“First they came for the communists, and I didn’t speak out because I wasn’t a communist. Then they came for the socialists, and I didn’t speak out because I wasn’t a socialist. Then they came for the trade unionists, and I didn’t speak out because I wasn’t a trade unionist. Then they came for me, […]
Have you ever seen an election season so dedicated to the intricacies of taxes? Mitt Romney must be glad he paid accountants to run the numbers, since just 4 years ago I seem to recalls number of issues with TurboTax. So yes, I’ve never heard this much ranting and raving about taxes, even though the last time a very rich person from Massachusetts ran for President there were many similarities. So, let’s talk a little bit about two different things – ‘Marginal’ rates and ‘Effective’ rates.
In a case of great timing, DQYDJ’s article guessing how Mitt Romney has so much money in his IRA is now the third most popular article on the site! While I hold no belief that this situation will continue past November of this year, I think that, in the moment, it’s interesting to ask how a retail investor (read: the rest of us) might have fared had we contributed as much as the Romney family must have during Mitt’s 24 year stint in the public sector (whew). So, how much out-performance did Mr. Romney achieve?
We’ve had our first major upset of the Republican primary!
On Tuesday, there were 3 major events in the Republican primary calendar. Both Minnesota and Colorado held caucuses while Missouri held a non-binding primary. Going into the night, Santorum was expected to win Missouri (he had been campaigning there, while other candidates had been avoiding it) and likely to win Minnesota as well. Colorado, having similar demographics to Nevada (although having a notably smaller Mormon population) was expected to grant Romney a victory. In fact, prior to voting in Colorado, betting site Intrade had Romney at 97% to win the state. To riff off a common sports phrase? That’s why they count the votes!
Well, Newt Gingrich took down previous favorite Mitt Romney in a shocker in South Carolina. What can we say about the upset? These exit poll posts will continue until morale improves!
You can read the cross-tabs here.
You’ve got an IRA, right? This site has been preaching the tax benefits of both traditional and Roth IRAs since the beginning… and we aren’t going to stop now. So hopefully you’ve been diligently saving in your IRA, with the hope that some day you’ll have a couple million dollars in there (or at least a good amount of funds you can tap in retirement).
Mitt Romney, it was revealed in financial disclosure documents, has an Individual Retirement Account worth somewhere between $20.7 and $101.6 million dollars. Note that IRAs have a small limit when compared to 401(k)s and other employer retirement accounts, so this came as somewhat of a shock to people with IRAs. How did Mr. Romney achieve such an impressive sum in his retirement account?
Welcome to the Weekender, the highlight of everyone’s week! (And isn’t that what really disappoints you during the week- the fact that DQYDJ is so far away from posting another Weekender?)