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Sunday, July 22, 2012

From Matt Wuerker

Copyright 2012 by Matt Wuerker. Used by permission.

Comments (9)

If they are "Secret bank accounts" how did we find out?


Maybe when Romney becomes president he'll let us all in on the secret of how not to pay U.S. taxes so we can all be so American like him.

Another entertaining race between two men I am profoundly disappointed in.

This secret is how his 401k holds $100+ million when mere mortals like you or I can contribute a max of $17,000 per year.

Sheila, several ways to "not" pay income taxes; easiest is to purchase tax-free municipal bonds. Interest earned is tax free at te federal level, and if you purchase the right ones in Oregon, they are free of state taxes, too.

Have a Roth IRA? Yep, withdrawals and earnings from that are tax-free, too.

How to get a $100M IRA? Roll-over a defined benefit pension plan into an IRA.

I seem to recall that certain Oregon PERS retirees might be geting their pensions free of Oregon income tax, or some who move to states without income taxes (like Washington), take their pensions without any state tax obligation.

No, I'm not a tax advisor.

But anyone can hire a tax advisor to arrange their affairs to minimize their tax burden.

Heck, I hear there are actually some progressives and Democrats who may have arranged their affairs accordingly. These opportunities are not limited to Republicans, Libertarians, or independents.

Do I know what Romney did? not really. I understand even Nancy Pelosi is less interested these days after realizing that some of her financial affairs won't look so good if revealed.


Mike,(one of the many), seriously, 'How to get a $100M IRA? Roll-over a defined benefit pension plan into an IRA.'

'Do I know what Romney did? not really.'

Therein is the point, Romney is a presidential candidate and not a commoner trying to invest a few grand. A good start to find out what Romney did might be here:

When you're dealing with the amounts of money available to roll over into your above mentioned IRA's, you really need to ask yourself, where do investors, much like the founding investors of Bain Capitol,(one of the sources of Romney's finances), come by their mad money? Oppression? Arms dealing? Theft of indigenous peoples resources? Drug money laundering? Or just pimping for a pharmaceutical company like Rick Perry for Merck? Or insider trading like Pelosi?


You'd think that with all his money he could find a better looking pair of shorts. There are clothing advisors too.

sheila: Are you as interested in Obama's background as you are in Mitt's? I for one would like to see Obama's college transcripts and his admission records. I would also like to know the circumstances of Mrs. O's job at the Chicago hospital where she was paid $350K per year.

I do know how to turn an IRA/401K into a few million. Part luck, part skill, and according to President Obama, a lot of help from the government, my teachers, my co-workers, my friends, and our public employees.

It is conceivable to me to see an investment grow to $100M. Take a look at the Forbes 400, and look at how many self-made millionaires and billionaires there are. Not everyone was born with a silver spoon in their mouths.

Is it envy, or a real desire to learn how Romney did it?

Are people just as interested how many of our elected officials have accumulated wealth after serving almost exclusively in public office?

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