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Old Jul 18, 2012, 12:45 PM
Bagpipes spoken here
Pipemajor's Avatar
United States, MN, St Paul
Joined Aug 2007
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Why Can't We All Have a $100m IRA?

Romney does. I admire his investment prowess.

The IRA program has only been around for 27 years (since 1985) when I first started investing in one. Under the most ideal conditions, his annual contributions would have been capped at $30k per year. At the most, the face value of his contributions would be around $810 thousand.

To parlay $810,000 into $100,000,000 is a pretty nice return.

Nice going, pal!

http://www.cnn.com/2012/07/18/opinio...html?hpt=hp_c1
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Old Jul 18, 2012, 01:07 PM
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Joined Aug 2003
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At least we know he's good with a buck. I dont see a chip on his shoulder either.

O No should have tried getting a job with him, then maybe his experience would have been real and useful.
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Old Jul 18, 2012, 01:11 PM
It's 5 O'clock Somewhere
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Dayton, OH
Joined Feb 2006
416 Posts
What is this? 20 threads on the same topic?

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Old Jul 18, 2012, 01:12 PM
RC Newb/Gorilla Glue User
United States, OH
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Krokus - 'Eat The Rich' (4 min 11 sec)
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Old Jul 18, 2012, 01:20 PM
Out of Time
United States, TX
Joined Jul 2003
1,092 Posts
Quote:
Originally Posted by Pipemajor View Post
Romney does. I admire his investment prowess.

The IRA program has only been around for 27 years (since 1985) when I first started investing in one. Under the most ideal conditions, his annual contributions would have been capped at $30k per year. At the most, the face value of his contributions would be around $810 thousand.

To parlay $810,000 into $100,000,000 is a pretty nice return.

Nice going, pal!

http://www.cnn.com/2012/07/18/opinio...html?hpt=hp_c1
So evidently, Obama is wrong that self-made business people didn't do it "by themselves", or YOU would have been able to do it too.

Thank you for making Obama look like a really big fool, which he is.
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Old Jul 18, 2012, 01:24 PM
did a reversed Immelman..once.
SKYPILEIT's Avatar
Novi, Michigan
Joined Nov 2002
2,229 Posts
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Originally Posted by Highflight View Post
So evidently, Obama is wrong that self-made business people didn't do it "by themselves", or YOU would have been able to do it too.

Thank you for making Obama look like a really big fool, which he is.
...Thanks for illustrating Romneys' skill with money matters.
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Old Jul 18, 2012, 01:26 PM
Figure Nine Champ
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North Texas
Joined Nov 2002
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Originally Posted by SKYPILEIT View Post
...Thanks for illustrating Romneys' skill with money matters.
Romney figures out a legal way to protect his money from the IRS, that's a selling point in my book. Better than Barney Frank's illegal way of hiding money, or Obama's Chicago way of acquiring real estate..
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Old Jul 18, 2012, 01:59 PM
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College Park, MD
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Originally Posted by madsci_guy View Post
Romney figures out a legal way to protect his money from the IRS, that's a selling point in my book. Better than Barney Frank's illegal way of hiding money, or Obama's Chicago way of acquiring real estate..
As I've said all along. Conservatives love having a big government, they just don't like paying for it.
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Old Jul 18, 2012, 02:01 PM
In Development Now
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Joined May 2005
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Quote:
Originally Posted by Pipemajor View Post
Romney does. I admire his investment prowess.

The IRA program has only been around for 27 years (since 1985) when I first started investing in one. Under the most ideal conditions, his annual contributions would have been capped at $30k per year. At the most, the face value of his contributions would be around $810 thousand.

To parlay $810,000 into $100,000,000 is a pretty nice return.

Nice going, pal!

http://www.cnn.com/2012/07/18/opinio...html?hpt=hp_c1

Not hard to figure out. Any smart investor realizes that one should target the IRA towards higher return investments. That maximizes the tax benefit. Mr. Romney's superior returns came from investing the high risk/reward portions of his investments into the IRA while taking the lower risk lower return investments for his other accounts. Smart investing for the industry that he works in.

But lets look at your math. 27 years, 30k a year and a final balance of $100mm. That is about a 29% return. Very, very good, but reasonable for the high risk portion of major leveraged buyouts if those buyouts were successful. This success speaks well of his business and management abilities. Things our current President are sorely lacking.
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Old Jul 18, 2012, 02:06 PM
RC Newb/Gorilla Glue User
United States, OH
Joined Jul 2011
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Class warfare, hurray!


When it's all you got, run with it.
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Old Jul 18, 2012, 02:07 PM
Figure Nine Champ
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North Texas
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Originally Posted by thunder1 View Post
As I've said all along. Conservatives love having a big government, they just don't like paying for it.
Works for me, a government that is limited by the amount of money it receives.
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Old Jul 18, 2012, 02:08 PM
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Joined Dec 2005
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Quote:
Originally Posted by Pipemajor View Post
Romney does. I admire his investment prowess.

The IRA program has only been around for 27 years (since 1985) when I first started investing in one. Under the most ideal conditions, his annual contributions would have been capped at $30k per year. At the most, the face value of his contributions would be around $810 thousand.

To parlay $810,000 into $100,000,000 is a pretty nice return.

Nice going, pal!

http://www.cnn.com/2012/07/18/opinio...html?hpt=hp_c1

We aren't all as smart, hard working, and yes lucky.
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Old Jul 18, 2012, 02:39 PM
Alarm Bells Continuing!
Big Foot 48's Avatar
Arizona
Joined Oct 2001
276 Posts
Quote:
Originally Posted by Pipemajor View Post
Romney does. I admire his investment prowess.

The IRA program has only been around for 27 years (since 1985) when I first started investing in one. Under the most ideal conditions, his annual contributions would have been capped at $30k per year. At the most, the face value of his contributions would be around $810 thousand.

To parlay $810,000 into $100,000,000 is a pretty nice return.

Nice going, pal!

http://www.cnn.com/2012/07/18/opinio...html?hpt=hp_c1
IRAs can be created in ways other than making periodic contributions, such as rolling over 401(k) accounts and from pension distributions, which could contain large stock gains. Here's a more rational explanation: http://www.bloomberg.com/news/2012-0...gical-ira.html

Obviously Romney's was created via one of these other methods, thus the OP is a strawman.
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Old Jul 18, 2012, 03:12 PM
Libertas in Infinitum
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Houston Ellington, Texas, United States
Joined Feb 2001
312 Posts
Quote:
Originally Posted by Pipemajor View Post
Romney does. I admire his investment prowess.

The IRA program has only been around for 27 years (since 1985) when I first started investing in one. Under the most ideal conditions, his annual contributions would have been capped at $30k per year. At the most, the face value of his contributions would be around $810 thousand.

To parlay $810,000 into $100,000,000 is a pretty nice return.

Nice going, pal!

http://www.cnn.com/2012/07/18/opinio...html?hpt=hp_c1
Jealous much? Sheesh ... so what if he does have that much stashed away in his IRA? Obviously he was smart in his investments. So what?

Maybe ... just maybe, he could use some of those smarts and turn this country around economically. All of Obama's fiscal brilliance has just bought us several more TRILLION dollars of debt ... yippy!
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Old Jul 18, 2012, 03:13 PM
Not THAT Ira
Real Ira's Avatar
Coupeville, Wa
Joined Jan 2006
4,722 Posts
Do you leave your hard earned money sitting out on the front porch when you go to bed at night?

The tax code is so onerous and unpredictable that rich people would be fools not to hire the best people they can to find legal ways to shelter their hard earned money.


Shall we start listing all the limousine liberals with similar financial arrangements?
This would become a very, very long thread.

Non issue.
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Last edited by Real Ira; Jul 18, 2012 at 04:51 PM.
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