General Discussion

Octafish

(55,745 posts)

28. Total. Wonder if Mitt's gonna tell how he got a $100 million tax-free IRA.

Tue Aug 21, 2012, 06:21 PM

Aug 2012

The guy's got a lot of explaining to do. For instance, I'd like to know how one gets a $100 million IRA.

Individual Retirement Accounts were designed as a tax-free way for middle-class Americans to plan for their retirement. The annual contribution limit is $6,000, but somehow Mitt Romney managed to to build his IRA into a $100+ million treasure chest. Without specifically naming Romney, House Democrats are saying they want a review of the loopholes that someone like Mitt Romney would need to exploit in order to generate such a massive amount of tax-free wealth in an IRA:
...

Even if Romney broke no laws, the stated purpose of IRAs certainly is not to allow people like him to build $100+ million fortunes without paying any taxes...

SOURCE: http://www.dailykos.com/story/2012/08/08/1117931/-Could-that-100-Million-IRA-by-the-Answer-to-Mitt-s-Mystical-Magical-Taxes

It must be nice. I don't even have $10 in my wallet...been that way for a while now.

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Highlight:

Is Mitt Romney Trying to Avoid Having to Admit to Massive Tax Fraud? [View all] Octafish Aug 2012 OP

Yes! n/t LeftofObama Aug 2012 #1

UBS referred to Washington DC office internally as ''Politically Exposed People.'' Octafish Aug 2012 #7

Just waiting for someone to ask Mitt about this point blank. cbdo2007 Aug 2012 #2

Remember Smirko McCokespoon's Iraq Invasion Presser...the 'Scripted One'? Octafish Aug 2012 #11

Hoping someone sneaks it in during the "unscripted" town hall things Romney is now doing. cbdo2007 Aug 2012 #17

Probably. sibelian Aug 2012 #3

The Obama Dept of Justice 'protected' crooked offshore tax cheats by keeping names secret. Octafish Aug 2012 #14

According to the BOP.gov locator Panasonic Aug 2012 #29

I'm so glad. Octafish Aug 2012 #32

Romney is filing on Oct. 15? Three weeks before Election Day??? What a disaster. reformist2 Aug 2012 #4

Total. Wonder if Mitt's gonna tell how he got a $100 million tax-free IRA. Octafish Aug 2012 #28

Ding! We have a winner! CanonRay Aug 2012 #5

Did Romney get IRS Amnesty? Octafish Aug 2012 #34

Obama will be re-elected, but the DOJ still gave priority to punishing a whistle-blower? AnotherMcIntosh Aug 2012 #6

No, he's trying to avoid getting caught stiffing his Mormon church of her 10% tithe... _Liann_ Aug 2012 #8

Is the pope catholic? malaise Aug 2012 #9

Most likely he did, he tried to take a 77,000 deductions for a "dressage" horse uponit7771 Aug 2012 #10

There is also the issue of where he claimed he resided during those years. Viva_Daddy Aug 2012 #12

Place of residence on returns may not match voter registration (graphic) Bernardo de La Paz Aug 2012 #22

If he's not acting out of a sense of entitlement, it's becoming pretty Cleita Aug 2012 #13

If tha t's what he did, then there's no shame in admitting it--there was an amnesty librechik Aug 2012 #15

Yes. warrior1 Aug 2012 #16

k&r... spanone Aug 2012 #18

Tax fraud, almost certainly voter fraud hifiguy Aug 2012 #19

K & R AzDar Aug 2012 #20

yes heaven05 Aug 2012 #21

Even if he doesn't win, I want to know if he's a would-be felon aint_no_life_nowhere Aug 2012 #23

It's either Tax Fraud or Voter Fraud LynneSin Aug 2012 #24

I'm coming to the "all of the above" conclusion starroute Aug 2012 #25

Absolutely. Bluenorthwest Aug 2012 #26

That's only one thing he's hiding. Also Iranian DevonRex Aug 2012 #27

The DeVos family, the Koch Brothers, Karl Rove's net, the deepest pocket of the far RW-Milwaukee's bobthedrummer Aug 2012 #30

religion jayjayusa Aug 2012 #31

Holding out on the Church isn't against the law. Octafish Aug 2012 #33

If Romney did take the amnesty, hughee99 Aug 2012 #35

Well, he paid them late....and under duress and they were probably still long term capital gains.... cbdo2007 Aug 2012 #36

I just mention this because competing with the "Rmoney took the amnesty" theory hughee99 Aug 2012 #38

I think the "paid no taxes" theory is just a ruse to get him to prove it by releasing the tax return cbdo2007 Aug 2012 #39

This is one of the speculations I've been embracing. Lone_Star_Dem Aug 2012 #37