How'd Romney get $100milliion in his IRA

[Political Junky]

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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[tererun]

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.

 

[zonly1]

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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typical moron, you take tabloid material and are suckered.

 

[Dreadnaught1968]

The DUmp? Are you kidding me?

 

[Seawytch]

This just shows us that all the rules are rigged for the 1%...and Reversible Mittens wants to rig it even more.

 

[Care4all]

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...

 

[Fordsflylow]

typical moron, you take tabloid material and are suckered.

So dispute it with your sides slanted material instead of making a personal insult?

 

[tinydancer]

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.

Watch the wealthy run! Please come this way!

 

[Ravi]

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....

 

[Political Junky]

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.

Watch the wealthy run! Please come this way!

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

 

[Seawytch]

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

Pointing out that the rules are fixed for the wealthy isn't "class warfare". The fact that rules are fixed for the 1% IS actual "class warfare".

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.
Watch the wealthy run! Please come this way!

When we taxed our wealthy at 90% were they all running away? No, they weren't and our country experienced a recovery. People who say taxing the wealthy will hurt us must completely disregard the 50s and the 90s.

Historic Tax Rates

 

[Fordsflylow]

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.

Watch the wealthy run! Please come this way!

Neither do I, but they are nothing special as many will try and claim. In fact in many cases, they and their money is thee root of all evil.

 

[iamwhatiseem]

How did Obama's wife get two $6 figure board memberships the same year Obama was elected Senator? Even though she had zero - ZERO- experience in either capacity.

 

[Political Junky]

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

Pointing out that the rules are fixed for the wealthy isn't "class warfare". The fact that rules are fixed for the 1% IS actual "class warfare".

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.
Watch the wealthy run! Please come this way!

When we taxed our wealthy at 90% were they all running away? No, they weren't and our country experienced a recovery. People who say taxing the wealthy will hurt us must completely disregard the 50s and the 90s.

Historic Tax Rates

When the very wealthy were taxed at 91%, much of the profit was put back into the businesses and the economy thrived. Now they sit on the profits or it goes offshore.

 

[iamwhatiseem]

How did the Obama's net worth exceed $10,000,000 after he was senator when his highest paying job prior was less than $100,000k?

 

[Seawytch]

How did the Obama's net worth exceed $10,000,000 after he was senator when his highest paying job prior was less than $100,000k?

Book sales.

 

[Political Junky]

How did the Obama's net worth exceed $10,000,000 after he was senator when his highest paying job prior was less than $100,000k?

Barack Obama Net Worth
Net Worth: $11.8 Million As of 2012
Source of Wealth: Books, Politics (Annual Salary: $400,000)

Barack Obama Net Worth 2012 | Celebrity Net Worth

 

[Truthmatters]

money is a tool.

its how you use that tool and what for.


Robmoney wants to go right back to the Bush era where everything is designed to benifit the wealthy and impoverish the little guy.

 

[iamwhatiseem]

How did the Obama's net worth exceed $10,000,000 after he was senator when his highest paying job prior was less than $100,000k?

Barack Obama Net Worth
Net Worth: $11.8 Million As of 2012
Source of Wealth: Books, Politics (Annual Salary: $400,000)

Barack Obama Net Worth 2012 | Celebrity Net Worth

Oops - you left out the two $6 figure board membership jobs Michelle was given in the same year he was elected Senator....

 

[Fordsflylow]

How did the Obama's net worth exceed $10,000,000 after he was senator when his highest paying job prior was less than $100,000k?

Barack Obama Net Worth
Net Worth: $11.8 Million As of 2012
Source of Wealth: Books, Politics (Annual Salary: $400,000)

Barack Obama Net Worth 2012 | Celebrity Net Worth

Oops - you left out the two $6 figure board membership jobs Michelle was given in the same year he was elected Senator....

IMHO It's not where one is financially that matters most, but rather where one has come from AND whether they remember where they came from and do something positive with their wealth, vs bulldozing a 3k house to make room for a 11k house WHILE parking his (romney) millions in off-shore accts just to name one MAJOR flaw.