To have $1 millon in your IRA, it takes some skill. To have $102 million IRA as Mitt Romney has, it really takes someone special. âThe assertion that he broke no laws is widely accepted. But it is worth asking if it is actually true. The answer, in fact, isnât straightforward.â Shaxson details Romneyâs stake in a series of inscrutable offshore corporations, one of which, Sankaty High Yield Asset Investors Ltd, is particularly hard to decipher, partly because it was absent from several Romney financial disclosures before he finally disclosed it in his 2010 tax return. And the blind trust that the Romney camp cites to deflect questions about potential conflicts of interest? It invested $10 million in a hedge fund co-founded by Tagg Romney. The trustee, Romneyâs personal lawyer R Bradford Malt (yes, thatâs his actual name), explains his investing philosophy by saying that he âliked Solamere because of its diversified approach and because he knew the foundersâ. There are also a now-closed Swiss bank account and continued interest in at least a dozen Cayman Islands-based Bain funds. Those funds form a large portion of Romneyâs multimillion-dollar IRA. How could the IRA have grown to as much as $102 million if the maximum annual contributions were normally just $2,000? Probably by putting artificially low valuations on the securities the Romneys put into their tax-free retirement accounts in the first instance.
to start with IRS is not that bright, if you say that share worth 1 cent then it's 1 cent. 50,000 inmates claim tax refunds, report no wages http://www.usatoday.com/money/perfi/taxes/2010-12-02-tax-refunds-inmates_N.htm
Why does everyone keep dancing around the real issue with this guy? He thinks you need to wear special underwear to get to heaven.
Who isnt a "criminal"? Govt being one of the biggest of them all. Im glad Romney has 100 mil in his IRA. It gives me hope. Granted it's .000000001% chance that my investment vehicles will turn out that way but thats more than in Cuba. And many, many other places. And what I have already earned and put away for a rainy 65 year old day is more than that pathetic blackmail that Social Security/Medicare etc (which is my own $ anyhow) will pay me. Crime is everywhere. Stop hating.
The Tower Research guy had a $100MM IRA as well.... and amassed in something like 10 years. The difference is that the HF guy isn't running for POTUS and has Golden Tablets in his back yard.
That's just the maximum annual deductible contribution. You can put $100 million in your IRA any time you want, but you can only deduct the first $2,000 and that's only if your AGI is below a certain threshold. I doubt Romney's ever been able to deduct any of those contributions given how much his income has been over the years. Nothing like spouting off on a topic you clearly know little about. What would the world be without that, eh? Wait, the world would be awesome without that.
Encouraging info. There is hope after all. If 99pc can attain just 1pc of 102M or even a quarter percent... I feel like i easily can be a quarter percent of being exceptional.
Exactly, it's simply illogical to do so. Of course Romney's wealth is a tiny minority. Hardly an issue, but the lack of transparency will bite him in the ass come November.