Republican presidential nominee Mitt Romney used a loophole to "rent" the Mormon church's tax exemption status and defer paying taxes for 15 years, according to a new report.

Tax returns obtained by Bloomberg News through a Freedom of Information Act request indicated that Romney set up a charitable remainder unitrust (CRUT) in June 1996 just before Congress cracked down on the loophole in 1997.

"In this instance, Romney used the tax-exempt status of a charity - the Mormon Church, according to a 2007 filing - to defer taxes for more than 15 years," Bloomberg's Jesse Drucker explained. "At the same time he is benefiting, the trust will probably leave the church with less than what current law requires."

Estates lawyer Jonathan Blattmachr told Bloomberg that Romney's trust benefits from the Mormon church's exempt status because charities don't pay capital gains taxes when they make a profit from the sale of assets.

"The main benefit from a charitable remainder trust is the renting from your favorite charity of its exemption from taxation," Blattmachr said, adding that the charitable contribution "is just a throwaway" and the church would receive little if any financial benefit from the trust.

"I used to structure them so the value dedicated to charity was as close to zero as possible without being zero," he pointed out.

The CRUT allows individuals to "defer capital gains taxes on any profit from the sale of the assets, and receive a small upfront charitable deduction and a stream of yearly cash payments," Drucker wrote. "Like an individual retirement account, the trust allows money to grow tax deferred, while like an annuity it also pays Romney a steady income. After the funder's death, the trust's remaining assets go to a designated charity."

In fact, the amount available to go to the Mormon church has decreased from at least $750,000 in 2001 to $421,203 at the end of 2011 as Romney has collected yearly cash payments from the trust.

The Romney campaign declined to answer questions about the trust but insisted that it was "operated in accordance with the law" in an email to Bloomberg.

Boy, he really does have the best accountants money can buy, doesn't he? What a swell guy.

That's a pretty amazing way to make some money, over a period of 15 years no less.

I have a feeling that if people saw Romney's tax returns, they would be pretty upset.

I can even imagine some of our bight lights saying good for him!

All I can say is if people will vote for him, they will slide down the monetary pole, and become lower middle class....and deservingly so.

you got people who carried on about Chinese flags at the Whitehouse 3 years ago applauding as Success the looting of the US.

Appropos, Joe:

When you're into Uncle Sam for $130 worth of food stamps, OMG!!! OGM!!!OMG!!@! OMG!!#@ SINGLE BLACK MOTHER 13 KIDS 14 DIFFERENT DADDY LEECHES 47%'ER/NO PERSONAL RESPONSIBILITY ARE ROBBING US BLIND OMG OMG OMG !!@#@!

That reminds me. How many millions did Romney cheat the Italian people out of?

Since when is lying, cheating, and stealing considered good business practice? Who dropped America's moral compass and broke it?

But, see, thats not what he did. He used a huge loophole in the tax laws to hide income. You might try reading the OP.

Estates lawyer Jonathan Blattmachr told Bloomberg that Romney's trust benefits from the Mormon church's exempt status because charities don't pay capital gains taxes when they make a profit from the sale of assets.

"The main benefit from a charitable remainder trust is the renting from your favorite charity of its exemption from taxation," Blattmachr said, adding that the charitable contribution "is just a throwaway" and the church would receive little if any financial benefit from the trust.

"I used to structure them so the value dedicated to charity was as close to zero as possible without being zero," he pointed out.

If Obama found a tax loophold you wouldn't be screaming about him now would you? No, you'd be saying how utterly brilliant he is for finding the loophold. Give me a break.

Just the sort of leadership we need. Of course, 'the government' is ourselves.

What a wonderful example that is for the President of the United States have done.

Really shows a lot of character and leadership ability, doesn't GGM. Oh, I know, Romney is a wonderful business man. Sure is, he screwed the US government out of any and all tax revenue that he possibly could do, both personally and professionally.

Thanks but no thanks, that kind of character and person, that kind of brain function, thought process doesn't belong in the white house.

And then comes GGM as one of those "bright lights".

All those bright lights are in the "I don't care" camp. He's not Obama and that's all they need to know.

Then why didn't he take his full charitable gift deduction in 2011?

Because he knew he would release his taxes and people would see how LITTLE he paid. So apparently he is shamed by it when people are going to see it, but fine with it if they aren't going to see it. Kind of like what he says when he thinks he is not being recorded ....

Yep no wonder he doesn't want people to see his past tax returns.

(Remember? He used Panamanian Strongman loot invested in Staples, pulled out a few months later, and voila, 10 years later Staples went on to create 40,000 part time jobs!!!)