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Romney's IRA

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.



2 Replies
BA Deere
Honored Advisor

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 Smiley Mad

Senior Advisor

Re: Romney's IRA

All money belongs to the government and it is clear mitt is receiving more than he needs.