Row 71711

Row ID: 71711 | Dataset Entry | Axioma AXP Content Repository

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This page contains data entry 71711 from the Axioma AXP content repository. The structured data below represents the complete record for this entry.

I did a deep dive into IRAs when I read that Mitt Romney had $100m in a ROTH IRA. I thought that was limited to $6k/yr or $20kish through a company plan. Turns out you can own an owners stake in a company or an LLC or part of an LLC in your IRA. Eg… buy part of a company in your IRA, grow the business and sell it, all profits stay in your IRA. If you bought your share with ROTH IRA funds, all proceeds are also ROTH and therefore untaxable. If you’re Mitt Romney companies will give you a percentage of the business just to have your contacts. Of course you need an army of accountants and tax lawyers to navigate the system, no problem for the billionaire class. Loopholes for the rich are real.

FieldValue
text I did a deep dive into IRAs when I read that Mitt Romney had $100m in a ROTH IRA. I thought that was limited to $6k/yr or $20kish through a company plan. Turns out you can own an owners stake in a company or an LLC or part of an LLC in your IRA. Eg… buy part of a company in your IRA, grow the business and sell it, all profits stay in your IRA. If you bought your share with ROTH IRA funds, all proceeds are also ROTH and therefore untaxable. If you’re Mitt Romney companies will give you a percent…
label r/economics
dataType comment
communityName r/Economics
datetime 2024-05-24
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Raw Record

{
  "text": "I did a deep dive into IRAs when I read that Mitt Romney had $100m in a ROTH IRA.  I thought that was limited to $6k/yr or $20kish through a company plan. Turns out you can own an owners stake in a company or an LLC or part of an LLC in your IRA. Eg… buy part of a company in your IRA, grow the business and sell it, all profits stay in your IRA. If you bought your share with ROTH IRA funds, all proceeds are also ROTH and therefore untaxable. If you’re Mitt Romney companies will give you a percentage of the business just to have your contacts.  Of course you need an army of accountants and tax lawyers to navigate the system, no problem for the billionaire class. Loopholes for the rich are real.",
  "label": "r/economics",
  "dataType": "comment",
  "communityName": "r/Economics",
  "datetime": "2024-05-24",
  "username_encoded": "Z0FBQUFBQm5Lak1mNGZyRGdzNXNmdm1pbEExWDc0Y1pOT0VZc3dBeGM2Mm5fQzZ1ODR6cVhsTGZVeWtNNUlXU0dYT21lblk0YTh6QW9hWjB2MnVsT0NKVDNmYzRGdVlPUFE9PQ==",
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}
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