Hey, Mittster, why the long face? What? Your retirement account holding somewhere between $21 and $100 million will be taxed at the same 35 percent rate the rest of us pay, instead of the 15 percent rate for "job creators"? THOSE FUCKERS! How do you even live???
I actually saw an explanation of this. The details caused my eyes to cross, but approximately: It&#039;s a tax dodge for rich people (I know <i>that&#039;s</i> a surprise) by which he was able to contribute stock -- maybe it was his Bain stock -- to the IRA, but to report the contributed value as being absurdly low (like, under the contribution limits). I&#039;m not sure, but I think maybe this can be done because there is no obvious market value for not-publicly traded stock. Or maybe it&#039;s just a rich-guy giveaway.
Anyhow, the good news for Rmoney is that once the goodies are in the IRA, any further value growth, or selling the stock for cash, or whatever, is tax-deferred. The potential bad news is that if he withdraws money from the IRA, it&#039;s taxed as ordinary income. I&#039;m guessing that the reason for having so fucking much in the IRA is an attempt to get around the estate tax.
that&#039;s it, right there, isn&#039;t it? the old world and the new? the good and the bad, the best of times, the worst, etc. right there in the telling of your life:
your family was saved by gov&#039;t soshializms.
mr LL made it in the land of broken dreams from small time roots.
you should be our dickens.
that being said, yeah, i spent yesterday alternating b/t rage and tears. and yeah, fuck them on every level. in every available opening.
i don&#039;t really understand this math but i know i was not really employed last year and yet i somehow still owe the states of IL and CA some moneys.
and not single digit moneys.
also, i&#039;m pretty sure my 2011 earnings would possibly cover a large pizza with extra cheese. probably not pepperoni though.
I bet $10,000 he tries to fix that little glitch in the tax code, if he gets elected. And the GOP will go along with it, out of a suddenly-discovered concern for the average schlub.
<a href="http:\/\/www.huffingtonpost.com\/2012\/03\/29\/allen-west-bobby-rush-hoodie_n_1389170.html" target="_blank">Allen West Slams Bobby Rush For Wearing Hoodie On House Floor</a>
That&#039;s OK, he hires people to clean it up. They&#039;re all legal <em>now</em> - he&#039;s running for office, for Pete&#039;s sake!
Romney also has 50,000 savings bonds ($25 each), 125,000 filled &quot;collect all 50 states quarters&quot; cards, and a 550-gallon penny jar. Plus 93,147 books of green stamps.
He&#039;d have been <em>much</em> better off paying the 15% and stashing it in a Roth. Still, at least he gets to fire his tax advisor. And I heard he likes firing people who provide him with services...
Two words: Bain Capital
I actually saw an explanation of this. The details caused my eyes to cross, but approximately: It&#039;s a tax dodge for rich people (I know <i>that&#039;s</i> a surprise) by which he was able to contribute stock -- maybe it was his Bain stock -- to the IRA, but to report the contributed value as being absurdly low (like, under the contribution limits). I&#039;m not sure, but I think maybe this can be done because there is no obvious market value for not-publicly traded stock. Or maybe it&#039;s just a rich-guy giveaway.
Anyhow, the good news for Rmoney is that once the goodies are in the IRA, any further value growth, or selling the stock for cash, or whatever, is tax-deferred. The potential bad news is that if he withdraws money from the IRA, it&#039;s taxed as ordinary income. I&#039;m guessing that the reason for having so fucking much in the IRA is an attempt to get around the estate tax.
that&#039;s it, right there, isn&#039;t it? the old world and the new? the good and the bad, the best of times, the worst, etc. right there in the telling of your life:
your family was saved by gov&#039;t soshializms.
mr LL made it in the land of broken dreams from small time roots.
you should be our dickens.
that being said, yeah, i spent yesterday alternating b/t rage and tears. and yeah, fuck them on every level. in every available opening.
i don&#039;t really understand this math but i know i was not really employed last year and yet i somehow still owe the states of IL and CA some moneys.
and not single digit moneys.
also, i&#039;m pretty sure my 2011 earnings would possibly cover a large pizza with extra cheese. probably not pepperoni though.
Don&#039;t bother him with details while he&#039;s a-job crematin&#039;!
Fixed.
I bet $10,000 he tries to fix that little glitch in the tax code, if he gets elected. And the GOP will go along with it, out of a suddenly-discovered concern for the average schlub.
I don&#039;t know -- but some of them are Mitt&#039;s friends.
On a related note, Mitt&#039;s tax advisor is no longer his friend.
Because he is so good at tax planning.
Ball SACK! If you really wanna cinch the next best post award.
Roughly 5,000 dollars profit per dollar invested. &quot;Bain deals&quot;. Not available to plebians.
Although apparently Romney&#039;s not bothered by the contribution limits they slap on us peons.
I mean, how do you even <em>get</em> $100 million in an IRA without hitting that punitive overcontribution tax?
Don&#039;t let Allen West hear that...
<a href="http:\/\/www.huffingtonpost.com\/2012\/03\/29\/allen-west-bobby-rush-hoodie_n_1389170.html" target="_blank">Allen West Slams Bobby Rush For Wearing Hoodie On House Floor</a>
I&#039;ll take &quot;Problems You <em>Wish</em> You Had&quot; for $10,000 please, Alex.
That&#039;s OK, he hires people to clean it up. They&#039;re all legal <em>now</em> - he&#039;s running for office, for Pete&#039;s sake!
Romney also has 50,000 savings bonds ($25 each), 125,000 filled &quot;collect all 50 states quarters&quot; cards, and a 550-gallon penny jar. Plus 93,147 books of green stamps.
Until you take the money out.
He&#039;d have been <em>much</em> better off paying the 15% and stashing it in a Roth. Still, at least he gets to fire his tax advisor. And I heard he likes firing people who provide him with services...