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View Diary: Mitt donated 30% to charity? (53 comments)

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  •  Price Waterhouse Cooper says he gave 13.45% of AGI (2+ / 0-)
    Recommended by:
    elmo, tardis10

    to charity over the last 20 years.

    Mr. Romney claims to have donated $4 million in 2011 although he only claims around $2 million on his tax return so we have no real idea whether or not he actually donated $4 million. If he did, that would be 29% of his AGI for the one year - a year when he was trying to make himself seem like a generous man since he was running for President.

    All this begs the question of what his real income is as opposed to his AGI. His adjusted gross income each year has been reduced by a number of factors including carried over passive losses from previous years and other accounting methods. So we don't know actually how much money ran through his hands during any of these years but you can bet that it was higher than his AGI.

    The bulk of his charitable giving other than that given directly to the LDS goes to the Tyler Foundation. This is not the Boston based Tyler Foundation, by the way, which actually helps kids with epilepsy, which has never received a donation from Mitt Romney. It is a Romney family controlled foundation which gives money to various entities.

    Here is a Mother Jones article which details the "charities" which the Tyler Foundation contributes to. Some are quite worthy such Dana Farber Institute, Joey fund for cystic fibrosis etc. Others are more self-serving such as to the US Olympic Equestrian Team (did they help get Ralfalca to London?).

    In the past the Tyler Foundation has certainly given to very questionable organizations.
    In 2006, for instance, Romney's foundation gave $10,000 to the anti-gay Massachusetts Family Institute, which believes that sexual orientation is a choice that can be cured by what critics call "pray away the gay" programs. In 2009, it gave $25,000 to the Becket Fund for Religious Liberty, a year after its chairman, Seamus Hasson, compared marriage-equality activists to Al Qaeda. And of course, the Utah-based Church of Jesus Christ of Latter-Day Saints heavily campaigned in favor of Proposition 8, the California ballot measure that outlawed same-sex marriage but was later deemed unconstitutional.
    It is interesting to note that several articles, including one on redstate make the mistake of saying that Mitt's Tyler foundation is the Tyler Foundation in Boston. So much so that the Boston based charity had to post a disclaimer on their website noting that they are not the Romney Tyler Foundation and have never received any donations from the Romneys. http://www.tylerfoundation.org/

    You can't scare me, I'm sticking to the Union - Woody Guthrie

    by sewaneepat on Sat Oct 13, 2012 at 04:55:15 AM PDT

    •  passive loss rules serve to increase agi, (1+ / 0-)
      Recommended by:
      VClib

      not decrease it.  if we're looking for "real" income, we'd subtract suspended passive losses in any given year and add back when they're released.

      •  This is certainly above my pay grade. (1+ / 0-)
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        VClib

        I thought he had passive losses that could not be subtracted in 2010 but then he got to carry over and take them in 2011 which meant his income was actually higher in 2011 than his AGI. Which is the year he says he gave 29% to charity.

        But I am not an accountant and I believe you probably are. Thanks.

        You can't scare me, I'm sticking to the Union - Woody Guthrie

        by sewaneepat on Sat Oct 13, 2012 at 06:46:01 AM PDT

        [ Parent ]

        •  exactly right, so income was (1+ / 0-)
          Recommended by:
          VClib

          understated in 2011, but was overstated in prior years when he couldn't take those losses.

          impressively solid understanding!

          •  I think I understand it about like I understand (1+ / 0-)
            Recommended by:
            VClib

            Dancing Wu-Li Masters which is to say about a 1/4 inch deep. But I try.

            You can't scare me, I'm sticking to the Union - Woody Guthrie

            by sewaneepat on Sat Oct 13, 2012 at 08:11:50 AM PDT

            [ Parent ]

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