Smart Liberal and Female


$100 Million IRA. Really Mitt??
September 2, 2012, 7:24 pm
Filed under: election 2012, politics | Tags: , , ,

http://www.boston.com/news/politics/articles/2012/08/11/mitt_romneys_ira_is_unlikely_centerpiece_of_wealth_and_tax_avoidance/

Interesting little nugget of fun that has gotten very little press.  I’d love for someone to explain to me how someone amasses $100 million in an IRA legally and ethically?

http://beginnersinvest.about.com/od/sepira/a/sep-ira-contribution-limits.htm

So lets say Mitt began earning money his first year of life.  Lets also say he’s been able to contribute $50k a year (I’ve rounded up here) for every year he’s been alive.  He is 65.  That would mean he should have a grand total of $3,250,000.  HUH???

There’s a bit of a discrepancy here.  

$100,000,000 – $3,250,000 = $96,750,000

Now I’ve asked a few friends that work in the financial industry about this.  One shook his head and said, “I have NO idea.”  Another smirked and said, “Probably by undervaluing stock.”  WHAT? You can do that??  He said, “Ethically no.”  Nice.

So someone tell me how Mitt Romney legally and ethically got $96,750,000 of extra money into his IRA?  Unless he is really 2000 years old???  We will probably NEVER know as the guy won’t release his tax returns!

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