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View Full Version : Romney's 100 Million dollar IRA - can anyone explain how he did this??



FactsMatter
08-19-2012, 11:51 PM
I have an IRA account for retirement but I can only contribute a few thousand dollars a year.

How the heck was Romney able to get 100 million in his tax-deferred IRA account??

Has Romney explained how he did it?

LukeEDay
08-19-2012, 11:59 PM
I will worry about explaining it when I see obama's college records.

NJCardFan
08-20-2012, 01:24 AM
I have an IRA account for retirement but I can only contribute a few thousand dollars a year.

How the heck was Romney able to get 100 million in his tax-deferred IRA account??

Has Romney explained how he did it?

Wow. 2 posts and already showed us who you are: a jealous little pinhead.

Apache
08-20-2012, 01:51 AM
I have an IRA account for retirement but I can only contribute a few thousand dollars a year.

How the heck was Romney able to get 100 million in his tax-deferred IRA account??

Has Romney explained how he did it?

Facts matter, huh? Well you sure don't live up to your handle...
No links.

No proof.

Just hearsay...




I bet he doesn't make it to 50 posts before becoming a spittle spewing ban target :biggrin-new:

FactsMatter
08-20-2012, 02:56 AM
[QUOTE=Apache;521955]Facts matter, huh? Well you sure don't live up to your handle...
No links.

No proof.

Just hearsay...




I bet he doesn't make it to 50 posts before becoming a spittle spewing ban target :biggrin-new:[/QUOTE


From the Wall Street Journal - yeah he sure does have millions in an IRA - did not know that could be done.


http://www.americanbusiness.com/02_02_12/Romneys-Unorthodox-IRA.pdf

FactsMatter
08-20-2012, 02:58 AM
Wow. 2 posts and already showed us who you are: a jealous little pinhead.

So how did he do it? Are you really that disinterested?

txradioguy
08-20-2012, 03:00 AM
From the Wall Street Journal - yeah he sure does have millions in an IRA -

So?


did not know that could be done.


http://www.americanbusiness.com/02_02_12/Romneys-Unorthodox-IRA.pdf

WTF?? You didn't know it could be done? Hello! Ever hear of Bill Gates? Ted Turner? Warren Buffett?

SarasotaRepub
08-20-2012, 08:34 AM
[QUOTE=Apache;521955]Facts matter, huh? Well you sure don't live up to your handle...
No links.

No proof.

Just hearsay...




I bet he doesn't make it to 50 posts before becoming a spittle spewing ban target :biggrin-new:[/QUOTE


From the Wall Street Journal - yeah he sure does have millions in an IRA - did not know that could be done.


http://www.americanbusiness.com/02_02_12/Romneys-Unorthodox-IRA.pdf


I read the article from the WSJ you quoted. Did you? Seems clear enough. Could the average Joe do it?? Probably not since they don't have the $$$ or knowledge. He apparently does. So what? Since I don't see a story in the paper about the IRS hauling him away in chains, it's most likely perfectly legal. But I'm sure that won't matter to you.

FlaGator
08-20-2012, 08:46 AM
I have an IRA account for retirement but I can only contribute a few thousand dollars a year.

How the heck was Romney able to get 100 million in his tax-deferred IRA account??

Has Romney explained how he did it?

What does this have to do with fixing the economy or creating jobs?

Odysseus
08-20-2012, 10:05 AM
So how did he do it? Are you really that disinterested?

According to the article that you cited, his IRA included Bain stocks, which have increased in value. That's not illegal, immoral or unethical. OTOH, how did Obama buy his house in Chicago (hint: convicted mobster Tony Rezko helped). How did Obama pay for college? What were his grades? Class standing? Did he get into Harvard law on his academic performance, or was he an affirmative action case? What influence did Frank Marshall Davis have on him when he was growing up? What is his relationship with unrepentant domestic terrorist Bill Ayers?

Wibbins
08-20-2012, 10:21 AM
I have an IRA account for retirement but I can only contribute a few thousand dollars a year
How the heck was Romney able to get 100 million in his tax-deferred IRA account??

Has Romney explained how he did it?

You do understand what an ira is right? You put money into it each year which is then invested in nice mutual funds with long positive track records, that money then increases what you have in the ira, meaning if you put 5k each year +compound interest+plus the return of invesment it's fairly easy to get a few million

NJCardFan
08-20-2012, 10:55 AM
So how did he do it? Are you really that disinterested?

Yes. It's his money to do with what he pleases. I know that's a hard concept for you leftists to understand but income really is earned and what you do with it once it's earned, as long as it's nothing illegal, is your business. Oh, and you do know that there are more Democrat millionaires in congress than Republicans, right?

Isn't it cute how this FactsMatter person(who is sounding really Hazlnuttish) is buying into the class warfare garbage hook, line, and sinker?

TVDOC
08-20-2012, 11:26 AM
IRS rules will allow you to contribute up to 15% of your income to a 401K, where you are employed. If you earn 150 million per year (while at Bain), that's 10 million that he can put in the account, every year.......when you leave that employment, you roll-over that account to an IRA......

Simple.....

doc

Novaheart
08-20-2012, 11:29 AM
You do understand what an ira is right? You put money into it each year which is then invested in nice mutual funds with long positive track records, that money then increases what you have in the ira, meaning if you put 5k each year +compound interest+plus the return of invesment it's fairly easy to get a few million

That might explain some of the IRA balance, but not nearly all according to this article.

http://www.bloomberg.com/news/2012-07-15/the-secret-behind-romney-s-magical-ira.html

Retread
08-20-2012, 12:04 PM
Geez!!! This is ridiculous. With his income, business acumen and dedication to building his net worth it is a wonder it's not twice that.

When I cashed out from my last employer I received a cash balance from my retirement funds, what was left from a previous employer in similar circumstances, my 401(k) which had been doubled annually by employer contributions and rolled it all into one Fidelity IRA which I started RMDs two years ago.

I will not reveal the total but suffice it to say my IRA holdings increased 600% in 2 months as I consolidated all of the sources.

The bitter part of that is I could have left over half of that in a guaranteed 5% minimum return account for another decade but the IRS would not let me. As to the why, even they could not explain it as their take is the same regardless.

txradioguy
08-20-2012, 01:12 PM
That might explain some of the IRA balance, but not nearly all according to this article.

http://www.bloomberg.com/news/2012-07-15/the-secret-behind-romney-s-magical-ira.html

Sounds like he only did what people like Buffett Gates and Turner have done.

MountainMan
08-20-2012, 01:14 PM
So how did he do it? Are you really that disinterested?

Yeah, pretty much. I don't get worked up about how a man made his money since I'm not a jealous little moonbat. I figure if the IRS doesn't care, neither should I.

Maybe the better question you should be asking is how could a TAX CHEAT get nominated and approved as a Treasury Secretary than worrying about how you can't make the money Romney does?