Romney's $100 million+ IRA

[Brittain33]

Romney has an IRA worth more than $100,000,000.

Annual contribution limits are $6,000.

How does this happen? Republicans, aren't you at least a little curious?

Recall that IRAs are not gold bars deposited from heaven but a legal construct of the U.S. tax code.

[Southern Senator North Carolina Yankee]

There is already a thread on this.

[Southern Senator North Carolina Yankee]

https://uselectionatlas.org/FORUM/index.php?topic=156220.0

The limits on Romney's IRA are much higher then that, for one. Second of all if he put assets in there back in say the late 1980's and 1990's, like those of the 80% of Bain's businesses that were successfull, having a rather large amount isn't all that out of the ordinary.


Is this a monthly thing now for liberal posters here?

[Filuwaúrdjan]

For a moment then I was very confused.

[Oakvale]

For a moment then I was very confused.

Yeah, every time an American mentions this thing I do a double-take.

[Torie]

Romney has an IRA worth more than $100,000,000.

Annual contribution limits are $6,000.

How does this happen? Republicans, aren't you at least a little curious?

Recall that IRAs are not gold bars deposited from heaven but a legal construct of the U.S. tax code.

Sigh. I guess I have to beat the drum on this one more time.

No for SEP IRA's, the limit is 55K actually.  He probably put private company stock in it that went public, if I had to guess. However, just doing passive investments, it is quite possible to get up to 5 million or so anyway. The numbers get considerably bigger if you have a defined benefit plan, which is then shut down and converted to an IRA. With that type of plan sometimes you can get up to about 250K per year into a pension plan. So I am not that surprised, and not that curious. Thank you.

By the way, how do we know Mittens has that much in his IRA again?  Is that a Mittens' disclosure?  Or did it come from the same source as the claim that Mittens paid no income taxes for 10 years?

[○∙◄☻¥tπ[╪AV┼cVê└]

Romney has an IRA worth more than $100,000,000.

Annual contribution limits are $6,000.

How does this happen? Republicans, aren't you at least a little curious?

Recall that IRAs are not gold bars deposited from heaven but a legal construct of the U.S. tax code.

Sigh. I guess I have to beat the drum on this one more time.

No for SEP IRA's, the limit is 55K actually.  He probably put private company stock in it that went public, if I had to guess. However, just doing passive investments, it is quite possible to get up to 5 million or so anyway. The numbers get considerably bigger if you have a defined benefit plan, which is then shut down and converted to an IRA. With that type of plan sometimes you can get up to about 250K per year into a pension plan. So I am not that surprised, and not that curious. Thank you.

By the way, how do we know Mittens has that much in his IRA again?  Is that a Mittens' disclosure?  Or did it come from the same source as the claim that Mittens paid no income taxes for 10 years?

The current SEP IRA limit is $50,000. An article on this mentions that it was only $30,000 at the time. Romney made too much for regular IRAs.

Undervaluing private company stock in a retirement account to get around contribution limits sounds like fraud to me. At the very least, it's another example of rich people like Romney playing by different rules than regular people.

Romney reported that he had at least $21 million in retirement accounts.

[Torie]

The undervaluing thing is your assumption. The limit is 55K for those over 55 due to a $5,000 "catchup." And then there is the defined benefit pension plan matter.