Romney tax returns shine light on Mormon tithing
January 24th, 2012
04:55 PM ET
3 years ago

Romney tax returns shine light on Mormon tithing

(CNN) - Although many Americans may have wondered just how much money Mitt Romney makes and how much taxes he pays in the lead-up to the release Tuesday of his tax documents, there was little suspense around how much he gives to his church.

That's because all Mormons in good standing with the Church of Jesus Christ of Latter-day Saints are required to give 10% of their salaries as a tithe.

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Filed under: Mitt Romney • Religion • Taxes
soundoff (20 Responses)
  1. william

    I thought Mormons and LDS were supposed to be good people. Romney is just a corporate raider that built his fortune as a vulture feeding off the hard work of others.

    January 24, 2012 05:04 pm at 5:04 pm |
  2. TED

    If Mitt is a true example of how LDS morals work, then they are the Monty Burns and vutluers of the religous world.

    January 24, 2012 05:06 pm at 5:06 pm |
  3. Joe

    Aren't Mormons supposed to donate everything they have in excess of what they need to the church, including property?

    January 24, 2012 05:11 pm at 5:11 pm |
  4. vic , nashville ,tn

    Really I don’t care because he is not my candidate. If Mitt Romney become president small business go out of business

    January 24, 2012 05:15 pm at 5:15 pm |
  5. Four and The Door

    william
    Romney is just a corporate raider that built his fortune as a vulture feeding off the hard work of others.
    ________________________________________________________________________________________________
    The work Bain Capital and other equity investment firms do is not at all as you describe. They add significant value to businesses by fixing what is wrong and making them into organizations that can survive. The hard work of employees is not wasted on failing methods or poorly designed business plans that failed to stay up to date.

    Private equity firms make money only when they are successful at fixing a broken business. When they are not, they also lose big money. If he made money doing it, he was very good and many other people benefited. Especially employees who's livelihood depended on the company surviving.

    January 24, 2012 05:16 pm at 5:16 pm |
  6. Ragatang

    I am not a mormon, but the guy has the right to spend his money as he sees fit.
    Maybe that's why he's rich and there rest are not. Hey, you might never know.

    January 24, 2012 05:17 pm at 5:17 pm |
  7. LacrosseMom(real one)

    Funny isn't it, that Willard the Mormon doesn't tithe the required 10%! Wish I had his tax rate though, we pay 31%.

    Thanks to the GOP the rich get richer and the Middle Class bears the brunt of the taxes!

    January 24, 2012 05:28 pm at 5:28 pm |
  8. LacrosseMom(real one)

    @Ragatang, don't make such sweeping judgments!

    January 24, 2012 05:29 pm at 5:29 pm |
  9. Lemmy

    @LacrosseMom – You pay a 31% tax rate on capital gains? Why?

    January 24, 2012 05:36 pm at 5:36 pm |
  10. GI Joe

    Nothing new – Southern evangelicals ASK for 10%.

    January 24, 2012 05:38 pm at 5:38 pm |
  11. Rudy NYC

    Four wrote:

    Private equity firms make money only when they are successful at fixing a broken business. When they are not, they also lose big money. If he made money doing it, he was very good and many other people benefited. Especially employees who's livelihood depended on the company surviving.
    ------------–
    And the commissions the folks at Bain collected from investments with other people's money can be declared as capital gains, instead of as earned income like in any other industry. THAT is what is unfair. You should not be able to collect capital gains from someone else's money. It should not matter that the money was derived from investments. It is earned income, plain and simple, not capital gains.

    January 24, 2012 05:44 pm at 5:44 pm |
  12. saywhat

    Romney would rather stick to his faith than the Constitution of US of A and spirit of the Bill of Rights, which is the American spirit Liberty, Freedom and Justice for all transcending cast, color, creed and faith. This spirit is what made us great.
    Freedom from and of Religion is one of the fundamental principals of this Union guaranteeing separation of State & Church.
    We deviate from these principals and we write foreword of our decline. A decline we saw setting in during the past decade because of our policies both internally and externally.
    Its up to us the American public to either hold firmly to these principals or rewrite the legacy of our Founding Fathers.

    January 24, 2012 05:47 pm at 5:47 pm |
  13. Four and The Door

    Rudy NYC
    ... It should not matter that the money was derived from investments. It is earned income, plain and simple, not capital gains.
    ______________________________________________________________________________________________
    I do not agree with you. It is obvious that the result of doing those things that allow private equity firms to make money on a project are not only consistent with the intent of a reduced tax rate on capital gains, they are among the best uses of that intent. Companies are saved where that is possible and that includes jobs and that whole process has an excellent impact on our economy. Mitt Romney's work here is a big plus and he needs to make that message clear in his capaign. This is the kind of guy we need in Washington, someone who creates wealth instead of just redistributing it.

    January 24, 2012 05:55 pm at 5:55 pm |
  14. LDS II

    Montgomery Burns. Waren Jeffs. Mitt Romney. Birds of a feather.

    January 24, 2012 06:03 pm at 6:03 pm |
  15. diridi

    this guy is a vulture capitalist, private equity guy....shipped jobs overseas., and stashed Money in Cayman Islands for GREED. You kidding me. Nasty thug of this nation. Open truth, republicans messed this nation like Hell, and Crazy –Not Obama. Obama2012.

    January 24, 2012 06:08 pm at 6:08 pm |
  16. george of the jungle

    who cares how much or what he does with his money. The question is the tax laws. They need to be changed and made fair for everyone. Thats what the repos don't want to happen . Romney is a rich joke. if he was really concerned about the country why isn't he asking for fair taxes???

    January 24, 2012 06:09 pm at 6:09 pm |
  17. The GOP opens mouth and inserts foot

    saywhat said, "Romney would rather stick to his faith than the Constitution of US of A and spirit of the Bill of Rights, which is the American spirit Liberty, Freedom and Justice for all transcending cast, color, creed and faith."

    But Romney is with the GOP and they have tried to rip the Constitution to shreds. Bush did, and look at the mess we're in now because of his shredding machine. They tossed out the first, fourth and fifth amendments. Bush's dismissal of the Constitution is very apparent through the 8 year disaster that was his regime.

    We now have a president who knows what a Constitution is and what it's for and upholds its laws. Bush never did. The GOP follows Bush.

    January 24, 2012 06:12 pm at 6:12 pm |
  18. Rudy NYC

    Lemmy wrote:

    @LacrosseMom – You pay a 31% tax rate on capital gains? Why?
    ----------
    There is nothing to suggest that a statement was made that someone pays 31% ib capital gains. All that it says is that someone pays a 31% rate, and they probably pay it on earned income. Read it again, objectively.

    January 24, 2012 06:27 pm at 6:27 pm |
  19. Rudy NYC

    Four wrote:

    I do not agree with you. It is obvious that the result of doing those things that allow private equity firms to make money on a project are not only consistent with the intent of a reduced tax rate on capital gains, they are among the best uses of that intent.
    --------–
    You are entitled to our opinions. Let's look at another loop hole that is evident in Mitt Romney's tax return. He can earn capital gains tax free by putting it into a trust for his kids. Normally, when you give someone a large sum of money, then a gift tax must be paid on it. But, if you assign your dividends from capital gains [as earned above] then you can declare that gift tax goes away. Since you didn't collect it, then you do not even pay 15% on it. Rather the income stays in the family tax free. That is not right.

    January 24, 2012 06:34 pm at 6:34 pm |
  20. Lemmy

    @Rudy – Then was LacrosseMom "wishing" she paid Romney's income rate? Because that would be higher than her 31%. I suppose she could be wishing for a higher rate, but that just seems odd to me.

    January 24, 2012 06:52 pm at 6:52 pm |