Romney amasses $100Million IRA retirement account!

Discussion in 'Politics, Religion, Social Issues' started by mcrain, Sep 28, 2012.

  1. mcrain, Sep 28, 2012
    Last edited: Sep 28, 2012

    mcrain macrumors 68000

    mcrain

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    #1
    I had not heard about this aspect of Mitt's tax return disclosure; it certainly strikes me as abusive even if it were legal.
     
  2. kavika411 macrumors 6502a

    kavika411

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  3. NT1440 macrumors G4

    NT1440

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    #3
    It's nice to be rich enough to have an army of patsy's to fire when you're caught, isn't it?

    What happened to the "personal responsibility" line of thought from the GOP? Does it stop as soon as "I have a guy for that"?
     
  4. kavika411 macrumors 6502a

    kavika411

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    #4
    It is!

    I don't know!

    I guess so!

    This is exciting!
     
  5. NT1440 macrumors G4

    NT1440

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    #5
    Kavika, do you think Romney has any personal responsibility for his account or accounting team? Yes or No?
     
  6. kavika411 macrumors 6502a

    kavika411

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    #6
    Yes.

    NT1440, was it hard for you to ask a non-rhetorical, non-conflating question? Yes or No?
     
  7. skunk macrumors G4

    skunk

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    #7
    If that is so, why was your first comment one about his accountant losing his licence, rather than about Romney being held to account himself for a practice he clearly endorsed?
     
  8. NT1440 macrumors G4

    NT1440

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    #8
    How do you feel Romney should address this situation? From your point of view does he bear responsibility for this illegal practice?
     
  9. Zombie Acorn macrumors 65816

    Zombie Acorn

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    #9
    Illegal or unethical?
     
  10. NT1440 macrumors G4

    NT1440

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    #10
    Read the article, this is illegal activity.
     
  11. Zombie Acorn macrumors 65816

    Zombie Acorn

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    #11
    I read the article, i don't see it. They said lawmakers were crafting laws to stop this type of circumvention, but from the looks of it it is just a snakey move and nothing will come of this.

    Romney is filthy rich, people already know that.

    This does bring the tax return issue back into the limelight though, and I must say I wouldn't mind seeing a few of those past tax returns.
     
  12. Rodimus Prime macrumors G4

    Rodimus Prime

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    #12
    And why the **** do people think they should elected Romney. If what he is doing is legal it sure as hell is not ethical. The guy is by far one of the most unethical men to run for president ever.
     
  13. Huntn macrumors G5

    Huntn

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    #13
    Is this real? As described, it sounds illegal. I don't know how different IRAs are from 401ks other than I believe your employer can contribute to to a 401k, but the limit is approx $16k per year. So how do you end up with that much? Should the IRS be investigating this?
     
  14. blackfox macrumors 65816

    blackfox

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    #14
    Well, in the OP it explained that in this case Romney was able to put an artificially low amount of value on volatile shares he owned and legally adhere to the $ limit for IRAs annually by stocking his IRA with these shares. Of course, if the shares increased exponentially later - you would end up with this large IRA amount in a weird, but legal fashion.
     
  15. Huntn macrumors G5

    Huntn

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    #15
    Serves me right for not paying attention. I noted the observation that you'd end up paying tax rates based on your income as you pull it out, unless of course you have other loopholes standing by... ;)
     
  16. Rodimus Prime macrumors G4

    Rodimus Prime

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    #16
    nope IRA are post tax. All intersted gain on those are 100% tax free.
    Romney used a loop hole and just another example of how the rich screw us all over. This is a great example of why taxes need to be raised greatly on people like him. They cheat the system greatly.
     
  17. senseless macrumors 68000

    senseless

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    #17
    The $6000 limit is for the employee contribution portion only. Sep IRAs are limited to $56,000 annually. Simple IRAs are higher than $6000 also.
     
  18. 4JNA macrumors 68000

    4JNA

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    #18
    right or wrong (wrong), i can't get past the dollar amount. that's a lot of damn money!

    using the planner standard of withdrawing 4% a year, he'd being pulling out 4 million tax free while sitting on a beach counting grandkids. :eek:
     
  19. Zombie Acorn macrumors 65816

    Zombie Acorn

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    #19
    If Romney had say invented something useful that made him rich I wouldn't really mind. It just seems that a lot of our money flows to the financial sector which really is a glorified casino. There is something to be said about turning businesses around, but it isn't too hard to slash and burn if you have millions sitting in your bank account.
     
  20. Huntn macrumors G5

    Huntn

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    #20
    You are right, I'm confusing the mechanics of IRAs with 401ks... The system is skewed. This kind of stuff makes me hope there is spiritual "judgement".
     
  21. thewitt macrumors 68020

    thewitt

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    #21
    Thank god that we are going to elect someone who actually knows what it means to manage money, rather than someone who only knows how to spend it.
     
  22. jnpy!$4g3cwk macrumors 65816

    jnpy!$4g3cwk

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    #22
    As far as I can tell, it is perfectly legal.

    He does have to pay ordinary taxes on the money he pulls out. It is going to raise his "13%" effective rate. Pity.
     
  23. Zombie Acorn macrumors 65816

    Zombie Acorn

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    #23
    I imagine he pays people to manage his money.
     
  24. TPadden, Sep 29, 2012
    Last edited: Sep 29, 2012

    TPadden macrumors 6502a

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    #24
    So he employs people, and actually pays them .....:eek:

    I'll even bet most of his employees are also legally cheating the tax man with their own IRA's. The horror!
     
  25. VulchR macrumors 68020

    VulchR

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    #25
    As I have said in another thread, I think it is unethical to hoard that much money for the use of one person. $100 million won't make a person any happier than $10 million, so why do we allow people to accumulate so much?

    I just can't see how Romney, who earns $37,000 a day, could possibly understand what my life is like, nor indeed the life of 99.9% of Americans. I think that is the reason why he made that foolish 47% comment.
     

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