Dem Lawmakers Want Answers About Romney’s Enormous IRA

[blacken700]

Brian Beutler

Leading House Democrats want to turn Mitt Romney’s enormous IRA into more than just a political problem.

Romney’s most recent financial disclosure form revealed that his tax-deferred individual retirement account holds upwards of $100 million — an amount that awkwardly showcases his enormous wealth but also raises legal and ethical questions.

IRAs are intended to allow workers to put away modest sums of money each year in order to help finance a middle class retirement. The savings are tax deferred, but there’s a legal limit — now $6,000 — on how much each IRA holder can contribute annually.

Now top Democrats on the Budget, Ways and Means, and Education and Workforce Committees want to know how people of Romney’s wealth can end up with 100,000 times that much money in a single IRA, and how much the tax and investment strategies they employ cost the Treasury in revenue every year.

In a letter Thursday to senior officials at the Treasury and Labor departments, Reps. George Miller (D-CA), Sander Levin (D-MI), and Chris Van Hollen (D-MD) want to know: Is this legal? How easy is this strategy to get away with? How much does it cost the government every year? And what can be done to end the practice?

- more -

http://tpmdc.talkingpointsmemo.com/2012/08/mitt-romney-ira-taxes-retirement.php

[tonymctones]

Brian Beutler

Leading House Democrats want to turn Mitt Romney’s enormous IRA into more than just a political problem.

Romney’s most recent financial disclosure form revealed that his tax-deferred individual retirement account holds upwards of $100 million — an amount that awkwardly showcases his enormous wealth but also raises legal and ethical questions.

IRAs are intended to allow workers to put away modest sums of money each year in order to help finance a middle class retirement. The savings are tax deferred, but there’s a legal limit — now $6,000 — on how much each IRA holder can contribute annually.

Now top Democrats on the Budget, Ways and Means, and Education and Workforce Committees want to know how people of Romney’s wealth can end up with 100,000 times that much money in a single IRA, and how much the tax and investment strategies they employ cost the Treasury in revenue every year.

In a letter Thursday to senior officials at the Treasury and Labor departments, Reps. George Miller (D-CA), Sander Levin (D-MI), and Chris Van Hollen (D-MD) want to know: Is this legal? How easy is this strategy to get away with? How much does it cost the government every year? And what can be done to end the practice?

- more -

http://tpmdc.talkingpointsmemo.com/2012/08/mitt-romney-ira-taxes-retirement.php

"Is this legal? How easy is this strategy to get away with? How much does it cost the government every year? And what can be done to end the practice? "


so basically the dems want to know how they can stop ppl from keeping more of their own money?

hahaha ya run with that ball you moron...

[blacken700]

why don't we use the ira for what it was intended for to allow workers to put away modest sums of money each year in order to help finance a middle class retirement, not for the rich to hide money

[Kazan]

why don't we use the ira for what it was intended for to allow workers to put away modest sums of money each year in order to help finance a middle class retirement, not for the rich to hide money

The rich again, do you really buy into the class warfare bullshit?

[tonymctones]

why don't we use the ira for what it was intended for to allow workers to put away modest sums of money each year in order to help finance a middle class retirement, not for the rich to hide money

LMFAO so only poor and middle class ppl should benefit from IRA's?

what is your justification for this blacken?

[blacken700]

The rich again, do you really buy into the class warfare bullshit?

ok i won't call them rich,  the people that have 100 million  

[blacken700]

LMFAO so only poor and middle class ppl should benefit from IRA's?

what is your justification for this blacken?

so if you put 100 million in an ira,do you think your worried about retirement 

[Kazan]

ok i won't call them rich,  the people that have 100 million  

So fucking what? I guess being successful in this country is a crime now? Oh I get it you don't think they should have that much, so the government should step in and set things right

[blacken700]

So fucking what? I guess being successful in this country is a crime now? Oh I get it you don't think they should have that much, so the government should step in and set things right

poor rich it's about using these programs for what they were intended for.

[tonymctones]

so if you put 100 million in an ira,do you think your worried about retirement  

is that the only reason ppl should save money?

who the fuck are you or anyone else to say what somebody should do with THEIR OWN MONEY?

[Kazan]

poor rich it's about using these programs for what they were intended for.

Is it illegal? If not then you have no leg to stand on.

[tonymctones]

poor rich it's about using these programs for what they were intended for.

so youre taking the approach that romney broke the law again and is a felon?

goodness gracious how is this man not serving 3 life terms?

whats this the 2nd or 3rd crime he has committed?

[blacken700]

is that the only reason ppl should save money?

who the fuck are you or anyone else to say what somebody should do with THEIR OWN MONEY?

  do you really think he has 100 million in his ira for retirement

[Shockwave]

Wait... people are complaining that he used a legal program?
Somehow what he did was wrong because he is rich?

What the hell is with people acting like the rich are somehow evil because theyre better off? Goddamn, Im poor, and I dont bitch because rich people have more money and are more successful that I am.

[tonymctones]

do you really think he has 100 million in his ira for retirement

does it matter?

ITS HIS FUKING MONEY!!!

what part of that do you not understand?

did he break the law?

then STFU already

[Shockwave]

do you really think he has 100 million in his ira for retirement

Does it matter what he's going to use it for? Its not like he broke any laws, who cares what he does with his money?

[blacken700]

let me guess you guys cover for the rich because someday you hope to be rich just like them fu@king pipe dream,your going to be middle class or a little above yet you let them do shit that if not illegal is pretty shady in hopes of being like them someday  

[Shockwave]

let me guess you guys cover for the rich because someday you hope to be rich just like them fu@king pipe dream,your going to be middle class or a little above yet you let them do shit that if not illegal is pretty shady in hopes of being like them someday  

And Im fine being middle class. I dont understand this attitude. Its not illegal - its not shady at all. He used a legal avenue in place to protect/grow his money. How is that shady?

[tonymctones]

let me guess you guys cover for the rich because someday you hope to be rich just like them fu@king pipe dream,your going to be middle class or a little above yet you let them do shit that if not illegal is pretty shady in hopes of being like them someday  

hahaha weak sauce blackass, you must think that by the govt taxing the rich you will some how become better off.

how about we dont think the anybody or the govt should be telling others what to do with their hard earned money.

Also if you think that taxing the rich is going to solve anything fiscally in our country your an idiot.

Sooner or later the taxes on the middle class will be raised as they already are by both sides.

So why not force the govt to get their shit straight before bitching and moaning about rich ppl finding LEGAL ways to keep more of their money?

[Straw Man]

the issue/question is how he managed to get 100 million in the account when you're limited to contributions of 6k a year.   SEP IRA's have much larger contribution limits but still not nearly high enough to get to 100 million.  Maybe he rolled over a 401k but those have contribution limits too.   It is possible that whatever assets he has in the IRA or SEP/IRA have had a 10,000% return or something like that but it's also possible that he did something illegal and just hasn't gotten caught yet

Romeny has a proven history of lying about his tax returns (MA governor race)  He also has a proven history of being involved in tax evasion scams that have been determined to be illegal (when acting as the chair of the audit committee for Marriot)

[blacken700]

the issue/question is how he managed to get 100 million in the account when you're limited to contributions of 6k a year.   SEP IRA's have much larger contribution limits but still not nearly high enough to get to 100 million.  Maybe he rolled over a 401k but those have contribution limits too.   It is possible that whatever assets he has in the IRA or SEP/IRA have had a 10,000% return or something like that but it's also possible that he did something illegal and just hasn't gotten caught yet

Romeny has a proven history of lying about his tax returns (MA governor race)  He also has a proven history of being involved in tax evasion scams that have been determined to be illegal (when acting as the chair of the audit committee for Marriot)

i doesn't matter he's rich and someday they're going to be just like him ,so they give him a pass 

[Shockwave]

i doesn't matter he's rich and someday they're going to be just like him ,so they give him a pass 

It would matter if he did something highly illegal, but thats not what you were trying to argue dude.

[blacken700]

the problem is we don't no until he releases his taxes, and for some reason he won't,why not because what he's trying to hide is worse than the shit he's getting now

[howardroark]

Democrats: "The rich are investing too much money into the economy, causing economic growth! We must find a way to stop them!"

[howardroark]

the problem is we don't no until he releases his taxes, and for some reason he won't,why not because what he's trying to hide is worse than the shit he's getting now

If Romney is trying to hide something... then what is Obama trying to hide?