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View Diary: Delaware's Governor piles on Romney tax fray - 'He should have been ready for this' (17 comments)

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  •  Great diary - Hits keep coming! (3+ / 0-)

    A suggestion for the diarist about the following statement:

    -You can have a tax-deferred individual retirement account with a balance of upwards of $100 million despite annual contribution limits of $6,000 per year.
    The contribution limits for 401Ks and SEP-IRAs were and are much higher that the limits for individuals, so IMHO the $6000 is a misleading number.  And for most of Romney's career limits for a traditional IRA were much lower than $6000.

    You could make your statement robust by inserting a few  words.

    ...annual contribution limits [that were less than] $6,000 [for individuals]...

    In addition, it's possible to roll over other tax-deferred retirement plans into an IRA after one leaves a job.

    For example, Mitt was paid "~$430,000" in a retirement account from his time with the SLOC 1999-2001.  

    I don't know what kind of plan it was, but if it was permitted he could have rolled it over into his IRA after he left the SLOC.

    $430,000 compounding at 8% grows into $15 million by 2010.

    That doesn't get us all the way, but he could have rolled together profit-sharing plans and other retirement accounts from board memberships, etc. There's no limit to rolling those other plans together into a traditional IRA.

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