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Can You Dig It?
Author: Raine    Date: 09/27/2012 12:56:35

Mitt Romney can.

I'll betcha $10,000 you don't dig it dimply because you can't afford to dig it.

In January 1999, a trust set up by Mitt Romney for his children and grandchildren reaped a 1,000 percent return on the sale of shares in Internet advertising firm DoubleClick Inc.

If Romney had given the cash directly, he could have owed a gift tax at a rate as high as 55 percent. He avoided gift and estate taxes by using a type of generation-skipping trust known to tax planners by the nickname: “I Dig It.” (snip)


Digging It

Romney’s vehicle is known as an “intentionally defective grantor trust” or by the acronym IDGT -- hence the nickname: “I Dig It.” Such trusts permit donors to give potentially unlimited amounts to children free of estate and gift taxes.

Here’s how they work: the person setting up the trust, like Romney, contributes assets such as an interest in a fund or shares in a company. If he makes that contribution before those assets appreciate -- particularly when they are privately held and difficult to value -- he can claim the gift tax obligation is low or non-existent since the declared value is low or zero.

If the trust generates any income -- such as by selling stock -- the eventual tax bill is the responsibility of Romney, not the trust. By paying the capital gains tax, which was 20 percent in the late 1990s and is now 15 percent, he can avoid depleting the funds in the trust -- in essence making an additional donation that’s free of gift taxes. (snip)

Romney sold additional DoubleClick shares in at least two other transactions, securities filings show.

DoubleClick was purchased by Google Inc. (GOOG) for $3.2 billion in 2008.


I think it is time he release a few more tax returns.

58 comments (Latest Comment: 09/28/2012 03:03:55 by Will in Chicago)
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Comment by Mondobubba on 09/27/2012 12:59:28
Gotta retract yesterdee's blog, Bobber. Apparently the Politico article was satire.

Here is the tip off:

burried deep on page two:

"A word about PowerPoint. PowerPoint was released by Microsoft in 1990 as a way to euthanize cattle using a method less cruel than hitting them over the head with iron mallets. After PETA successfully argued in court that PowerPoint actually was more cruel than iron mallets, the program was adopted by corporations for slide show presentations."


Comment by Mondobubba on 09/27/2012 13:03:31
In other news: Insane Clown Posse Sues FBI After Being Labeled a Gang

Can an entire episode of "Gangland" devoted this growing menace be far behind?

Comment by Raine on 09/27/2012 13:05:21
Put a for in it Mitt I think he's done.
Mother Jones has obtained a video from 1985 in which Romney, describing Bain's formation, showed how he viewed the firm's mission. He explained that its goal was to identify potential and hidden value in companies, buy significant stakes in these businesses, and then "harvest them at a significant profit" within five to eight years.


Comment by Mondobubba on 09/27/2012 13:06:34
Quote by Raine:
Put a for in it Mitt I think he's done.
Mother Jones has obtained a video from 1985 in which Romney, describing Bain's formation, showed how he viewed the firm's mission. He explained that its goal was to identify potential and hidden value in companies, buy significant stakes in these businesses, and then "harvest them at a significant profit" within five to eight years.



Psst. I think you mean "fork"

Comment by wickedpam on 09/27/2012 13:08:10
Morning

Comment by TriSec on 09/27/2012 13:25:06
Morning, folks.

Not having many side effects this time around - even the neuropathy is diminished, and I have very little of the "Darth Vader" effect on my throat whilst drinking today.

So, either Allah is to be praised for his mercy, or I'm building up a tolerance without a sky-spirit involved. Reader's choice.

Comment by wickedpam on 09/27/2012 13:40:56
Rocky Mountain Mike

Comment by Mondobubba on 09/27/2012 13:45:38
http://cdn.twentytwowords.com/wp-content/uploads/Starry-Night-made-out-of-bacon.jpg



Stop wasting bacon on this kind of thing.

Comment by TriSec on 09/27/2012 13:46:03
Oh, and the weight-loss thing...I seem to be fluctiating wildly. I'm tracking it every day now so I'll have some good data to report next cycle.

Otherwise, other than dairy, I'm not on any restrictions. The suggestion was to try to spread things out instead of 3 squares a day...this will maintain caloric intake, as well as help mitigate my unsettled belly. I"ll be trying that this cycle.



Comment by Mondobubba on 09/27/2012 13:46:05
Quote by TriSec:
Morning, folks.

Not having many side effects this time around - even the neuropathy is diminished, and I have very little of the "Darth Vader" effect on my throat whilst drinking today.

So, either Allah is to be praised for his mercy, or I'm building up a tolerance without a sky-spirit involved. Reader's choice.





Comment by TriSec on 09/27/2012 13:48:14
I did get a baseline reading, overall I'm actually only down 4 pounds from my first cycle. (July 30), so there is no "official" concern from the pros.



Comment by BobR on 09/27/2012 13:48:49
Quote by Mondobubba:
Gotta retract yesterdee's blog, Bobber. Apparently the Politico article was satire.

Here is the tip off:

burried deep on page two:

"A word about PowerPoint. PowerPoint was released by Microsoft in 1990 as a way to euthanize cattle using a method less cruel than hitting them over the head with iron mallets. After PETA successfully argued in court that PowerPoint actually was more cruel than iron mallets, the program was adopted by corporations for slide show presentations."

I read that as snark. Notice my italicized comment after the quote? That's also why I prefaced it with the disclaimer "reportedly".

While the actual name-calling may not be true, you can tell just by watching them that they are not comfortable with each other when in campaign mode, and it is still true that Ryan must know that this is turning into a career-killer for him.

So - I am not going to bother with a retraction.

Comment by BobR on 09/27/2012 13:50:35
Quote by Mondobubba:
http://cdn.twentytwowords.com/wp-content/uploads/Starry-Night-made-out-of-bacon.jpg


Stop wasting bacon on this kind of thing.

Porky, porky night...

Comment by TriSec on 09/27/2012 13:51:02
I think the takeaway from the Politico article is "Plausible".

That's the real comment on the Make Money/Kill Grandma campaign.



Comment by Raine on 09/27/2012 13:51:21
Quote by BobR:
Quote by Mondobubba:
Gotta retract yesterdee's blog, Bobber. Apparently the Politico article was satire.

Here is the tip off:

burried deep on page two:

"A word about PowerPoint. PowerPoint was released by Microsoft in 1990 as a way to euthanize cattle using a method less cruel than hitting them over the head with iron mallets. After PETA successfully argued in court that PowerPoint actually was more cruel than iron mallets, the program was adopted by corporations for slide show presentations."

I read that as snark. Notice my italicized comment after the quote? That's also why I prefaced it with the disclaimer "reportedly".

While the actual name-calling may not be true, you can tell just by watching them that they are not comfortable with each other when in campaign mode, and it is still true that Ryan must know that this is turning into a career-killer for him.

So - I am not going to bother with a retraction.
There are an awful lot of people that aren't buying the Satire claim.


Comment by Mondobubba on 09/27/2012 13:54:00
Quote by BobR:
Quote by Mondobubba:
Gotta retract yesterdee's blog, Bobber. Apparently the Politico article was satire.

Here is the tip off:

burried deep on page two:

"A word about PowerPoint. PowerPoint was released by Microsoft in 1990 as a way to euthanize cattle using a method less cruel than hitting them over the head with iron mallets. After PETA successfully argued in court that PowerPoint actually was more cruel than iron mallets, the program was adopted by corporations for slide show presentations."

I read that as snark. Notice my italicized comment after the quote?

While the actual name-calling may not be true, you can tell just by watching them that they are not comfortable with each other when in campaign mode, and it is still true that Ryan must know that this is turning into a career-killer for him.

So - I am not going to bother with a retraction.


I was being saterical myself.

The video of them in Ohio was hilarious.

Comment by Scoopster on 09/27/2012 13:59:24
Mornin' all!

We're startin' to get a lil bit of color here.. Pics to come!

Comment by BobR on 09/27/2012 14:04:39
How long before Romney selectively edits this campaign flub from Obama into a campaign ad?

Comment by trojanrabbit on 09/27/2012 14:05:33
I have to decide whether I end my self-imposed viewing boycott of the NFL tonight or find alternate methods to watch TNF (as I don't have cable anymore).

Screw it, not like it's a compelling game.

I see good ol' Sheldon is admitting he wants Romney in so his casinos won't get investigated by the DoJ.

On the work front, I've spent the last two days tearing my hair out because I can't get something to program properly. Finally traced it to a missing letter in a 200 character long string that configures the power supply I'm programming. So naturally it ignores everything I send it, and doesn't even bother to send back an error code. Nice firmware.


Glad the side-effects seem to be lessening, Tri

Comment by Scoopster on 09/27/2012 14:07:51


Comment by Mondobubba on 09/27/2012 14:08:32
Quote by BobR:
How long before Romney selectively edits this campaign flub from Obama into a campaign ad?



: Looks at watch: 5, 4, 3, 2, 1...Now

Comment by BobR on 09/27/2012 14:12:26


Comment by TriSec on 09/27/2012 14:13:51
Quote by BobR:
How long before Romney selectively edits this campaign flub from Obama into a campaign ad?


Hardlly a flub - he caught it immediately and turned it around. Of course, that's lost on the RWNM.



Comment by Mondobubba on 09/27/2012 14:14:56
Quote by trojanrabbit:
I have to decide whether I end my self-imposed viewing boycott of the NFL tonight or find alternate methods to watch TNF (as I don't have cable anymore).

Screw it, not like it's a compelling game.

I see good ol' Sheldon is admitting he wants Romney in so his casinos won't get investigated by the DoJ.

On the work front, I've spent the last two days tearing my hair out because I can't get something to program properly. Finally traced it to a missing letter in a 200 character long string that configures the power supply I'm programming. So naturally it ignores everything I send it, and doesn't even bother to send back an error code. Nice firmware.


Glad the side-effects seem to be lessening, Tri



I posted something about Sheldon yesterday. He is betting on spending money to get the investingation dropped. This requires more research on just what is at stake. I think it might be something with his gaming license.

Comment by BobR on 09/27/2012 14:16:35
Quote by TriSec:
Quote by BobR:
How long before Romney selectively edits this campaign flub from Obama into a campaign ad?


Hardlly a flub - he caught it immediately and turned it around. Of course, that's lost on the RWNM.

They had no bones about pulling "you didn't build that" out of context.

Comment by Mondobubba on 09/27/2012 14:29:36
Quote by TriSec:
I did get a baseline reading, overall I'm actually only down 4 pounds from my first cycle. (July 30), so there is no "official" concern from the pros.




I think if you had lost, say 30 pounds there would be cause for alarm.

Comment by TriSec on 09/27/2012 14:36:11
I am pleased to report that I am back to a positive balance on both sick and vacation time at work. (not much, but positive) Went in the hole during my convalescence. (FCHP lets us "borrow" 5 days of vacation time on credit.)


Comment by Mondobubba on 09/27/2012 14:59:37
Joy! My entire department is having to deal with a lunatic. He has discussed his sitch with management. Now he is calling, wasting our time saying he never spoke with department management. It is a drain.

Comment by TriSec on 09/27/2012 15:10:59
Quote by Mondobubba:
Joy! My entire department is having to deal with a lunatic. He has discussed his sitch with management. Now he is calling, wasting our time saying he never spoke with department management. It is a drain.


Sounds like you guys need to come up with a "Wall of Shame". We used to do this at ol' HPHC back in the day. Whenever anybody mailed us somiething silly, we'd make a copy and post it for all to see...then we started writing up ugly or stupid calls and posting them, too. Of course it's completely internal, and we didn't redact the names in those pre-HIPAA days. (it helped when they called again - we knew who the idiots were.)


Comment by Mondobubba on 09/27/2012 15:28:53
Quote by TriSec:
Quote by Mondobubba:
Joy! My entire department is having to deal with a lunatic. He has discussed his sitch with management. Now he is calling, wasting our time saying he never spoke with department management. It is a drain.


Sounds like you guys need to come up with a "Wall of Shame". We used to do this at ol' HPHC back in the day. Whenever anybody mailed us somiething silly, we'd make a copy and post it for all to see...then we started writing up ugly or stupid calls and posting them, too. Of course it's completely internal, and we didn't redact the names in those pre-HIPAA days. (it helped when they called again - we knew who the idiots were.)



Oh he is totally documented. We got a little broadcast message about him via our phone system yesterday and again this morning. Plus there is an alert on his account about what is going on. So he is basically not going to get thing one out of us.

Comment by TriSec on 09/27/2012 15:45:45
Continuing my Geek credentials, my date tracker indicates that I am now under 100 days to my last treatment. (99).



Comment by Mondobubba on 09/27/2012 15:55:15
Quote by TriSec:
Continuing my Geek credentials, my date tracker indicates that I am now under 100 days to my last treatment. (99).




Sweet. Just in time for the New Year or 12th night. Yeah I am grasping at straws.

Comment by TriSec on 09/27/2012 16:05:01
Quote by Mondobubba:



Sweet. Just in time for the New Year or 12th night. Yeah I am grasping at straws.


We're planning a big blowout after I get my port out. Boston is blessed with many fine steak houses and martini bars.


Comment by TriSec on 09/27/2012 16:49:52
Hmm, we seem a bit subdued today.



Comment by Mondobubba on 09/27/2012 16:55:01
Quote by TriSec:
Quote by Mondobubba:



Sweet. Just in time for the New Year or 12th night. Yeah I am grasping at straws.


We're planning a big blowout after I get my port out. Boston is blessed with many fine steak houses and martini bars.



Hmmm blog meet up and Tri ending chemo party...

Comment by Scoopster on 09/27/2012 17:05:48
A Dem is within striking range to take over Dick Lugar's Senate seat in Indiana.

I say we send the Big Dog in there to help finish it off, and maybe even flip Indiana to Obama once again.

Comment by wickedpam on 09/27/2012 17:13:25
Quote by TriSec:
Hmm, we seem a bit subdued today.




in mode, catching up with work that I put off prior to the move. Plus its Nouveau ordering time

Comment by Raine on 09/27/2012 17:21:03
Quote by TriSec:
Hmm, we seem a bit subdued today.

I'm Actually deep in the rabbit hole.


Comment by BobR on 09/27/2012 17:28:15
Quote by Mondobubba:
Quote by TriSec:
Quote by Mondobubba:

Sweet. Just in time for the New Year or 12th night. Yeah I am grasping at straws.


We're planning a big blowout after I get my port out. Boston is blessed with many fine steak houses and martini bars.


Hmmm blog meet up and Tri ending chemo party...

YES - I love it!...

oh wait - Boston in January?

Comment by Raine on 09/27/2012 17:37:23
Quote by Scoopster:
A Dem is within striking range to take over Dick Lugar's Senate seat in Indiana.

I say we send the Big Dog in there to help finish it off, and maybe even flip Indiana to Obama once again.
I like how you think, Scoop!


Comment by Mondobubba on 09/27/2012 17:38:50
Quote by BobR:
Quote by Mondobubba:
Quote by TriSec:
Quote by Mondobubba:

Sweet. Just in time for the New Year or 12th night. Yeah I am grasping at straws.


We're planning a big blowout after I get my port out. Boston is blessed with many fine steak houses and martini bars.


Hmmm blog meet up and Tri ending chemo party...

YES - I love it!...

oh wait - Boston in January?



So it will be cold and the sun sets at like, 2 in the afternoon. It will be an adventure in SAD.

Comment by TriSec on 09/27/2012 17:40:38
Actually, the timeframe would be more into February. Maybe over school vacation

Comment by Raine on 09/27/2012 18:12:37
Quote by TriSec:
Actually, the timeframe would be more into February. Maybe over school vacation
Isn't that even less sun?


Comment by Mondobubba on 09/27/2012 18:27:46
Quote by TriSec:
Actually, the timeframe would be more into February. Maybe over school vacation



Woohoo! Boston in February! The coldest, bleakest month of the year!

Comment by TriSec on 09/27/2012 18:29:57
Yep, it will be the official "4F Depression, Drinking, and Drugs convention".



Comment by TriSec on 09/27/2012 18:33:05
Hiking the Freedom Trail on a grimy, dim February day so makes tourists fall in love with this city. We can even traverse the barren tundra of the Public Garden and look at the glacially-entombed Swan Boats!

There is actual skating at the Frog Pond (frozen) on the Common, though. That's fun at least. Until the wind off the harbor hits you in the face.

I'm not helping, am I? <-- most Bostonians by Feb 28.

Comment by Mondobubba on 09/27/2012 18:49:13
Quote by TriSec:
Hiking the Freedom Trail on a grimy, dim February day so makes tourists fall in love with this city. We can even traverse the barren tundra of the Public Garden and look at the glacially-entombed Swan Boats!

There is actual skating at the Frog Pond (frozen) on the Common, though. That's fun at least. Until the wind off the harbor hits you in the face.

I'm not helping, am I? <-- most Bostonians by Feb 28.



:rofl:

Comment by Scoopster on 09/27/2012 19:03:43
Quote by TriSec:
Hiking the Freedom Trail on a grimy, dim February day so makes tourists fall in love with this city. We can even traverse the barren tundra of the Public Garden and look at the glacially-entombed Swan Boats!

There is actual skating at the Frog Pond (frozen) on the Common, though. That's fun at least. Until the wind off the harbor hits you in the face.

I'm not helping, am I? <-- most Bostonians by Feb 28.

Eh it could be worse.. you could live in Montreal or Quebec City!

Comment by Mondobubba on 09/27/2012 19:20:33
:thud: One of my former bosses when I worked for Nader is now a running dog sell out who now writes for Fortune. Nina Easton.

Comment by Mondobubba on 09/27/2012 19:29:46
NPR runs a stupid story about Citizens United benefiting unions.

Three unions together who can scrape up 7 million bucks for a superpac is not the same thing as the dark money pouring into Crossroads GPS.