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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Truth #1: The chaos is the point.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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