The Leavitts used nearly $9 million of their assets to set up the foundation in 2000 under an obscure provision of the federal tax code. In 2002, 2003 and 2004, the Leavitt organization donated less than 1 percent of its assets.
While Mike Leavitt alone has claimed about $1.2 million in tax write-offs since 2000, the foundation gave away only $49,000 in 2002 and $52,000 the next year, according to tax returns and other documents filed by the foundation. Meanwhile, the foundation's assets have been used for a $332,000 loan to Leavitt Land and Investment Inc., in which the secretary owns a significant stake, and other secured loans for insurance and real estate deals, said Alan Jones, a trustee of the organization.
Leavitt Land and Investment, in turn, extended an interest-free loan to Leavitt in 2002 valued at more than $250,001, according to a recent financial disclosure.
Oh millioniare's and their tax loopholes. This is why I can never be a tax attorney. You have to figure out ways to make the rich even more rich while knowning that what you are doing directly hurts the poorest of the poor who get health care and other vital services from the government.
As glad as I am that this partisan hack millioniare is no longer my governor, it is too bad that we have a partisan hack billioniare as our current governor. I am sure even if Scott M. Matheson, Jr. had this kind of money, which he doesn't, he wouldn't do this kind of thing. Nor would Scott push for a tax cut for the rich and push the tax burden onto the middle class of Utah. Because that's the kind of guy he is.