Dem Lawmakers Want Answers About Romney’s Enormous IRA

[Swede]

Everyone wants answers.

Leading House Democrats want to turn Mitt Romney’s enormous IRA into more than just a political problem.

Romney’s most recent financial disclosure form revealed that his tax-deferred individual retirement account holds upwards of $100 million — an amount that awkwardly showcases his enormous wealth but also raises legal and ethical questions.

IRAs are intended to allow workers to put away modest sums of money each year in order to help finance a middle class retirement. The savings are tax deferred, but there’s a legal limit — now $6,000 — on how much each IRA holder can contribute annually.

Now top Democrats on the Budget, Ways and Means, and Education and Workforce Committees want to know how people of Romney’s wealth can end up with 100,000 times that much money in a single IRA, and how much the tax and investment strategies they employ cost the Treasury in revenue every year.

http://tpmdc.talkingpointsmemo.com/2012/08/mitt-romney-ira-taxes-retirement.php?ref=fpnewsfeed

[global1]

1. This Is The First Question I Had When I Heard He Had So Much Money In His IRA......

I'm surprised that it took so long for them to get to this question. Something funny is going on here and we need to know how Rmoney has amassed so much in his IRA. What tricks is he and his accountants employing to allow him to do this? Are there loopholes in the laws that allow that?

Us 98%'ers whom IRA's were designed for have limits as to what can be contributed throughout the years since it's inception. How can Rmoney have $100 million in an IRA?

[Ruby the Liberal]

2. Hahaha!

To: Tax Policy Asst Secretary, US Treasury, DOL ERISA Asst Secretary of Labor:

Closing statement:

As you can imagine, given the sacrifices that middle-class families have made in recent years, we are alarmed to learn that wealthy taxpayers may be taking advantage of a tax subsidy that is designed to provide for retirement to instead accumulate massive amounts of tax-sheltered assets. Given your commitment to the rule of law and equitable treatment of taxpayers, we hope that you will evaluate the issue carefully to ensure that a select few are not being provided with a loophole that allows for wrongful tax evasion.

[gollygee]

3. K&R

[formercia]

4. This is how you get to not pay taxes.

Deduct everything.

[Cognitive_Resonance]

5. While there apparently are technically legal ways for IRAs to balloon like this it is highly shady

Only private equity/hedge fund big shots have access to the financial mechanisms to pervert the system like this. It is clearly an abuse of the underlying laws that were intended to allow relief from taxation for modest amounts contributed toward one's retirement. Every aspect of Romney's business activities reflects unrestrained greed.

edit: grammar