Don't you find it funny that the man with a 13% approval rating is giving a pep talk to a congress that has a 13% approval rating?

I suspect that Mitt Romney's IRA account is a rollover from a corporate plan.

Rachel wondered how Mitt got so much money in his IRA when contributions are limited to $6,000 per year. Well, if he had a large amount in his 401K, which he contributed to while an employee of Bain, he could have rolled it over into an IRA.

Hi Rachel!. I think I got it!!. I've solved the mystery. The clue was the comment on the Cayman Islands foreign accounts. If this is a benefit for foreigners to avoid paying US taxes, I bet you that the problem is that Mr. Romney and or his wife have dual citizenship!. They either are or were until recently citizens for a foreign country which allowed them to avoid many of the U.S. taxes.

If you do some digging in Switzerland, the Cayman Islands or other European countries, or EVEN Mexico!!, you will find the that is the case!!

Amazing how little it takes to rattle the right wing crazies. It's really funny though watching Rush Limbaugh's head explode this way.

Rachel - I just figured out how Romney can have so much in his IRA. You can roll over a 401k from a job you no longer work for (complete distribution due to separation of service) to an IRA. If Romney was employed he can contribute to a 401k with employer matching to a limit determined by the 401k rules for that company. He could have been employed by 5 or more companies per year & as most contributions are based on a percentage of salary or wages, he could have easily contributed millions to 401ks. Then when he was no longer employed by the companies, he can roll over the total distribution (his contributions plus company matching) tax free to an IRA. The IRA is not taxable until distribution which is required to start when you reach 72 I think.

Rachel,

I know you have a lot of respect for Dan Rather and I believe he got a raw deal at CBS over the Bush Military AWOL story. But listening to Mr. Rather praise George Will as being "one of the most intelligent people I know" made me almost throw up in my mouth. I no longer feel sympathy for this man and can no longer watch your show when you have him on. I am sorry but George Will is a privileged old white guy who is full of hate and stupidity. He does like baseball though. One redeeming quality I guess.

Hey Rachel staff, I'm a totally committed Dem, ran for state legislature in 2008, and I am a financial advisor. Rachel really dropped a dummy bomb on her IRA comment tonight. Time to fix it???? She said you can only put money into an IRA with $6,000 installments annually. She totally missed the most significant source to IRAs which is Rollovers or Transfers from other retirement plans like 401k. And, 401ks can receive contributions from employees in stock or hold the stock of a company. So, if Romney, early and often in his career maxed out his contributions and always put the money in Bain Capital shares of stock, which all would be legal and normal....and then the Bain Company stock took off and went from $0.25 a share to $500 per share....it is possible to see how Mitt got $101 million in that IRA.

Furthermore, though I hate to admit it.. that money will be taxed as regular income at some point, unlike his non-IRA shares of Bain capital that will be subject to capital gains tax rates... capped at 15%.

PLEASE, do a retraction on this and don't give the right wing noise machine something to whine about.

Thanks,

44Lefty

Rachel, Rush Lumbaugh is a stupid SOB and anyone listening and believing him is just as stupid. Lumbaugh's reference to a movie character Bane in a Batman movie is one of his more stupid soundbites. If you are are Batman movie lover, then you will remember Bane is a villian in an earlier Batman movie starring George Clooney. George Clooney's Batman reviews were not good so if you believe the idea of Bane being the 2012 Batman movie villian came from George Clooney, you may want to think that is even a stretch. So if Lumbaugh is making reference to Bain Capital being like Bane the villian in the Batman movie then he even understands that Bain Capital is a villian to the American worker which I do not think that is what he intended.

Romney wants to be President of the United States when he can not manage a company that he is the sole shareholder of, and the Olympics at the same time. I suspect he had a crew of hundreds to help him with both. A puzzle to me....if he can't manage two large projects at one time how could he ever hope to manage the multifaceted demands of being President.

from the SEC filing everyone assumes Romney was paid $100,000.

It is my understanding that is the least amount paid and may really be much more.

Rommey retired from Bain because he felt he was needed full time to manage the Olympics. If he could not handle the management of a his own company, where he was the CEO and President, and the Olympics at the same time; however could he handle the multifaceted demands of the Presidency.

If McCain was given 23 years of Romney's tax returns, has anyone talked to him about what's in them?

Rachel you should have said "...breath in their own flatulance." instead of "exhalations". Rush Limbaugh so instantly conjures that image when he appears on tv or his voice begins it's verbal assault over the airwaves.

Notes and quotes from Rachel's 7/17 segment on Romney and his mysterious tax returns:

23 years tax returns to John McCain for vice presidential candidacy

1 year to the American people for Presidential run

Offshore accounts – blind trust – trustee-not his decision

"Well first of all, all of my investments are managed in a blind trust. By virture of that, the decisions made by the trustee are decisions that determine where the trusts are." The National Review

Then the clip about his Age old ruse remark during his campaign against Kennedy – "you can always tell the blind trust what it can and cannot do." 10:45 in the TRMS show clip

Then more of the quote started above from TNR:

"Secondly, the so-called offshore account in the Cayman Islands, for instance, is an account established by a U.S. firm to allow foreign investors to invest in U.S. enterprises and not be subject to taxes outside of their own jurisdiction."

"designed to help foreign people to invest in the U.S. and avoid paying U.S. taxes when they do it. Great!

So why is his money there? C'mon, are you foreign? RM

The rest of the TNR quote:

"So in many instances, the investments in something of that nature are brought back into the United States. The world of finance is not as simple as some would have you believe. Sometimes a foreign entity is formed to allow foreign investors to invest in the United States, which may well be the case with the entities that Democrats are describing as foreign accounts."

"So his answer to this is what? That he's a foreign investor?" RM

"That's how foreigners invest in America." RM 12:27

So it occurs to me that maybe Romney is a dual citizen somewhere (?) in order to have the blind trust which is managed "by the trustee" and "decisions" are "determine[d by] where the trusts are." If that is the case, wouldn't he be ineligible to be President at all?

Who IS the Trustee? What nationality? Who are the foreign investors? Are they contributing to his campaign through those Citizens United-type campaign funding organizations? Who is controlling his money? Why? What American businesses are involved? What foreign businesses are involved?

Why did he set up a blind trust outside the U.S. at all? And where are all of them?

If we can not the the rich because they are job creators, then why was unemployment at its lowest with the tax rates President Obama suggests?? http://clinton4.nara.gov/WH/New/html/20000112_1.html

Looks as though most of the audience knows more about IRA's and additional funds than Ms Maddow. Explain that one. You watch someone who doesn't know anything and can't figure out parochial equations of the topic she introduces (Romney's above $6000.00 a year disclosures) yet so many here of her audience can. Maybe the audience should replace the host? They seem to be better informed about matters than she.

As for Rush Limbaugh, he probably has more of an audience in any given 5 minute segment of his radio program that TRMS enjoys in a year of televising on MSNBC. Who really cares what Ms Maddow's opinion of Rush Limbaugh is? That like a career minor leaguer whose never batted above .088 with 0 Hr's career wise and only 0 RBI and can't play the outfield because they can't catch a ball. In essence, the minor leaguer is convereted into a BATT girl. Yup, that'd be TRMS host. Batt Girl. While Limbaugh is the proven veteran all star , like say, A Rod (we'll use A Rod because of Limbaugh's pain killer abuses) hahahahaha Good or bad, A Rod, will be immortalized, 10 years from now people will say, "Rach,.. who" Never heard of the BATT Girl. Oh come on, you know the Batt Girl from yrs ago who was a Degeneres wanna be on MSNBC? Mswhat? Huh?

Keep telling the truth Rush! Maybe another story on Sandra Fluke the fluke phony from Georgetown.