorneys at his disposal. I'm sure the numbers for his charitable contributions (includes tithing) to the LDS Church, that show on his tax returns include the fair market value (FMV) of the stock he gifts.

I looked at his 2010 itemized deductions form, and all the cash went to the LDS Church (around $1.5 million, or 7% of adjusted gross income, but this probably included, in addition to tithing, contributions like fast offerings, etc.); the other half (around $1.4 million) were non-cash contributions (i.e., primarily stock) to The Tyler Foundation, a charitable foundation created by Mitt and Ann Romney. The list of contributions made by that foundation shows $145,000 to the LDS Church (with Mitt's Belmont ward address) and then a lot of other contributions (including to BYU), but none of which appears to be for tithing.