The Romneys’ IRA : Illegal or just Immoral?
Paul Krugman asks an interesting question.
Sort of related to my point about how although offshoring gets all the attention, domestic outsourcing is far from innocuous: there’s a lot of well-justified buzz about Romney’s accounts in the Cayman Islands, Switzerland, etc… But as Brian Beutler points out, an arguably much bigger issue is Romney’s domestic individual retirement account. IRAs are designed as a middle-class vehicle, with annual contributions limited to $6000; yet somehow the Romneys have an IRA worth more than $100 million. No, that’s not a misprint.