Romney complains about the tax on his $100 million IRA
in today’s Wall Street Journal the “tax problem” created by Romney’s massive $100 million retirement account:
In any case, swelling the IRA to the size Mr. Romney’s reached has “created a tax problem” for the former Massachusetts governor, said a Romney campaign official. Tax-law changes since Mr. Romney’s Bain tenure mean that long-term capital gains in regular accounts now are taxed at 15%. But IRA gains are taxed at ordinary-income rates upon withdrawal, which for Mr. Romney, under current law, would be 35%.
“Who wants to have $100 million in an IRA?” said the campaign official.
Surely most people would happily accept a $100 million IRA, and all of its associated “tax problems,” if Romney is looking to offload it.