BrownArmy
Well-Known Member
Yet it doesn't bother you that Romney, through some real tax-dodge chicanery, has upwards of $100 Million in his IRA account?
Obama's Pension Debacle
- Thread starter Overpaid Union Thug
- Start date
Yet it doesn't bother you that Romney, through some real tax-dodge chicanery, has upwards of $100 Million in his IRA account?
BrownArmy
Well-Known Member
Oh really? Let's talk about Obama's pension...lol
Romney built a golden IRA while he was at Bain
"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.
Romney has not provided details about how his IRA grew so large. But Romney associates with direct knowledge about the matter said Bain Capital partners used their IRAs as a pool of investment money, enabling them to make personal investments in Bain deals, many of which earned spectacular returns. Much as a lower-dollar investor might pick mutual funds for an IRA, the Bain partners could make side investments in the firm’s deals and then watch as their retirement funds grew.
Or exploded, in some cases. For example, in one deal for a credit-reporting service known as Experian, Bain tripled its $100 million investment in just seven weeks. This could have resulted in a 40 percent tax on short-term gains for partners who made personal investments in that deal. But by using funds within an IRA to make the investment, Bain partners would not have to pay any tax on their personal stake until the funds are withdrawn upon retirement. While Romney has not said whether he used the IRA in that particular deal, his associates said the practice was widely used at Bain.
The short-term capital gain profits “could have been taxed at 40 percent and were instead taxed at zero,” one Romney associate said, referring to tax rates in effect at the time of the 1996 Experian deal. In many other cases, where longer-term gains could have been taxed at a lower rate, they similarly would not have been subject to a tax until the funds were withdrawn. The cumulative effect — with profits from each success reinvested in the next deal — helps explain how Romney’s IRA could have grown so large, according to his associates.
Still, critics are questioning whether Romney went too far in deferring or avoiding taxes by his use of an IRA, noting that Congress has put limits on contributions to prevent too much income from being shielded from taxation. Under current law, individuals typically are limited to contributing $5,000 per year, and companies with a type of IRA known as a Simplified Employee Pension Plan are limited to contributing $50,000 annually to their employees’ accounts. The latter plan is similar to the one used at Bain..."
So, yeah, let's talk about Obama's pension.
Or his birth certificate.
(I always felt, during the GW Bush years, that his most stalwart defenders among the populace were the people that he was actually screwing the hardest. I'm feeling a bit of déjà vu).
BrownArmy
Well-Known Member
Originally Posted by moreluck
The old double standard is in use every single day!!! Mostly by the media and it's so obvious they are not good at it !!!
No.
Romney's manipulating the system using quasi-legal 'loopholes' in order to stash about $100M in an IRA. A frikkin' IRA!!
Oh, sure, he'll have to pay taxes at some point on this money, but that's not the point.
Please explain to me how one could legally get an IRA account up to $100M in the first place.
There are very good reasons Romney doesn't want to disclose his full financial portfolio/tax history/ etc.
Y'all can say what you want about media bias, or lefties hating on/being jealous of the rich, but Romney (like many of the Uber-rich) plays by an entirely different set of rules than you or I.
This whole 'you can make it like Romney made it, don't be jealous' argument is just so ridiculous. As the rich become the super-rich and (more and more) determine policy for the US (through lobbying, campaign donations, or, hey - why not - running for President), the more solidified their position becomes and REAL opportunity for average Americans declines.
More, contact your financial planner and ask them if you can stick $100 million in your IRA.
Lulz.
The old double standard is in use every single day!!! Mostly by the media and it's so obvious they are not good at it !!!
No.
Romney's manipulating the system using quasi-legal 'loopholes' in order to stash about $100M in an IRA. A frikkin' IRA!!
Oh, sure, he'll have to pay taxes at some point on this money, but that's not the point.
Please explain to me how one could legally get an IRA account up to $100M in the first place.
There are very good reasons Romney doesn't want to disclose his full financial portfolio/tax history/ etc.
Y'all can say what you want about media bias, or lefties hating on/being jealous of the rich, but Romney (like many of the Uber-rich) plays by an entirely different set of rules than you or I.
This whole 'you can make it like Romney made it, don't be jealous' argument is just so ridiculous. As the rich become the super-rich and (more and more) determine policy for the US (through lobbying, campaign donations, or, hey - why not - running for President), the more solidified their position becomes and REAL opportunity for average Americans declines.
More, contact your financial planner and ask them if you can stick $100 million in your IRA.
Lulz.
They won't address that. It is an option that is only available to the oligarchy.
If you were a better person, you might be let in on the deal, What was your daddy's name?
moreluck
golden ticket member
It shouldn't bother your brain how a man makes his money as long as it's legal!!
It should however, bother your brain that inside trading was legal a little while ago to all members of congress.......it's changed now, but the gov't was and probably is the biggest crooks since Capone & Lansky!!
Is it legal for me to put UPS Brown stock in my IRA and declare it's value to be 25 cents?
What's Really Going on With Mitt Romney's $102 Million IRA - William D. Cohan - The Atlantic
Romney will provide for the chosen ones. Guess what, you ain't one.
What's Really Going on With Mitt Romney's $102 Million IRA - William D. Cohan - The Atlantic
Romney will provide for the chosen ones. Guess what, you ain't one.
moreluck
golden ticket member
You need to post the tax laws and explain how Romney broke the law..........because he does the same thing as Pelosi, Reid and all the rich people in Wash.
I have been audited 2 or 3 times and I've never been to jail over it.....not like Wesley and he's a real tax evader!! Like Martha Stewart too. Beleve me Cage needs to be in the next cell too. I don't know how he is still free?
Why has Romney refused to release tax returns that are questionable? 2009 returns.
Was he a tax cheat that took amnesty?
Was he a tax cheat that took amnesty?
moreluck
golden ticket member
You better ask why Obama's school records are sealed. Or why his birth cert. has all those discrepancies on it.
Apparently, Romney is free, so he must have filed and paid taxes according to the laws of this country!!
texan
Well-Known Member
Reporters applaud Obama’s slam on Romney’s wealth
By Stephen Dinan | October 17, 2012
HEMPSTEAD, N.Y. — The room set aside for reporters to watch Tuesday night’s debate erupted into applause after President
Obama ridiculed the size of Mitt Romney’s personal wealth.
Mr. Romney was trying to make the point that both his and Mr. Obama’s investment funds probably include
investments in China — something the president has attacked Mr. Romney for.
"Mr. President, have you looked at your pension?" Mr. Romney said.
"You know, I don’t look at my pension. It’s not as big as yours, so it — it doesn’t take as long," Mr. Obama
retorted. His reply prompted laughter in the debate hall where the two men were squaring off — but across
the way in the separate room where the press was stationed, a brief round of applause broke out.
Didn't the Democrats put up for president prior to Obama, the richest man the U.S. Senate, John Kerry?
No one from the left had a problem with his married into enormous wealth.
By Stephen Dinan | October 17, 2012
HEMPSTEAD, N.Y. — The room set aside for reporters to watch Tuesday night’s debate erupted into applause after President
Obama ridiculed the size of Mitt Romney’s personal wealth.
Mr. Romney was trying to make the point that both his and Mr. Obama’s investment funds probably include
investments in China — something the president has attacked Mr. Romney for.
"Mr. President, have you looked at your pension?" Mr. Romney said.
"You know, I don’t look at my pension. It’s not as big as yours, so it — it doesn’t take as long," Mr. Obama
retorted. His reply prompted laughter in the debate hall where the two men were squaring off — but across
the way in the separate room where the press was stationed, a brief round of applause broke out.
Didn't the Democrats put up for president prior to Obama, the richest man the U.S. Senate, John Kerry?
No one from the left had a problem with his married into enormous wealth.
moreluck
golden ticket member
Democrats love their gigalos (?).........and the kept men
Brownslave688
You want a toe? I can get you a toe.
Why do u care how much money he has? Jealous much?
Brownslave688
You want a toe? I can get you a toe.
Sounds like a smart man to me. He invested money and made large returns. Seems like everything Obama invests in goes belly up. This is a chance everyone takes anytime they invest. Some people have a knack others don't.
Brownslave688
You want a toe? I can get you a toe.
Lol too funny maybe if Obama understood investments and private business he would look at his pension. He doesn't so he wouldn't have a clue what to look at or for.
I laughed when he made this comment too. I laughed at him though not with him.
UpstateNYUPSer(Ret)
Well-Known Member
How often do you look at your pension? I review the annual statement but beyond that I am not that concerned about it. I have no control over how my pension funds are invested on my behalf. I would much rather those funds be directed to my 401k so that I could have more control but since that is not an option I don't really care. I know that it will be there in 2019 when I need it to be there.
How often do you look at your 401k? I check the balance daily and review/adjust my investments as needed.
Overpaid Union Thug
Well-Known Member
Lets not forget the core problem here. Obama and his followers are all about jealousy and class warfare. That's why he said he instantly made his idiotic comment without thinking when Romney confronted him about his pension.
M
MenInBrown
Guest
I have a retirement so I guess Obama is against me...there, that makes my decision easy.
Lue C Fur
Evil member
I have control over BOTH my Pension and 401K and i check it every week to see if i need to adjust.
