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How did Romney's IRA grow so big?

irish 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...


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  • DS in Oak Ridge NC 2012/07/07 13:02:56
    DS in Oak Ridge NC
    +3
    It 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
    Beccy
    +1
    Leave it to the republicans to elect someone who is very shady.
  • irish Beccy 2012/07/08 11:02:00
    irish
    +1
    both of them, dees  2 wings of the same bird
  • DS in Oak Ridge NC 2012/07/07 13:02:56
    DS in Oak Ridge NC
    +3
    It 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.
  • irish DS in O... 2012/07/07 13:19:42
    irish
    +1
    thanks but i still don't think his is on the up.

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