How did Romney's IRA grow so big?
irish -liberty or death!
2012/07/07 12:17:23
How did Romney's IRA grow so big?
In the wake of news reports last week that presidential contender
Mitt Romney owns an individual retirement account worth as much as $101
million, questions are growing over how it could have gotten so big when
contribution limits are capped at $5,000 or $6,000 a year.
continue here :
http://www.reuters.com/article/2012/01/24/us-usa-campaign-rom...
Top Opinion
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DS in Oak Ridge NC 2012/07/07 13:02:56
+3It wasn't funded with cash contributions, but assets with strong potential for future value. You can put gold or other property into an IRA, not just deductions from paychecks. Also, the $5-6 k number only applies to traditional IRA. There are many IRA flavors that permit annual contributions of up to $16-22K, but you can't hit the million dollar level without assets that skyrocket in value. Your current tax rates apply once you begin spending from the accounts. It's a deferred tax, not an exemption.
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- Beccy 2012/07/07 18:41:20
+1Leave it to the republicans to elect someone who is very shady.reply -
+1both of them,
reply - DS in Oak Ridge NC 2012/07/07 13:02:56+3It wasn't funded with cash contributions, but assets with strong potential for future value. You can put gold or other property into an IRA, not just deductions from paychecks. Also, the $5-6 k number only applies to traditional IRA. There are many IRA flavors that permit annual contributions of up to $16-22K, but you can't hit the million dollar level without assets that skyrocket in value. Your current tax rates apply once you begin spending from the accounts. It's a deferred tax, not an exemption.reply
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+1thanks but i still don't think his is on the up.reply
