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With President Obama expected to use his second-chance debate this week to portray Mitt Romney as an uncaring rich guy, a new analysis of the GOP candidate's wealth shows that the millionaire was so generous that he kept just 42 percent of his income.
Obama's team has mocked the 14.1 percent tax rate that Romney is in as shirking his responsibility. But Charlottesville, Va.-based Marotta Wealth Management, which pens a widely-followed research blog, found that when Romney's tax burden and charitable gifts are included, he paid out 57.9 percent of his income.
The analysts said that if Romney and others at Bain got a stock cheap and eventually donated it to a church or charity without cashing in the stock, then they could get two tax benefits.
First, they would not have to pay capital gains tax on the appreciated value of the stock, which they would have to do if they sold the stock and either pocketed or donated the proceeds.
Second, they might be able to deduct all, or at least part of, the value of the donated stock from their taxable income.
Such a move can save wealthy donors millions of dollars, the analysts said.
Raw Story (s.tt...)
Originally posted by Rastus3663
From what I get out of it, Romney was able to avoid taxes by donating.
find me another politician of either party that has given so much of his income to charity and taxes
Originally posted by sheepslayer247
You can make money on your own charitable donations!
Originally posted by 11235813213455
Only in today's America (and an election year) will you find mental degenerates that vilify charitable giving while lauding the the patriotism and virtue of paying more in taxes.