Did Romney commit fraud to get an IRA worth $21+ million?

[○∙◄☻¥tπ[╪AV┼cVê└]

He could have only legally contributed $30,000 per year. So either he had an amazing return, or he lied about the value of things he put in it. No wonder he doesn't want to release any more tax forms.

http://www.npr.org/2012/07/19/157002254/tax-professionals-scrutinize-mitt-romneys-returns

[technical support]

He could have only legally contributed $30,000 per year. So either he had an amazing return, or he lied about the value of things he put in it. No wonder he doesn't want to release any more tax forms.

http://www.npr.org/2012/07/19/157002254/tax-professionals-scrutinize-mitt-romneys-returns

WASHINGTON -- Mitt Romney saved himself hundreds of thousands of dollars in taxes in 2010 by transferring stock in two companies from his personal account to a nonprofit entity he set up. The stock maneuver included $172,397 in shares of Sensata Technologies, a company now under fire for a high-profile effort to offshore central Illinois jobs to China


http://www.huffingtonpost.com/2012/07/19/mitt-romney-stocks-sensata_n_1687777.html




Now republicans are demanding that romney release his tax returns.

[True Federalist (진정한 연방 주의자)]

He could have only legally contributed $30,000 per year. So either he had an amazing return, or he lied about the value of things he put in it. No wonder he doesn't want to release any more tax forms.

http://www.npr.org/2012/07/19/157002254/tax-professionals-scrutinize-mitt-romneys-returns

Venture capital returns can be quite high when they are successful.  So while possibly politically embarrassing, there's absolutely no reason to suspect fraud, and anyone who does is just trolling unless they have specific evidence.

[greenforest32]

There are probably existing legal ways to get one that high but it might get us to place (or at least discuss) a limit on the back-end of IRAs in addition to the front-end contribution limits.

All gains in a Roth IRA can grow tax free and be withdrawn tax free but isn't the justification of an IRA to help lower-middle income people save for retirement? What happens when you reach figures above that ($1-3m and up)?

I don't see why a Roth IRA worth $100m should be withdrawn tax free. Past a certain point, it turns from a legitimate deduction into a loophole by being uncapped.

[○∙◄☻¥tπ[╪AV┼cVê└]

There are probably existing legal ways to get one that high but it might get us to place (or at least discuss) a limit on the back-end of IRAs in addition to the front-end contribution limits.

All gains in a Roth IRA can grow tax free and be withdrawn tax free but isn't the justification of an IRA to help lower-middle income people save for retirement? What happens when you reach figures above that ($1-3m and up)?

I don't see why a Roth IRA worth $100m should be withdrawn tax free. Past a certain point, it turns from a legitimate deduction into a loophole by being uncapped.

It was probably an IRA-SEP, which is not a Roth. No taxes have been paid on the money yet. Of course it hardly matters whether taxes were paid on the 1% or less that is the principal.

[Lincoln Republican]

No.

[Torie]

At the moment you can contribute about 55K to a SEP IRA per year max. I have one myself.

[opebo]

At the moment you can contribute about 55K to a SEP IRA per year max. I have one myself.

So does that mean yours is worth 21 million?

[Torie]

At the moment you can contribute about 55K to a SEP IRA per year max. I have one myself.

So does that mean yours is worth 21 million?

No, but the number is pretty significant after years and years of doing it. But I did not put venture capital stuff into it of course.

[Frozen Sky Ever Why]

Can't Romney just quit and let someone, ANYBONE else have the nomination at this point? Why even run for President if you have all these potential problems? Romney is running for himself, not for his party or conservatism.

[tmthforu94]

Of course he didn't.