Tuesday, September 04, 2012

Mitt Romney's "retirement" was very tax-privileged

Monday, Tom Hamburger published an article in the Washington Post “Mitt Romney exited Bail Capital with rare tax benefits in retirement”, link here

Romney, now 66, was able to obtain additional tax benefits from his Bain retirement (according to the Bain severance agreement)  IRA by remaining a partner after retirement, according to the story.

“Ordinary” employees of companies have had to fight to have the right to sell their employer’s stock, in some cases;  in a few cases, as reported before, they have had difficulty getting their own money out after employers went bankrupt.

And some employer severance agreements don't allow employees to get severance if they work for competitors or even work in their fields.  

Compare all that to Romney’s benefits. 

Update (Sept. 5):

Here's another video, by Todd Kating from early 2011, about the nasty secrets behind 401(k)'s.

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