The Romney kids’ $100 million trust fund
February 6th, 2012
02:12 PM ET
2 years ago

The Romney kids’ $100 million trust fund

(CNNMoney) - Mitt Romney's five sons - Matt, Tagg, Craig, Ben and Josh - are sitting pretty with a trust fund worth $100 million.

Getting there took smart tax strategies, and investments that produced "great growth," in the words of the Romney campaign.

FULL STORY

Filed under: 2012 • Mitt Romney
soundoff (35 Responses)
  1. GROVER NORQUIST IS AN ENEMY OF THE STATE

    A bunch of trust fund babies who'll never work a day in their lives. Must be nice.

    February 6, 2012 02:14 pm at 2:14 pm |
  2. SK

    That's just a drop in the bucket – only $20 million per kid. How will they live? They will be considered to be among the POOR (rich) kids.

    February 6, 2012 02:16 pm at 2:16 pm |
  3. Rudy NYC

    It's about time there has been article about this. What a nice tax shelter. You can earn capital gains tax free if you put it into a trust fund, where it can earn even more capital gains.

    February 6, 2012 02:18 pm at 2:18 pm |
  4. diridi

    Folks, now you know about Mitt Romney true colors....ha....Obama2012.

    February 6, 2012 02:35 pm at 2:35 pm |
  5. Wire Palladin, S. F.

    Romney's new middle class is in the upper .5% of the wealthiest Americans. I'll bet that Mittens has taught them how to keep their money off shore, and pay no taxes to our country.

    February 6, 2012 02:37 pm at 2:37 pm |
  6. Truth and Nothing But the Truth

    Someday I hope to leave my kids a trust fund too. But with the government taking almost 50% of it to finance their welfare entitlement state, it will be tough.

    BTW, all that "trust fund" money gets invested in the economy which drives growth and jobs. Only socialists think it belongs to the government and not the people that earned it and invested it.

    February 6, 2012 02:38 pm at 2:38 pm |
  7. Sandy

    I'm happy for the Romney kids, but it's wrong to cheat the government out of tax money at a time when the country is ailing! And especially by those who can afford to pay their taxes. What greedy SOB's.

    February 6, 2012 02:44 pm at 2:44 pm |
  8. edog

    "BTW, all that "trust fund" money gets invested in the economy which drives growth and jobs. Only socialists think it belongs to the government and not the people that earned it and invested it."

    --------------------

    Nothing further from the truth. All that money is parked off shore in other countries like Switzerland and Camen Islands (ask Mitt himself). Also, all that money goes to European vacations, exotic sports cars (not American cars), summer homes in Spain, Italy. For anyone who thinks the real rich keeps all their money in the USA or spends all their money in the USA is dumb!!! The rich buy Chanel, Gucci, Luise Vuitton and DIOR which are all European companies.

    February 6, 2012 02:48 pm at 2:48 pm |
  9. Dominican mama 4 Obama

    A bunch of Trust Fund Babies, starting with their father and ending with 5 big healthy men that managed to not see any time in Iraq, or Afghanistan.
    I'm trying not to think this but I can't see my way around it.
    It strikes me as the height of hypocrisy and double standard to laud this man's EXTREME wealth, and his right to it during these times, and yet we begrudge the President a date with his wife and call HIM an elitist. We demand that our First Lady dress in rags from J. Crew because it would be in bad taste for her to wear anything designer, and yet Calista and Mrs. R Money and their brood should be entitled to maintain their lavish lifestyle and are not asked to tone it down for the sake of "appearances". I could go on, but you get the point. It is most interesting and incredible that our current President has to make a huge show of not entertaining too lavishly, or vacationing too extravagantly yet some people are actually considering bringing in a bona fide trust fund baby and his FIVE trust fund babies into the White House. The more RMoney reveals about his riches, the more his base goes crazy with glee. What is wrong with this picture? Is it only White Presidents that are allowed to live in the style they have become accustomed prior to the Presidency?
    I'm asking a certain part of America this question.
    Bunch of hypocrites.

    February 6, 2012 02:48 pm at 2:48 pm |
  10. Al-NY,NY

    Wire Palladin, S. F.

    Romney's new middle class is in the upper .5% of the wealthiest Americans. I'll bet that Mittens has taught them how to keep their money off shore, and pay no taxes to our country.
    -------

    but they will do their "tithing" duty to their church and maybe like daddy, claim it's being "charitable"

    February 6, 2012 02:51 pm at 2:51 pm |
  11. Fair is Fair

    Rudy NYC

    It's about time there has been article about this. What a nice tax shelter. You can earn capital gains tax free if you put it into a trust fund, where it can earn even more capital gains.
    ------–
    No one is saying you can't set one up, Rudy. It's open to everyone.

    February 6, 2012 02:53 pm at 2:53 pm |
  12. Eric Morgan, Lusby

    There is nothing wrong with being successful and being able to give your family the security and benefits of your success. This is the great thing about America…she gives us all the ability to prosper and be successful despite our background and shortcomings. President Obama’s journey symbolizes this.

    The problem that Senator Romney has is…to truly know how someone feels, you must walk in their shoes. Senator Romney has never understood the anguish of a parent not being able to provide for his/her children despite their best efforts. He has never had to experience the ambiguity of losing your home and everything you worked for. Although he said that there were times that he feared losing his job; because of his wealth he did not experience the fear of the repercussions of losing the job.

    He wanted to let the auto industry go bankrupted, which would have caused millions more jobs and home foreclosures in America. He does not agree with helping “responsible” struggling homeowners save their homes. His remedy is to let them loose it and just pay rent until the economy recovers. That is an insult to a person fighting for the American dream and has not done anything to deserve this fate. He does not agree with Obama-care, which is the signature blueprint to Romney-care; which is helping millions of Americans of all ages as we speak. Finally, his tax plan will be more supportive to the top 1% of Americans, than the 99% who really needs it. This is a true indicator of how he plans to govern the country. As Ed Schultz said…Wall-street is making all the money and main-street is paying all the bills; and Senator Romney wants to continue this model.

    I respect Senator Romney’s success and ambition, but I think his mentality and policies will take this country back into the Bush/Chaney era; and the country cannot afford this. So the questions are:

    1. Do we want a country that is fair to all Americans; or just the top 1%?
    2. Do we want a country that provides access to affordable healthcare to all that lives within?
    3. Do we want to continue to restore America by rebuilding the economy and returning the manufacturing jobs back to America? 3.7 million Jobs created to date!!!
    4. Do we want to show leadership and be respected be other countries in this world?

    Well the choice is simple…Go OBAMA/BIDEN 2012

    February 6, 2012 02:55 pm at 2:55 pm |
  13. Truth and Nothing But the Truth

    edog - Nothing further from the truth. All that money is parked off shore in other countries like Switzerland and Camen Islands (ask Mitt himself). Also, all that money goes to European vacations, exotic sports cars (not American cars), summer homes in Spain, Italy. For anyone who thinks the real rich keeps all their money in the USA or spends all their money in the USA is dumb!!! The rich buy Chanel, Gucci, Luise Vuitton and DIOR which are all European companies
    ===========================================================================================
    Do you think the rich get richer by SPENDING all their money??? You gotta get a clue! And so what if they spend some of it. It IS their money you know!!!

    February 6, 2012 02:57 pm at 2:57 pm |
  14. The Real Tom Paine

    I hope to leave my kids with a good work ethic, since with predators like Romney and his ilk ready to destroy us at a moment's notice, we had better be used to working.

    February 6, 2012 02:59 pm at 2:59 pm |
  15. Dominican mama 4 Obama

    Lest I forget, allow me to remind you that this same BEYOND WEALTHY trust fund baby candidate belongs to the same Party that was in charge and brought us our current recession. The same recession that saw our 401k's go swishing down the toilet; the same one that has a huge number of Americans on unemployment and food stamps; the same one that saw our jobs go flying overseas to make said trust fund baby presidential candidate, his 5 sons, and his cronies wealthier than ever before. His Party has done NOTHING to help this country regain its' footing. NOTHING. And yet some of you are seriously considering letting this fox back into the henhouse to finish off the chickens that survived.Really America?

    February 6, 2012 03:00 pm at 3:00 pm |
  16. The Real Tom Paine

    Ah Truth, whatever happened to the maxim that we live in a consumer-driven economy? You certainly consume and produce enough BS to kick the economy into overdrive: too bad the product is useless. The uber-rich saving and investing ofshore does not produce jobs, middle-class consumer demand does, and the GOP has done everything to make sure that people don't spend. Too bad its not working. Manufacturing is up, which means demand is up: it must suck to be trust-fund worshipper.

    February 6, 2012 03:08 pm at 3:08 pm |
  17. Woman In California

    Are these the same "sons" who are serving their country while out on the campaign trail for their corporations are people too father? If so, I could care LESS what Willard gives them – but I do care that they want us to send our sons and daughters off to war while they continue to age, wait on their trust funds and sit on their good for nothing butts all day long. If these are the "son's" you're speaking of – they can go to h%ll waiting on mine.

    February 6, 2012 03:12 pm at 3:12 pm |
  18. Voice of Reason

    The Romney campaign can spin it all they want – and were he not running for President, no one would care what kind of trust fund he set up for the boys... But the fact is that he IS running for President, and when most of the country has been slogging through a weak economy and looking for work, and half of all home sales are short sales or forclosures...

    This is the ultimate 'Let them eat cake' moment. Romney thinks he can run America like he ran Bain or his personal finances... but the problem is all that wealth was made off beating someone else to their money. And with Romney in the White House, the people getting the short end of the stick will be the rapidly disappearing middle class.

    Let them eat cake, indeed...

    February 6, 2012 03:12 pm at 3:12 pm |
  19. Rudy NYC

    Fair is Fair wrote:

    No one is saying you can't set one up, Rudy. It's open to everyone.
    --------------–
    It is a loop hole only available to the wealthy among us. It provides a path to pay no taxes. The whole point is that it is not fair, No one is making the argument that anything is illegal, except those on the right trying to suggest that is what the argument is all about.

    The average middle class investor cannot afford the requirements. They cannot meet the minimum deposit amounts to qualify. Most cannot meet the minimum time the money must be idle, not if they want to buy a house and raise a family.

    February 6, 2012 03:18 pm at 3:18 pm |
  20. edog

    Truth and Nothing But the Truth

    edog – Nothing further from the truth. All that money is parked off shore in other countries like Switzerland and Camen Islands (ask Mitt himself). Also, all that money goes to European vacations, exotic sports cars (not American cars), summer homes in Spain, Italy. For anyone who thinks the real rich keeps all their money in the USA or spends all their money in the USA is dumb!!! The rich buy Chanel, Gucci, Luise Vuitton and DIOR which are all European companies
    ===========================================================================================
    Do you think the rich get richer by SPENDING all their money??? You gotta get a clue! And so what if they spend some of it. It IS their money you know!!!

    ----------------------------------

    No I don't believe that. I believe that the real capital that sustains a strong equity market which provides the necessary funds for a capitalist society to work is from the average American who has a 401K and through mutual funds. I also believe that ultimately companies need people to buy their goods and services to sustain a real growth environment. That means the US economy will continue to depend on consumer spending. Making sure the middle class has more money to spend in the US economy is much more important than having the top 1% keep more money for offshore activities. In other words, the middle class is more likely to spend money in the US than a Rich guy who can fly off to Europe for a shopping spree. Just stop, breath, and think about it.

    February 6, 2012 03:23 pm at 3:23 pm |
  21. Curt

    How can Romney ever relate to the majority of Americans with his enormous wealth? Does anyone really beleives he cares about average Americans. Keeps talking about the armed forces and sending soldiers to war but I notice none of his 5 sons are in the armed forces. Donates millions to his church but don't recall money donated to help the needy. Saw a comment awhile ago where someone was praising him for his "missionary work" All that is is trying to recruit more people to his church. I really hope people wake up before its too late.

    February 6, 2012 03:25 pm at 3:25 pm |
  22. FLIndpendent

    @Truth – I see a lot of your posts and you, sir, are one delusional person. Listen up – we haven't in our history ever had a president that did everything right. Your constant bashing of everything about Dems and President Obama is clearly coming from pure hate and Faux News brainwashing. Just once, it would be refreshing and certainly would make you more credible if you would be fair in your assessments, especially since you use "Truth" in your name. If you think Romney is the answer for this country and can't see that he'll be taking us right back where we were under Bush then you are hopeless. Unless you're in the 1% then why would you support someone that could never know what the average American goes through? President Obama is a self-made man and he will be re-elected much to your dismay.

    February 6, 2012 03:30 pm at 3:30 pm |
  23. harvey 60

    There it is, just like I wrote last week. The Twit, who leeched from his dad, now insures that the leeching continues ito future generations. And he's a friend of the middle class? These kids never worked a minute for the money.

    February 6, 2012 03:34 pm at 3:34 pm |
  24. Woman In California

    @ Dominican mama 4 Obama

    I agree with you TOTALLY. They also got upset after the president redecorated the White House (as if he was ONLY sent there to slave and WORK for them). The audacity of these people astounds me.

    February 6, 2012 03:35 pm at 3:35 pm |
  25. ST

    I have bad news for Romney: This is not the time to celebrate the rich while everyone is hurting. It was done those days and no longer. Very few will back you!

    February 6, 2012 03:36 pm at 3:36 pm |
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