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Krugman: Off and Out, Accounts Edition
Off and Out, Accounts Edition
Sort of related to my point about how although offshoring gets all the attention, domestic outsourcing is far from innocuous: there’s a lot of well-justified buzz about Romney’s accounts in the Cayman Islands, Switzerland, etc… But as Brian Beutler points out, an arguably much bigger issue is Romney’s domestic individual retirement account. IRAs are designed as a middle-class vehicle, with annual contributions limited to $6000; yet somehow the Romneys have an IRA worth more than $100 million. No, that’s not a misprint.
How did that happen? Presumably there was heavy exploitation of some kind of loophole. But which one? And is it one of the loopholes Romney proposes closing to pay for his massive tax cuts? (He hasn’t actually said anything specific).
As Beutler says, there may or may not be a Cayman Islands connection here. But that’s not crucial. Surely the existence of this huge account, which may well be legal but clearly flies in the face of the spirit of the law, poses questions that voters should have answered.
http://krugman.blogs.nytimes.com/2012/07/06/off-and-out-accounts-edition/
Sort of related to my point about how although offshoring gets all the attention, domestic outsourcing is far from innocuous: there’s a lot of well-justified buzz about Romney’s accounts in the Cayman Islands, Switzerland, etc… But as Brian Beutler points out, an arguably much bigger issue is Romney’s domestic individual retirement account. IRAs are designed as a middle-class vehicle, with annual contributions limited to $6000; yet somehow the Romneys have an IRA worth more than $100 million. No, that’s not a misprint.
How did that happen? Presumably there was heavy exploitation of some kind of loophole. But which one? And is it one of the loopholes Romney proposes closing to pay for his massive tax cuts? (He hasn’t actually said anything specific).
As Beutler says, there may or may not be a Cayman Islands connection here. But that’s not crucial. Surely the existence of this huge account, which may well be legal but clearly flies in the face of the spirit of the law, poses questions that voters should have answered.
http://krugman.blogs.nytimes.com/2012/07/06/off-and-out-accounts-edition/
1 replies
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