I have been wracking my brain to figure out the advantage to putting of putting tens of millions of bucks into an IRA. This may explain it.
4. It's the IRAs
Mitt Romney has an Individual Retirement Account, just like you probably do! But unlike you, Mitt has somewhere between $20 and $101 million in his account.
We know that the maximum amount one can contribute to an IRA account is $17,000 per year (employers can match that with up to $30,000). So that would be a pretty impressive performance what an investor!
Or what a cheat. Michael Graetz, a professor of tax law at Columbia University and a former official in the senior Bush's Treasury Department, suggested that to get such a fat IRA, we have to presume that Mr. Romney valued the assets he put in his retirement account at far less than he would have sold them for.
He continues:
The I.R.A. also allows Mr. Romney to diversify his large holdings tax-free, avoiding the 15 percent tax on capital gains that would otherwise apply. His financial disclosure further reveals that his I.R.A. freed him from paying currently the 35 percent income tax on hundreds of thousands of dollars of interest income each year.
And here are another 9 reasons for Mitt to hide his tax returns.
10 Theories About What Mitt Romney's Really Hiding in Those Tax Returns | The Smirking Chimp
4. It's the IRAs
Mitt Romney has an Individual Retirement Account, just like you probably do! But unlike you, Mitt has somewhere between $20 and $101 million in his account.
We know that the maximum amount one can contribute to an IRA account is $17,000 per year (employers can match that with up to $30,000). So that would be a pretty impressive performance what an investor!
Or what a cheat. Michael Graetz, a professor of tax law at Columbia University and a former official in the senior Bush's Treasury Department, suggested that to get such a fat IRA, we have to presume that Mr. Romney valued the assets he put in his retirement account at far less than he would have sold them for.
He continues:
The I.R.A. also allows Mr. Romney to diversify his large holdings tax-free, avoiding the 15 percent tax on capital gains that would otherwise apply. His financial disclosure further reveals that his I.R.A. freed him from paying currently the 35 percent income tax on hundreds of thousands of dollars of interest income each year.
And here are another 9 reasons for Mitt to hide his tax returns.
10 Theories About What Mitt Romney's Really Hiding in Those Tax Returns | The Smirking Chimp