Romney Says “I Didn’t Inherit Money From My Parents.” Really?

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At Thursday night’s Republican primary debate on CNN, Mitt Romney told the audience he “didn’t inherit money from my parents.” Romney’s dad, George Romney, was the CEO of the American Motors Company and governor of Michigan during the 1960s, so it’s hard to believe he didn’t have money to bequeath his son Mitt. As it happens, the younger Romney explained what happened to his inheritance in more detail in an interview with Reuters in December [emphasis added]:

“What I got from my parents when they passed away I gave away to charity and to my kids. And so what I’ve earned has been earned through my education, my values, living in the greatest country in the world, through some luck and through hard work,” he said.

Passing your inheritance on to your children is not the same as not inheriting money at all. And it actually makes me a bit curious: a common estate-tax reduction strategy known as a dynasty trust relies on skipping generations. Did Romney pass on his inheritance to his kids for tax reasons? It’s hard to know without seeing his tax returns—and that’s another reason why he should release them.

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And the truth is, going into the final 4 days of the year we still needed to raise $TK to hit our $350,000 goal and start 2021 on track. It's nerve-wracking, wondering if the big spike we normally see at the end of December is going to be another thing that doesn't go as planned in 2020, or worse, if, now that Donald Trump is set to leave the White House (for longer than a taxpayer-funded golf trip to a property he owns), folks might be pulling back from fighting for the truth and a democracy and think the hard work is done.

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