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(Talking Points Memo)   Congress wants to know how Mitt Romney accrued a 100 million dollar IRA when the limit for them is $6000 a year. May subpoena his tax returns for the last 16,666 years   (tpmdc.talkingpointsmemo.com) divider line 413
    More: Interesting, IRAs, Mitt Romney, Sander Levin, restrictions, Chris Van Hollen, subpoenas, Ways and Means Committee  
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9295 clicks; posted to Politics » on 04 Aug 2012 at 7:31 PM (3 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-08-05 12:38:50 AM  

Mrtraveler01: shotglasss: intelligent comment below: shotglasss:
If you can disprove any of this, let me know.


Ann Coulter is not a source

That didn't disprove anything. If you can disprove what she wrote, let me know.

Until I see Obama's drawing from kindergarten, then he's not a legitimate president in my eyes.


Geez. I can't believe the right-wing hasn't found his Kindergarten drawings...before now:

img577.imageshack.us
 
2012-08-05 12:38:54 AM  

ArcadianRefugee: Anything not expressly illegal is illegal.*


FTFM.

/beer
 
2012-08-05 12:40:50 AM  

Summer Glau's Love Slave: No one vetted Mitt

/If skeletons like this one are being paraded in early August, Rmoney is in for a long October.


I wonder if the reason Mitt wasn't vetted was because, in Republican terms, 'nobody is going to vote for the again because the first time was a fluke.'

Anyway, I think Romney's in for a longer August. We're not even at the convention yet and the first attack by the Obama Campaign is still ringing in the air. I'm starting to wonder if the convention will go smoothly. And what else the Obama Campaign has up its sleeve to drop right before Romney goes to get the official word from the Party.
 
2012-08-05 12:50:04 AM  
Every year, millions of Americans sit down and try to find ways to keep as much of their money away from the IRS as they can. Even you libs do this. So when someone comes along that can outsmart the IRS LEGALLY, then he must have a pretty good understanding of the system and how best to fix it. One things for sure, it's not this guy!
'
www.politifake.org
 
2012-08-05 12:52:57 AM  

Brick-House: Every year, millions of Americans sit down and try to find ways to keep as much of their money away from the IRS as they can. Even you libs do this. So when someone comes along that can outsmart the IRS LEGALLY, then he must have a pretty good understanding of the system and how best to fix it. One things for sure, it's not this guy!
'
[www.politifake.org image 640x622]


Geithner doesn't run the IRS.
 
2012-08-05 12:53:05 AM  

Brick-House: someone comes along that can outsmart the IRS LEGALLY, then he must have a pretty good understanding of the system and how best to fix it.


lol
 
2012-08-05 12:55:47 AM  

Guntram Shatterhand: And what else the Obama Campaign has up its sleeve to drop right before Romney goes to get the official word from the Party.


www.pozadzides.com

hot, heavy
 
2012-08-05 12:56:26 AM  

shotglasss: intelligent comment below: shotglasss:
If you can disprove any of this, let me know.


Ann Coulter is not a source

That didn't disprove anything. If you can disprove what she wrote, let me know.


I won't bother to cite anything either but I know that Coulter's timeline is all screwed up. Ryan was the presumptive nominee in 2003 well before the primary votes were cast which is also when the Tribune brought their suit to open his divorce records. At that time Obama wasn't even a name. It was Hull v. pack of nobodies. Even after Hull went down Obama took some time to get his name out there and take the lead. Everyone was surprised when he won because he was running outside of the Democratic machine. So if the Tribune did this they were betting on a huge long shot. Once Obama was nominated he held a steady lead over Ryan even before anything about the divorce came out.

I'm sure it makes sense if you're the type of person who thinks Obama was planning a fake birth story while he was still in the womb but otherwise it's conspiratorial nonsense.
 
2012-08-05 12:56:44 AM  

Brick-House: So when someone comes along that can outsmart the IRS LEGALLY, then he must have a pretty good understanding of the system and how best to fix it.



Like appointing bankers to the Fed?

Or criminals to the police force?

Or foxes to guard the henhouse?

Yeah you keep using brilliant logic in every new post

You're like a brick-wall
 
2012-08-05 12:57:34 AM  

Guntram Shatterhand: And what else the Obama Campaign has up its sleeve to drop right before Romney goes to get the official word from the Party.


Ever been to a fireworks show? It's gonna end like that.
 
2012-08-05 01:04:03 AM  

The Evil That Lies In The Hearts Of Men: I'm not a lawyer or accountant, but would this work?

Step 1: Set up company started with 1000 shares with fair market value of $6000 each.
Step 2: Have your IRA buy 1 share, you own other 999
Step 3: Do a share buy back of all shares outside the IRA
Step 4: Ta-Da! The one share in the IRA is now worth $6 million.


Holy shnit crackers... I think it would.
 
2012-08-05 01:08:42 AM  
origin.kaboodle.com

Hyperinflation.
 
2012-08-05 01:11:51 AM  

Sliding Carp: Is this a good time to remember that Romney was the ONLY executive, the ONLY MEMBER of the Board of directors, and the ONLY shareholder of Bain Capital?

Whatever happened, there is exactly one person who did it.


That's the part that makes it legal. My wife is self employed and we discovered we can roll over her entire earnings for the year into an "employee retirement plan" that is tax deferred basically sidestepping any tax obligation on her entire income. It's a tax provision made for self employed people designed to encourage them to save for retirement. The only problem is we need that money to live and can't afford to set it aside which sucks because it always seems to me then that spending the money she earns is like using a payday loan deal where someone takes a swipe at the money. I know that's not the correct way to view it but it is ironic that if we had a little more money and didn't need the money then we could put the money aside without the tax thereby creating more money.

/I don't think the law meant self employed capital management dudes and $100million
 
2012-08-05 01:13:36 AM  

shotglasss: They've got to get their hands on thousands of pages of Romney's tax filings so that the media can -- as Romney says -- lie about them. It will be interesting to see if Obama can pick the lock of the famously guarded IRS.

If you can disprove any of this, let me know.


Umm.... If you're just going to lie anyway, then why would you even need to see the actual documents? I mean, you're just gonna make stuff up anyway.
 
2012-08-05 01:15:27 AM  

Nem Wan: Earth


ow my sides!
 
2012-08-05 01:15:53 AM  
"i don't like rape jokes but when it's women raping men -- soooooo funny"

"Watch this show from great britian because everything will suck about it when it is remade for the US market"

"math class is hard, let's not explain the math but show an example solution -- and watch the host giggle when she gets lela's paper head"

welcome to the future -- it's half-assed
 
2012-08-05 01:16:32 AM  

keithgabryelski: "i don't like rape jokes but when it's women raping men -- soooooo funny"

"Watch this show from great britian because everything will suck about it when it is remade for the US market"

"math class is hard, let's not explain the math but show an example solution -- and watch the host giggle when she gets lela's paper head"

welcome to the future -- it's half-assed


eeeash ... wrong window
 
2012-08-05 01:26:18 AM  
You know how to make a billion dollars in America? Start with a million dollars...

If you start with a hundred dollars, then you need a job. Which means you need a car. Which means you need a license and insurance. And gas.

And you need a phone. And you need a place to shower. And clothes and shoes and a haircut.

And after a year, you will be 5,000 dollars in debt.

Bootstrappy!
 
2012-08-05 01:28:17 AM  
This just in... Romney continues to be guilty of the crime of being rich while Republican.

Any second now Obama will get around to actually running on his record. I'd particularly like to hear him brag about ObamaCare... A lot.
 
2012-08-05 01:28:57 AM  

red5ish: Guntram Shatterhand: And what else the Obama Campaign has up its sleeve to drop right before Romney goes to get the official word from the Party.

Ever been to a fireworks show? It's gonna end like that.


Obama is gonna humm the Overture of 1812 at the end of each of the debates?

That would be kind of badass, but not sure he could get it in before the moderators tell him his time is up
 
2012-08-05 01:33:49 AM  

randomjsa: This just in... Romney continues to be guilty of the crime of being rich while Republican.

Any second now Obama will get around to actually running on his record. I'd particularly like to hear him brag about ObamaCare... A lot.


www.flightglobal.com
 
2012-08-05 01:46:15 AM  

randomjsa: This just in... Romney continues to be guilty of the crime of being rich while Republican.

Any second now Obama will get around to actually running on his record. I'd particularly like to hear him brag about ObamaCare... A lot.


The way Romney bragged about Romneycare? I'd like to hear that too.
 
2012-08-05 01:47:45 AM  

randomjsa: This just in... Romney continues to be guilty of the crime of being rich while Republican.

Any second now Obama will get around to actually running on his record. I'd particularly like to hear him brag about ObamaCare... A lot.



You sound tired
 
2012-08-05 01:47:57 AM  

dookdookdook: IRAs are people, my friend.


A legal personality, technically, but indeed they are.
 
2012-08-05 01:54:11 AM  

randomjsa: This just in... Romney continues to be guilty of the crime of being rich while Republican.

Any second now Obama will get around to actually running on his record. I'd particularly like to hear him brag about ObamaCare... A lot.


Where have you been? Embracing the pejorative term "Obamacare" has rightfully been a regular part of Obama's campaign for many months. Bragging about the ACA itself has been the standard from the day Obama signed it.

"And because of the new health care reform law -- Obamacare, I happily accept the term -- millions of young women are going to have coverage through their parent's plans. Children with preexisting conditions can't be denied insurance. Tens of millions of women with private insurance now have access to preventive care like mammograms, and are beginning to gain access to contraception at no additional cost. And pretty soon, insurance companies will no longer be able to deny you coverage because of preexisting conditions like cancer or pregnancy, or charge you higher premiums just for being a woman.
 
2012-08-05 02:02:45 AM  

Notabunny: randomjsa: This just in... Romney continues to be guilty of the crime of being rich while Republican.

Any second now Obama will get around to actually running on his record. I'd particularly like to hear him brag about ObamaCare... A lot.

Where have you been? Embracing the pejorative term "Obamacare" has rightfully been a regular part of Obama's campaign for many months. Bragging about the ACA itself has been the standard from the day Obama signed it.

"And because of the new health care reform law -- Obamacare, I happily accept the term -- millions of young women are going to have coverage through their parent's plans. Children with preexisting conditions can't be denied insurance. Tens of millions of women with private insurance now have access to preventive care like mammograms, and are beginning to gain access to contraception at no additional cost. And pretty soon, insurance companies will no longer be able to deny you coverage because of preexisting conditions like cancer or pregnancy, or charge you higher premiums just for being a woman.


Hey, if those women wanted those perks, they should have been smart enough to have been born to rich, white Republicans. Slackers.
 
2012-08-05 02:02:53 AM  
I wish I could get compensated in intentionally-undervalued ducats options.

/ethics and law: overlapping, but not necessarily the same set
 
2012-08-05 02:04:14 AM  

Dwight_Yeast: FitzShivering: Many incredibly wealthy people lie about how much money they have. It is not in their interest to have anyone know the amount they actually possess overall, for a variety of reasons. I went to college with a small family that were billionaires many times over whose name has never appeared on a single "Richest in the World" list. They go out of their way to make sure they don't appear there, for some practical reasons, but also because they hate paying taxes. But that's a lot easier when you're "old money" like they are.

That was exactly what I was trying to highlight. Based on Romney's lifestyle alone, there's no way he's worth $250 million. I suspect he's worth a billion and possibly more.

I live in Philadelphia. In this are we've got the Duponts, the Pews, the Dorrences, the Pitcarins and a bunch of other families all of which have huge amounts of money who rarely make the press outside the local area.


Pew Charitable Trust is name dropped on my local Midwest NPR daily.

Just saying.
 
2012-08-05 02:18:28 AM  

bootman: Corvus: bootman: Step 1: Place thousands of stock certificates into duffel bags.
Step 2: Attach blank price tags the the duffel bags.
Step 3: Write 1¢ on the price tags.
Step 4: Have your self directed IRA buy these duffel bags for your retirement savings.
Step 5: Profit!

That's pretty much what he did.

Yes, that is the reason why I re-post this in every 100 million IRA thread. The investments he purchased with his IRA funds were deliberately under-priced. There is no way this was/is legal, unless anyone can stuff duffel bags with Benjamins and attach a 1¢ price tag for their IRA to buy.

Gov. Romney is a crook.


i75.photobucket.com

I do so love this analogy, it's basically a perfect explanation. But the worst part is that labeling those duffel bags as 1¢ is considered PERFECTLY LEGAL and argued as A Right And Good Thing because those duffel bags COULD be used to create jobs for people to stand around holidng those bags, and is RISKY because those hundred could somehow get stolen from the armored car they rode in.

And anyone CAN stuff and relabel duffel bags at 1¢, as long as they have the stacks and stacks of Benjamins in the first place and want them in their IRA and create a 1-5 layer stack of shell corporations to do the stuffing and labeling.
 
2012-08-05 02:21:23 AM  

randomjsa: This just in... Romney continues to be guilty of the crime of being rich while Republican.

Any second now Obama will get around to actually running on his record. I'd particularly like to hear him brag about ObamaCare... A lot.


We can barely hear you when you're choking on a horseload of conservajizz. Speak up.
 
2012-08-05 02:25:00 AM  

Hobodeluxe: [sphotos-a.xx.fbcdn.net image 850x728]

Romney demanded past opponents to release tax returns

Rachel Maddow points out the seemingly double-standard in the saga over Mitt Romney's tax returns after finding multiple instances in which Romney attacked his political opponents for refusing to release their returns.


The kid on the left looks like quite a chode.
 
2012-08-05 02:28:44 AM  

randomjsa: This just in... Romney continues to be guilty of the crime of being rich while Republican.

Any second now Obama will get around to actually running on his record. I'd particularly like to hear him brag about ObamaCare... A lot.


I give it 8/10. You got a lot of bites on it.

Obama is running on his record, and he's doing it with pride. That's what has you guys so pants-crappingly scared. If he was just an empty suit like Romneybot 2.0 you'd actually have some chance in hell of winning this thing... but you don't, and you know it, and you're afraid of the dark.

Liberals care about everyone. Conservatives only care about themselves.
 
2012-08-05 02:28:48 AM  

snowshovel: I'm beginning to realize that everyone who complains about the NBC Olympics are liberals. They hate the fact that someone works his butt off like Phelps to win medals, which is pretty much the same thing with Romney. Romney is the Phelps of politics at this time. No matter how much he wins (in Israel, in Poland, his business dealings) there's someone going to complain who can't get off the couch and do the hard work. But hey, that Obama guy who was handed every political position he's wanted thanks to the lacky media and Chicaog ways, those lbierals sure demand to see more soccer, where it's almost ensured that some other country is going to win.


Dafuq did I just read?
 
2012-08-05 02:34:13 AM  

Alphax: snowshovel: I'm beginning to realize that everyone who complains about the NBC Olympics are liberals. They hate the fact that someone works his butt off like Phelps to win medals, which is pretty much the same thing with Romney. Romney is the Phelps of politics at this time. No matter how much he wins (in Israel, in Poland, his business dealings) there's someone going to complain who can't get off the couch and do the hard work. But hey, that Obama guy who was handed every political position he's wanted thanks to the lacky media and Chicaog ways, those lbierals sure demand to see more soccer, where it's almost ensured that some other country is going to win.

Dafuq did I just read?


I think he meant Romney is a stoner. I could be wrong.
 
2012-08-05 02:39:30 AM  

GAT_00: Is that legal?


Yes, if you time it right. "Roll-over" shiat like that is allowed by Congress "just this once" fairly regularly, something like once every decade or so; a lot of regular folks' other retirement funds end up in IRAs over the limit basically the same way. It's just that, as the owner of a business whose entire purpose is to take advantage of these kinds of temporary loopholes Romney is in a much better position than, say, me to take advantage of this, you have to have the presence of mind to shove a bunch of money into a fund eligible for conversion between hearing about it and officially "hearing about it".

So... yes. Legal. Ethical? Ehhhh, probably not.
 
2012-08-05 02:47:35 AM  

Alphax: snowshovel: I'm beginning to realize that everyone who complains about the NBC Olympics are liberals. They hate the fact that someone works his butt off like Phelps to win medals, which is pretty much the same thing with Romney. Romney is the Phelps of politics at this time. No matter how much he wins (in Israel, in Poland, his business dealings) there's someone going to complain who can't get off the couch and do the hard work. But hey, that Obama guy who was handed every political position he's wanted thanks to the lacky media and Chicaog ways, those lbierals sure demand to see more soccer, where it's almost ensured that some other country is going to win.

Dafuq did I just read?


The blatherings of an uneducated cocksmoker.

/really farking tired of idiot conservatives who think they know what the fark hard work is
 
2012-08-05 02:53:21 AM  

gameshowhost: Alphax: snowshovel: I'm beginning to realize that everyone who complains about the NBC Olympics are liberals. They hate the fact that someone works his butt off like Phelps to win medals, which is pretty much the same thing with Romney. Romney is the Phelps of politics at this time. No matter how much he wins (in Israel, in Poland, his business dealings) there's someone going to complain who can't get off the couch and do the hard work. But hey, that Obama guy who was handed every political position he's wanted thanks to the lacky media and Chicaog ways, those lbierals sure demand to see more soccer, where it's almost ensured that some other country is going to win.

Dafuq did I just read?

The blatherings of an uneducated cocksmoker.

/really farking tired of idiot conservatives who think they know what the fark hard work is


Do you really think that it's easy to make a horse dance?
 
2012-08-05 03:14:04 AM  

John Dewey: GAT_00: NFA: I'll tell you how he did it. He used his business to deposit funds into a company managed retirement fund, then he rolled it over into a Roth IRA. BOOM, no taxes on $100,000,000.00 of retirement income.

Business owners and executives do this all the time.

Is that legal?

I will make it legal.


I read that in Emperor Palpatine's voice.

/bravo!
 
2012-08-05 03:26:56 AM  
Anyone think that Mitt Romney needs to save for retirement? Anyone?
 
2012-08-05 05:31:34 AM  

intelligent comment below: Brick-House: So when someone comes along that can outsmart the IRS LEGALLY, then he must have a pretty good understanding of the system and how best to fix it.


Like appointing bankers to the Fed?

Or criminals to the police force?

Or foxes to guard the henhouse?

Yeah you keep using brilliant logic in every new post

You're like a brick-wall


It's a line of logic the financial sector likes: Joesph Kennedy (JFK & RFK's dad) was appointed the first head of the SEC, as he was a known stock manipulator. Who better to make rules preventing traders from doing crooked thing in the stock market than someone who'd made a fortune doing crooked things in the stock market.
 
2012-08-05 06:06:34 AM  

NFA: I'll tell you how he did it. He used his business to deposit funds into a company managed retirement fund, then he rolled it over into a Roth IRA. BOOM, no taxes on $100,000,000.00 of retirement income.

Business owners and executives do this all the time.


BOOM, big tax hit on conversion. That will be the reverenge day when he rolls out a 40 milion check made out to the U.S. Treasury.
 
2012-08-05 06:21:09 AM  

Dogberry: "Romney's most recent financial disclosure form revealed that his tax-deferred individual retirement account holds upwards of $100 million - an amount that awkwardly showcases his enormous wealth but also raises legal and ethical questions."

Whose ethics? Certainly not Mitt's.


Most likely, he did what trial lawyers have impossible for the little guy: His retirement was paid out in stock in his company. When they deposited it, it's near worthless. When they buy him out, he's wealthy.

This is the same scenario for all the growth in the 1990's and the AMT tax. Lot's of people sued in 2000 when they claimed they didn't understand their retirement funds were tied to company stock (only the losers sued, only the Trial Lawyers won).
 
2012-08-05 06:29:19 AM  

Sliding Carp: Is this a good time to remember that Romney was the ONLY executive, the ONLY MEMBER of the Board of directors, and the ONLY shareholder of Bain Capital?

Whatever happened, there is exactly one person who did it.


Why would anyone think this is bad? If he took Bain Capital from nothing to billions and he put shares of stock that were worth nothing and put them into his retirement and it's worth millions, he should be in charge. That's the guy I want figuring out social security, fixing the economy, and running the country.

Oh, and I'd like to point out their was only one President, no board of directors, and he has a thing called "executive privilege" that he's using to keep his involvement in the "Fast and Furious" murder investigation a sekret.
 
2012-08-05 06:53:32 AM  

Chimperror2: Sliding Carp: Is this a good time to remember that Romney was the ONLY executive, the ONLY MEMBER of the Board of directors, and the ONLY shareholder of Bain Capital?

Whatever happened, there is exactly one person who did it.

Why would anyone think this is bad? If he took Bain Capital from nothing to billions and he put shares of stock that were worth nothing and put them into his retirement and it's worth millions, he should be in charge. That's the guy I want figuring out social security, fixing the economy, and running the country.

Cool, I hate America, too. Like you, I want the country run like Bain Capital. The weak and less profitable people must be liquidated so as to extract whatever meager value they hold.
 
2012-08-05 07:14:54 AM  

Kittypie070: MEW!! MEW!!

Whar Ancient Fishy!?

Mew!!

*cat rubs cman's ankle nicely on way past, purring respectfully*

*climbs up in Ancient Fishy's lap, curls up, trustfully goes to sleep, feeling safe and protected*


*Skritches her ears*
 
2012-08-05 07:22:55 AM  

StoneColdAtheist: The pressure will only build and build. And then in October he meets President Obama in mano-a-mano debate.


I wouldn't put money on there being a debate this October. Rmoney will find some excuse to get out of it. Yes, republicans are pussies.
 
2012-08-05 07:28:11 AM  

Johnny Swank: StoneColdAtheist: The pressure will only build and build. And then in October he meets President Obama in mano-a-mano debate.

I wouldn't put money on there being a debate this October. Rmoney will find some excuse to get out of it. Yes, republicans are pussies.


In the later Bush vs. Kerry debates, I thought Bush was glaring at Kerry, as if to say How Dare You stand on the same stage with me!
 
2012-08-05 07:29:16 AM  

Johnny Swank: StoneColdAtheist: The pressure will only build and build. And then in October he meets President Obama in mano-a-mano debate.

I wouldn't put money on there being a debate this October. Rmoney will find some excuse to get out of it. Yes, republicans are pussies.


That would be a helluva trick, even for a weasel like him.
 
2012-08-05 07:41:05 AM  

cman: GAT_00: cman: This is just my personal opinion. I am not an economist.


This statement right here is what is wrong with America. What you're actually saying is "I have no idea what I talking about, but I have a right to my opinion, and it's just as valid as anyone else's"

Which is stupid and wrong.
 
2012-08-05 07:46:24 AM  
I know street-scum with more ethics than the modern day GOP.
 
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