Leona Helmsley was correct when she said, "Only the little people pay taxes." Paul Krugman reports on Romney's IRA, where generally you are limited to contributing only $6,000 per year:
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.UPDATE: In thinking this over a bit more, Romney probably rolled some asset(s) into the IRA from some other pension account. An IRA rollover occurs when you change jobs or retire and as a result you are entitled to distribute or “rollover” your previous employer's retirement plan (such as a 401k, 403b, 457 plan etc) to an IRA.
How did that happen? Presumably there was heavy exploitation of some kind of loophole.
But this may only raise the question of how the money got into the other retirement plans in the first place.
Power players know how to game the system.