WillowTree
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- Sep 15, 2008
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You can put as much as you want into your IRA but only the first $6,000 is tax deferred.
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You can put as much as you want into your IRA but only the first $6,000 is tax deferred.
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.
You can put as much as you want into your IRA but only the first $6,000 is tax deferred.
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 Mitts 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.
Romney can never release his tax records because if he does, he will be unelectable and probably end up in prison.
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.
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.
You can put as much as you want into your IRA but only the first $6,000 is tax deferred.
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
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.
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.
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.
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.
You can put as much as you want into your IRA but only the first $6,000 is tax deferred.
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?
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
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.
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.