It is one of the most striking elements of Mitt Romney’s financial fortune. He has used the seemingly bland investment vehicle known as an individual retirement account — established by Congress to help average Americans save a modest amount for retirement — to shield at least $20 million and as much as $100 million from initial taxes.
Even the lesser amount would put Romney’s IRA in the top 0.001 percent of all such accounts in the country, according to analysis by the nonpartisan Employee Benefit Research Institute. The extraordinary size of Romney’s IRA has led Democrats to question how he could amass such a fortune given that annual contributions to the fund are strictly limited.
Comments
Another weak attack piece on Mitt Romney. What a shock. The story of Mitt's IRA is evidence of his brilliance, and should make most Americans very proud that their next president was so smart with his money. If only our current president had similar competency. NEW PARAGRAPH: The wisdom of the Individual Retirement Account is that it allows workers to earn tax deferred gains, and thereby reap greater rewards for investing capital. Millions of Americans have IRA accounts, and each of them is equally able to reap enormous financial rewards, tax deferred, by making smart investments. As for the the taxes, IRAs are never tax free. The tax bill comes sooner or later, either when Mitt is required to take withdrawals after turning 70 and 1/2; or when his beneficiaries inherit the accounts, and withdraw the money. NEW PARAGRAPH> Good for Mitt for being such a great investor. Our nation desperately needs hi stewardship, and this is further evidence of his talent.
This is such a pathetic article. No it is stupid, really!! What a weak attempt to keep Romney's wealth in the forefront. He's wealthy not because he did anything illegal, but because he was educated, and used the knowledge to aquire the American dream. This is why you, will never succeed. People are too smart to believe what drivel you write about. You both need an education. This article is beyond stupid and pathetic.
Excuse my language, but what "CRAP" the Globe publishes politically. They could at least assume some of their reades are not beggars on food stamps and broke. When are they going to question how Obama got to be a millionaire on his paltry salary. He's never had a job in the private sector an we suspect that community organizers don't get involved in IRA's or investments - or do they?
"The extraordinary size of Romney's IRA has led Democrats to question how he could amass such a fortune given that annual contributions to the fund are strictly limited." So do you think this is one of the tax loopholes Ryan and Romney will want to end? No, instead they'll run Medicare by vouchers.
Willard Romney's money has allowed him to become completely detached from reality. $10,000 bets. Schmoozing with NASCAR owners. A horse in the Olympics. Paying less in taxes than the people he hopes will vote for him. Choosing the most devisive figure in the republican part as a running mate. Expect a groundswell of rejection for this ticket between now and November.
It wasn't acumen or intelligence that made Mitt's IRA grow. It's easy to make risky investments when you're expecting a government bailout for a mistake.
I believe his children can inherit it without him ever paying taxes on it.
Welcome to the 8th wonder of the world, compound interest. Making money through hard work and smart investing isn't newsworthy per se. Making a difference by GIVING BACK some of that $ via philanthropy for those less fortunate should be.
Another day, another attack on Romney. This is journalism?
Stow, inherited IRAs are taxable, once the money is withdrawn by the beneficiary. If they are maintained in a Beneficiary IRA, the withdrawals are still required. The only way to avoid taxation on an IRA, that I know of, is to give it to charity.