Just read an article over on Slate about Mitt Romney and his IRA account. Article says he has over $ 20 Million in his IRA accounts. Some are questioning why? others are questioning how? The topic of Capital Gains tax - and the desire to minimize Capital Gains - came up in some of the comments. Correct me if I am wrong, but it seems to stick in my mind that IRA contributions are limited to EARNED income. Investment income cannot qualify for IRA contributions. Am I correct on this? And based on what I thought I heard Mitt Romney say earlier this week, I have the impression that most of his income comes from investments. So, this begs the question: is it legitimate to have $20 million in an IRA account? or does this look a bit "fishy" ?
I'm just a bit curious what others think about this.
Re: Romney's IRA
Some of the reader`s comments to the story thought that it was a way to pass money through a estate untaxed? Maybe that was a good idea until now, the greedy Dems will get a hold of that info and close that loop-hole...Greedy Democrats