Mitt steps in it again

[WillowTree]

You can put as much as you want into your IRA but only the first $6,000 is tax deferred.

 

[Katzndogz]

An IRA is not a savings account. Once you put money into an IRA it gets invested. If you are wise about investments it can grow quite quickly.

The money put into an IRA and the proceeds from investment are tax free, until you take it out. They are tax free to Mitt Romney and to you too. The purpose of making this kind of investment tax free until you take it out was to encourage leaving the money in and reinvesting it. Now, of course, investing and saving are wrong. All money should be redistributed as soon as earned with nothing invested or saved.

Could you pleas show me how this is done? I am allowed only one IRA and am limited to putting no more than $6000 per year into it.

Could you tell me how this could grow to $100.000. 000 in my lifetime? Take your time, I'll wait.

The same way Hillary Clinton invested $1,000 and in a few days it turned into $100,000. You manage your investment. You don't let it sit there so that the fund manages it. I would give you credit for even watching ONE baby in an E-Trade commercial tell you how to do it.

 

[WillowTree]

You can put as much as you want into your IRA but only the first $6,000 is tax deferred.

onecut needs him a financial advisor don'he?

 

[Chris]

In 1989, Romney led Bain Capital's purchase of Damon Corp., a medical testing company, and took a seat on the Board of Directors to better manage it. During Romney's four years, Bain tripled its investment, and Romney personally made $473,000 -- while Damon plumped its profits with Medicare fraud (running thousands of medical tests doctors didn't want, and billing Medicare for them). The company pled guilty to crimes committed during his tenure and paid a record fine of $119 million. Company President Joseph Isola pleaded no contest to fraud, and a vice president was also convicted.

Romney claims he "uncovered" the fraudulent claims and "took corrective action," but court records show that he did not notify prosecutors or stop the fraudulent billing. He just asked company lawyers what changes they could make to avoid prosecution, after the feds' LABSCAM prosecution targeted a different medical testing firm. The cheating continued, prosecutors say, until the day Bain sold the company to Corning. Furthermore, Damon Corp. was required to list in various SEC filings any significant legal risks it faced. Romney made no mention of the fraud he "uncovered," even though it led to a $119 million fine, the largest in history. Damon Corp. is another Bain acquisition that later went bankrupt, killing over a thousand jobs -- but not before Bain made $7.4 million in profit. By amazing coincidence, Rick Santorum also made a lot of money off of a company involved in Medicare fraud: Universal Health Care.

Mitt Romney's Skeleton Closet -- political scandals, quotes and character

 

[Listening]

This raises not only ethical questions but legal ones as well. I could only put $6000 a year in my IRA. How did Mitt manage to get this much into his?

Tax free of course.

(I forgot, I am one of "those people")



Top Democrats Are Making Mitt’s Enormous IRA An Even Bigger Liability | TPMDC

You mean he successfuly managed his money ?

Wow....we wouldn't want a president who knew how to do that.

Vote for Obama.

Why is it conservatives will excuse their own no matter what the offense.. Too bad you guys are stuck with this walking disaster.

Me? I am enjoying it.

This is what is so funny. This is either proved or it isn't. You should have those facts or you should STFU.

This isn't like "you didn't build that...."

This is cut and dried.

A self directed IRA can grow at whatever rate the investment can produce a return. Given Romney's access to good deals, this is no surprise.

Are you saying no one could do this ?

 

[WillowTree]

Romney can never release his tax records because if he does, he will be unelectable and probably end up in prison.

Why? Cause he has to release them for the IRS to know what's in them? You sure about that?

 

[OohPooPahDoo]

An IRA is not a savings account. Once you put money into an IRA it gets invested. If you are wise about investments it can grow quite quickly.z

The money put into an IRA and the proceeds from investment are tax free, until you take it out. They are tax free to Mitt Romney and to you too. The purpose of making this kind of investment tax free until you take it out was to encourage leaving the money in and reinvesting it. Now, of course, investing and saving are wrong. All money should be redistributed as soon as earned with nothing invested or saved.

IRA contributions are capped at 6k a year.

Hard to imagine how anyone could amass $100,000,000 with that kind of annual contribution limit.

Just as a reference point - get to $100,000,000 over 30 years at 6k a year requires an annual return of 32% - every year - for 30 years in a row. That analysis is very conservative, though, as the contribution limit used to be quite a bit lower than 6k.


He almost certainly utilized some loophole to move a massive some into the tax advantages IRA account.

 

[WillowTree]

I don't for the life of me know how liberals grew up to be so goddamned gullible and dumb. True story.

 

[8537]

An IRA is not a savings account. Once you put money into an IRA it gets invested. If you are wise about investments it can grow quite quickly.

The money put into an IRA and the proceeds from investment are tax free, until you take it out. They are tax free to Mitt Romney and to you too. The purpose of making this kind of investment tax free until you take it out was to encourage leaving the money in and reinvesting it. Now, of course, investing and saving are wrong. All money should be redistributed as soon as earned with nothing invested or saved.

Do the math on the rate of return required for Mitt's investment, then let's discuss what investment vehicle has produced those kinds of return in the past 20 years.

 

[OohPooPahDoo]

You can put as much as you want into your IRA but only the first $6,000 is tax deferred.

Excess contributions are actually subject to an excise tax - its hard to imagine Mitt would want to be taxed more.

 

[Listening]

In 1989, Romney led Bain Capital's purchase of Damon Corp., a medical testing company, and took a seat on the Board of Directors to better manage it. During Romney's four years, Bain tripled its investment, and Romney personally made $473,000 -- while Damon plumped its profits with Medicare fraud (running thousands of medical tests doctors didn't want, and billing Medicare for them). The company pled guilty to crimes committed during his tenure and paid a record fine of $119 million. Company President Joseph Isola pleaded no contest to fraud, and a vice president was also convicted.

Romney claims he "uncovered" the fraudulent claims and "took corrective action," but court records show that he did not notify prosecutors or stop the fraudulent billing. He just asked company lawyers what changes they could make to avoid prosecution, after the feds' LABSCAM prosecution targeted a different medical testing firm. The cheating continued, prosecutors say, until the day Bain sold the company to Corning. Furthermore, Damon Corp. was required to list in various SEC filings any significant legal risks it faced. Romney made no mention of the fraud he "uncovered," even though it led to a $119 million fine, the largest in history. Damon Corp. is another Bain acquisition that later went bankrupt, killing over a thousand jobs -- but not before Bain made $7.4 million in profit. By amazing coincidence, Rick Santorum also made a lot of money off of a company involved in Medicare fraud: Universal Health Care.

Mitt Romney's Skeleton Closet -- political scandals, quotes and character

More Chris Spam Bulls**t.

Why is he allowed to pollute boards with the same stuff over and over again.

He's never made an argument....just spammed.

He is just one of several brain dead leftwingers who need Obama to keep their pockets filled with goodies.

Move to Denmark Chris....they have great mental health benefits.

 

[Listening]

An IRA is not a savings account. Once you put money into an IRA it gets invested. If you are wise about investments it can grow quite quickly.

The money put into an IRA and the proceeds from investment are tax free, until you take it out. They are tax free to Mitt Romney and to you too. The purpose of making this kind of investment tax free until you take it out was to encourage leaving the money in and reinvesting it. Now, of course, investing and saving are wrong. All money should be redistributed as soon as earned with nothing invested or saved.

Do the math on the rate of return required for Mitt's investment, then let's discuss what investment vehicle has produced those kinds of return in the past 20 years.

It it is self directed it can directly to deals. Given his access to the kinds of deals Bain did, it isn't out of reach. Besides, now I am seeing 20 to 100 million. Which is it.

You bastards can't even figure out how badly you want to lie.

 

[amrchaos]

An IRA is not a savings account. Once you put money into an IRA it gets invested. If you are wise about investments it can grow quite quickly.

The money put into an IRA and the proceeds from investment are tax free, until you take it out. They are tax free to Mitt Romney and to you too. The purpose of making this kind of investment tax free until you take it out was to encourage leaving the money in and reinvesting it. Now, of course, investing and saving are wrong. All money should be redistributed as soon as earned with nothing invested or saved.

In reference to bold face:
You are joking right? This is sarcasm, right? No one is stupid enough to believe this--oh wait,--you are a democrat aren't you?

 

[OohPooPahDoo]

An IRA is not a savings account. Once you put money into an IRA it gets invested. If you are wise about investments it can grow quite quickly.

The money put into an IRA and the proceeds from investment are tax free, until you take it out. They are tax free to Mitt Romney and to you too. The purpose of making this kind of investment tax free until you take it out was to encourage leaving the money in and reinvesting it. Now, of course, investing and saving are wrong. All money should be redistributed as soon as earned with nothing invested or saved.

Do the math on the rate of return required for Mitt's investment, then let's discuss what investment vehicle has produced those kinds of return in the past 20 years.

It it is self directed it can directly to deals. Given his access to the kinds of deals Bain did, it isn't out of reach. Besides, now I am seeing 20 to 100 million. Which is it.

You bastards can't even figure out how badly you want to lie.

Allowing the owner of an IRA to invest in private equity sounds exactly like the kind of loopholes Romney would claim to be opposed to.

Of course - "loopholes" aren't "loopholes" to the people that benefit from them.

 

[8537]

An IRA is not a savings account. Once you put money into an IRA it gets invested. If you are wise about investments it can grow quite quickly.

The money put into an IRA and the proceeds from investment are tax free, until you take it out. They are tax free to Mitt Romney and to you too. The purpose of making this kind of investment tax free until you take it out was to encourage leaving the money in and reinvesting it. Now, of course, investing and saving are wrong. All money should be redistributed as soon as earned with nothing invested or saved.

Do the math on the rate of return required for Mitt's investment, then let's discuss what investment vehicle has produced those kinds of return in the past 20 years.

It it is self directed it can directly to deals. Given his access to the kinds of deals Bain did, it isn't out of reach.

He's not that smart. Nor is Warren Buffett.
The Secret Behind Romney

 

[onecut39]

You can put as much as you want into your IRA but only the first $6,000 is tax deferred.

Tax deferred means you are not charged a tax on the money in the account until it is withdrawn. The $6000 annual installment is exempt from taxes.

When you are forced to draw money from your IRA at the age of 70.5 the amount of penalty tax free withdrawals are set up in equal amounts till you reach an age of over 100;

Romney has $100,000,000. If he operates on the same rules as I do that means about 30 installments. That is about $3,000,000 a year. It is a bit more complicated than this but just a bit.

The whole idea is that you can draw money out, tax free, when you are older and have little income. These are the rules I have to work under. It boggles my mind to think Romney, or any rich guy, could get away with this.

I am sure Romney will have an explanation. Won't he?

 

[Listening]

You can put as much as you want into your IRA but only the first $6,000 is tax deferred.

Tax deferred means you are not charged a tax on the money in the account until it is withdrawn. The $6000 annual installment is exempt from taxes.

When you are forced to draw money from your IRA at the age of 70.5 the amount of penalty tax free withdrawals are set up in equal amounts till you reach an age of over 100;

Romney has $100,000,000. If he operates on the same rules as I do that means about 30 installments. That is about $3,000,000 a year. It is a bit more complicated than this but just a bit.

The whole idea is that you can draw money out, tax free, when you are older and have little income. These are the rules I have to work under. It boggles my mind to think Romney, or any rich guy, could get away with this.

I am sure Romney will have an explanation. Won't he?

You don't draw it tax free. You put it in tax free and it can grow tax free. But when it comes out, you pay taxes on it.

Past a point, there is almost no value to having one so large. Romney will pay big taxes on his distributions.

Get your facts straight.

 

[OohPooPahDoo]

Do the math on the rate of return required for Mitt's investment, then let's discuss what investment vehicle has produced those kinds of return in the past 20 years.

It it is self directed it can directly to deals. Given his access to the kinds of deals Bain did, it isn't out of reach.

He's not that smart. Nor is Warren Buffett.
The Secret Behind Romney

K, so according to the article, Romney would have been allowed to invest 30k a year over 15 years.

Its making more sense. Still requires a ridiculously good return to get to 100 mil, but the 20 mil figure is actually reasonable now.

No one's saying he did anything illegal. We just wanna know what loophole he utilized.

 

[Katzndogz]

An IRA is not a savings account. Once you put money into an IRA it gets invested. If you are wise about investments it can grow quite quickly.z

The money put into an IRA and the proceeds from investment are tax free, until you take it out. They are tax free to Mitt Romney and to you too. The purpose of making this kind of investment tax free until you take it out was to encourage leaving the money in and reinvesting it. Now, of course, investing and saving are wrong. All money should be redistributed as soon as earned with nothing invested or saved.

IRA contributions are capped at 6k a year.

Hard to imagine how anyone could amass $100,000,000 with that kind of annual contribution limit.

Just as a reference point - get to $100,000,000 over 30 years at 6k a year requires an annual return of 32% - every year - for 30 years in a row. That analysis is very conservative, though, as the contribution limit used to be quite a bit lower than 6k.


He almost certainly utilized some loophole to move a massive some into the tax advantages IRA account.

I can't believe this. You really don't know.

You have an IRA, you put 50,000 in to that IRA, you get a tax deferment on $6,000 and pay taxes on the balance. They money made from investing the entire $50,000 is tax free as long as it stays in the IRA as investment income. IF you take money out of the IRA before retirement, you pay tax on what you took out for the year in which you made the withdrawal. Do that for 30 years. In fact, put in $100,000 a year not $50,000 a year.

You seem to be under the impression that once you reach your maximum of $6,000 you are prohibited from any more IRA deposits. That's not true and that's where you are going wrong. The cap isn't a cap on deposits, it's a cap on tax deferrment.

IF you also leave your IRA to the management of a mutual fund manager you will make less money than if you guide the investment yourself. Of course if you make a mistake, you lose your own money.

 

[Listening]

Do the math on the rate of return required for Mitt's investment, then let's discuss what investment vehicle has produced those kinds of return in the past 20 years.

It it is self directed it can directly to deals. Given his access to the kinds of deals Bain did, it isn't out of reach. Besides, now I am seeing 20 to 100 million. Which is it.

You bastards can't even figure out how badly you want to lie.

Allowing the owner of an IRA to invest in private equity sounds exactly like the kind of loopholes Romney would claim to be opposed to.

Of course - "loopholes" aren't "loopholes" to the people that benefit from them.

I have a self directed IRA. It is not a loophole moron.

Except for real estate, you can pretty much do what you like.

It is common. But someone who does not save wouldn't know that.