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The Trail: 2012 Presidential News from the Field / Campaign 2012

Report: Romney’s IRA Examined

September 3, 2012

Upon his departure from Bain Capital, Mitt Romney was able to use innovative methods to “turbocharge” his investments, according to The Washington Post, which examined some of his investments, including his Individual Retirement Account.

The Post writes that Romney used an IRA, like many other Americans, but that he was “able to turbocharge the impact of those advantages and other tax breaks in his severance package from Bain in a way that few but the country’s super-rich can ever hope to do.” The IRA is worth an estimated $87 million, The Post reported.

A spokeswoman for the  Romney campaign told The Post that the GOP nominee had been “scrupulous” in adhering to the tax code, adding: “His income is reported and taxed in full compliance with U.S. law, and he has paid 100 percent of what he has owed.”

 

The Post claims that Romney was able to “take advantage of tax benefits in innovative ways open only to a narrow slice of extremely affluent people — mostly those who work in private-equity firms and other investment partnerships.”

For example, his severance package allowed him to continue sharing in company profits as if he were a partner, and accordingly pay taxes at a lower rate, The Post reported.

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