How'd Romney get $100milliion in his IRA

Discussion in 'Politics' started by Political Junky, Jul 7, 2012.

  1. Political Junky
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    Political Junky Gold Member

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    Since one can only put $6,000 a year.

    More About Romney's 'Off-Shore IRA' - TPMDC - Democratic Underground

    After a six-month hiatus, a Vanity Fair article about Mitt Romney’s tangled web of investments has thrust his foreign holdings and complicated tax strategies back into the center of the 2012 campaign. But questions have persisted for months about an individual retirement account held by the Romneys valued at upwards of $100 million — a stunning amount for a savings vehicle designed to provide middle class retirees comfortable, but non-lavish retirement.

    His IRA raises two key questions, both of which his campaign has consistently declined to answer: How, despite a $6000 legal limit on annual contributions to an IRA, did Romney’s IRA grow to over $100 million? And did he avoid any U.S. taxes on its enormous returns?

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  2. tererun
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    tererun BANNED

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    First, even the article says it is possible under laws right now, and at best it shows Romney too advantage of questionable areas of the tax law to do something legal. Though I really dislike Mittens, i have always said the guy knows business and can make money. Given his positions and abilities as head of bain capital it seems he would have been in position and had the ability to legally do this according to the law.

    I see this more as evidence of the fact that the government has made a part of the law that allows the rich and connected to take advantage of loopholes that no one but the 1% can take advantage of. The reason not to vote for Mittens is not that he broke tax laws, which the article undermines it's claims by telling us, but that Mittens is the least likely to change such loopholes in order to collect tax money that would otherwise be owed. Then again we knew this from his ballarina horse which only the rich could afford to buy, train, and care for to get tax breaks.

    In honesty I really don't thin Mitt broke the law in this case as the law was clearly written for people like him to pay less taxes. If they feel that Mitt has actually broken the law the IRS provides the ability to report tax scofflaws, and they would also have access to his past tax returns to audit them. I doubt much will come of it because it seems that he could probably get by on reasonable doubt if the article you quoted is correct.

    Much more disturbing is the area we actually have good evidence that mittens committed a felony when he got a hold of a police uniform and impersonated a police officer. This is a bit of a creepy crime often used by murderers and rapists to get victims to drop their guard. If you want to bitch about Mitt breaking a law there is this and his propensity for assault when he was younger.
     
  3. zonly1
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    zonly1 Probie still throwin'em

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    typical moron, you take tabloid material and are suckered.
     
  4. Dreadnaught1968
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    Dreadnaught1968 Oh crap!

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    The DUmp? Are you kidding me?
     
  5. Seawytch
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    Seawytch Information isnt Advocacy

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    This just shows us that all the rules are rigged for the 1%...and Reversible Mittens wants to rig it even more.
     
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  6. Care4all
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    Care4all Warrior Princess Supporting Member

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    if the rule is $6000 max savings in an IRA a year for us, it should be $6000 max put in to it for ALL OF US. that's all I've gotta say...
     
  7. Fordsflylow
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    Fordsflylow Active Member

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    So dispute it with your sides slanted material instead of making a personal insult?:eusa_boohoo:
     
  8. tinydancer
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    tinydancer Diamond Member

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    I don't envy the wealthy. Class warfare only goes so far politically because it is so easy to nuke limousine liberals.

    For example the new "socialist" President of France who is going to levy 75% tax on his "hated rich" owns three chateaus on the Riviera.:D

    Watch the wealthy run! Please come this way!
     
  9. Ravi
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    Ravi Diamond Member

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    It's ironic that Mitt has $100 million in a fund set up to help the middle class because so many companies were defaulting and/or eliminating pensions....
     
  10. Political Junky
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    Political Junky Gold Member

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    Three homes valued at a total of a million euros. That's very little for three homes anywhere.
     

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