According to federal law a person can only contribute $6,000 annually to an IRA account. Mitt Romney's IRA account is valued on his (as yet not fully disclosed 1-year of tax returns) at $101 Million! Supposing that he started contributing to his IRA on the instant he was born Mitt Romney would have to be 1,683 years old!
Leading House Democrats want to turn Mitt Romney’s enormous IRA into more than just a political problem.
Romney’s most recent financial disclosure form revealed that his tax-deferred individual retirement account holds upwards of $100 million — an amount that awkwardly showcases his enormous wealth but also raises legal and ethical questions.
IRAs are intended to allow workers to put away modest sums of money each year in order to help finance a middle class retirement. The savings are tax deferred, but there’s a legal limit — now $6,000 — on how much each IRA holder can contribute annually.
Now top Democrats on the Budget, Ways and Means, and Education and Workforce Committees want to know how people of Romney’s wealth can end up with 100,000 times that much money in a single IRA, and how much the tax and investment strategies they employ cost the Treasury in revenue every year.