Message #411

[RWE]

How did Romney IRA grow to 100 million when the max you can put in any one year is 6 thousand? kentay

   The real question is "How is Romney going to take his minimum required distributions without paying tax on it." Lets see,...he can't. Whatever he takes out will add to his taxable income just like any other taxpayer. And seeing as how he has such a large IRA his taxable income will be huge. For example. At age 70 his RMD will be $3.6 Million. he'll have to add that sum to whatever other income he has and pay taxes on it. Even if he dies and his children inherit the IRA they still have to take the distribution based on Romney's age and pay taxes on it.
   My mom had an IRA. She worked at a hospital in the cafeteria. Her IRA was invested in Mutual Funds. The Mutual Fund investments included multinational corporations with foreign "offshore" "overseas" assets. Like oil companies, banks, maybe even Coca Cola or GE. I'll bet you that every Union pension plan in the country has similar "offshore" "overseas" investments.
   I inherited my mom's IRA, so for a time I had "foreign holdings". But I've since converted to a precious metals IRA.