Epic Fail

Romney Problems

Whether it's Mitt Romney himself or members of his staff, Team Romney simply can't stop saying stupid stuff.

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.

Yeah. Who would want $100 million in an IRA? What a drag would that be?

If you were to withdraw that $100 million dollars, you might have to pay an appropriate amount of tax on it, and that would just be a total buzz-kill.

Maybe Mitt can change the tax laws so he can withdraw his $100 million tax-free if he becomes president.