Dem Lawmakers Make Example Of Romney’s Enormous IRA
Top Democrats are pushing tax writers in both the House and Senate to close the tax loopholes that likely allowed Mitt Romney to use a savings vehicle for middle class workers to build a nearly $100 million retirement fortune.
Romney’s financial disclosures have famously revealed that his tax-deferred individual retirement account holds upwards of $100 million, an uncomfortable demonstration of enormous wealth, but moreover a source of key ethical questions.
IRAs were designed to allow workers to nest away modest sums of money each year, tax deferred, to finance a middle class retirement. There’s even a legal limit — now $6,000 — on how much each IRA holder can contribute annually.
Romney’s managed to amass more than 100,000 times that much.
So early last month, Reps. Chris Van Hollen (D-MD), George Miller (D-CA) and Sander Levin (D-MI) wrote to the Treasury and Labor departments to make an example of Romney. They asked federal tax officials to explain whether the tax strategy Romney likely used to mushroom his IRA — circumventing the contribution limit by undervaluing assets — is legal, how much revenue it costs the U.S. treasury each year, and whether it should be forbidden.
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