- Banned
- #61
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.
Mutual funds have higher risks, but can offer better returns. Romney's IRA probably doesn't want peons investing. Mitt Romney's big returns are less "wise investing" than connections, the IRAs with the highest returns are open to the wealthiest in many cases. Still, research can increase the chance of better profit, so choose after looking at what is available.
If by wise investing you mean you make a scheme no one else but the rich can tae advantage of, you lobby the government to eliminate regulations which would interfere with your scheme, and then you do it with no risk at all and avoid paying taxes to the country that allows you to do this.
And we wonder why mittens does not want to tell anyone about his taxes which would probably contain many records of this scam.