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| Post Number: 11
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blahblahblah 
Group: Members
Posts: 76
Joined: May 2011
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Posted on: Jul. 10 2012,11:31 pm |
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Looks like CNN Money let the cat out of the bag on this evil secret years ago.
CNN Money Article
Of course if Romney violated any of this stuff he should be punished.
QUOTE Important restrictions do apply, which brings us back to those "prohibited transactions." One critical rule governs what the IRS calls "self-dealing," using tax-deferred money for something that benefits you today. "If you get a benefit as a byproduct of a transaction that your IRA is involved in, that would be a violation," says Anderson.
For example, you may buy a vacation house through your IRA and rent it for profit. But if you or your family use the house, that would be self-dealing. You are also forbidden to mix sweat equity with your investment. If you do repairs on the house yourself, you're breaking the rules.
Using IRA funds to start a business can be a minefield. You can legally invest IRA money in a startup, but you can't be a majority owner or pay yourself a salary unless the company is structured so that your salary is not in your control. To stay abreast of the tax codes, seek professional guidance.
Retirement interrupted
"If you file the papers to incorporate and name yourself the sole shareholder," says Anderson, "then you can't put your IRA money into it." Anderson encourages entrepreneurs to put a portion of their retirement money into their company, "particularly a Roth IRA, if you really believe your company [is] going to pay off."
Perhaps this is why Grassman has his own company? 
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| Post Number: 12
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grassman
Group: Members
Posts: 3858
Joined: Mar. 2006
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Posted on: Jul. 11 2012,6:00 am |
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As a matter of fact I did use some of my IRA to start my business. I was taxed up the butt to do so. No longer is it IRA money. I do not get the same "luxury" as money movers like Romney. 
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git er done!
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| Post Number: 13
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Expatriate
Group: Members
Posts: 16954
Joined: Oct. 2004
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Posted on: Jul. 11 2012,2:51 pm |
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How will Romney flip flop this tax evasion IRA scheme...what’s in your IRA... or how about those accounts in Switzerland or Cayman Islands where you keep that secret stash of tax free cash...
$15.5 trillion of National Debt is fairly easy to explain, Romney types not paying tax..
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History is no more than the lies agreed upon by the victors.
~NAPOLEON BONAPARTE
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| Post Number: 14
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Self-Banished
Group: Members
Posts: 22685
Joined: Feb. 2006
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Posted on: Jul. 11 2012,6:56 pm |
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I'm sure with all the exposure Rummy's been getting over the years that he's probably pretty safe with his investments as far as being legal. There's most Likely a army of lawyers and accounts working on his stuff.
Expat, you seem to have a real "hard on" for Rummy so I figure you either scared or jealous. You seem especially vicious with him. If he's dirty it will be exposed if not, he's pretty savvy business wise.
By the way, Al Capone??? 
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 Remember boys and girls,
Don’t be a Dick …
Or a “Wayne” 
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| Post Number: 15
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Expatriate
Group: Members
Posts: 16954
Joined: Oct. 2004
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Posted on: Jul. 11 2012,9:07 pm |
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^ Al Capone went to prison for tax evasion that’s how he equates to Romney’s financial behavior.
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History is no more than the lies agreed upon by the victors.
~NAPOLEON BONAPARTE
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| Post Number: 16
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hairhertz
Group: Members
Posts: 3489
Joined: Dec. 2004
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Posted on: Jul. 11 2012,11:09 pm |
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greed
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metis movement
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| Post Number: 17
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Glad I Left
Group: Members
Posts: 2306
Joined: Aug. 2005
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Posted on: Jul. 12 2012,8:08 am |
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Why is it greed and/or thought of as illegal for one to keep as much of one's own money as they can?
I don't care if it's Romney or Obama, they have the right to keep as much of their own money as they legally can?
If there are tax shelters, or off shore accounts that they can hold their money in that provides a tax benefit, then why not use it?
I use every tax deduction I can when I file my taxes. Am I greedy too?
What this comes down to is a tax system that is completely F'd up. 76000 pages of tax code, and only to go higher under obamacare says it all.
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After we screw up health care reform, let's take on the initiative of unscrewing the education system (gov't education)
Tacitus: (c. 56 AD-c. 117) "The more corrupt the state, the more it legislates."
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| Post Number: 18
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