I sat and watched a number of political chat show folks talk up all the issues with Mitt Romney having an off-shore bank account, and a $100 million IRA. They were all very upset by this and just can't understand why you'd vote for someone who would do something like this.
So I sat and pondered over this.
First, the $100 million IRA. Mitt Romney ended up using every single rule that the idiots in Congress and the Senate wrote for IRAs.....to have the $100 million dollar account. There's nothing wrong or illegal about such financial activity. In fact, if you look around at most political figures in their fifties and sixties.....there's a fair number of folks in dismal financial straits and counting on some book deal to at least give them a million or so....to survive out their final years.
There's also this observation about the political chat folks making negative talk.....I'd like for each of them to open up their retirement portfolio and let's gaze at their IRA. The truth is....they probably have at least a million in their own IRA.
Second, on this off-shore bank account. Last time I noticed.....Congress and the Senate had made up various rules to allow people to have off-shore bank accounts.....with foreign banks. They hadn't made that it illegal.
Who runs an account like that? Well.....if you didn't have an awful lot of trust of some idiot American banks (like Bank of America for example)....why would keep your money in their bank? A foreign bank might show enough reasons why they were to be trusted, and why they didn't do stupid things.
As for the comment of hiding money....if the guy admits he has off-shore accounts, what is the guy hiding? He's likely filling out all the paperwork and telling the IRS folks of every nickel he makes.
For the accountants who advise the political chat show guys that they don't know of anyone doing off-shore accounts....it's mostly because it's a long difficult process to open the account, move the money, and track everything for IRS purposes....so there's not an awful lot of accountants who ever get into a situation like this, and you'd only want the best of the best handling the tax situation....not Billy Junior who runs T&T Tax Accounting down in Boaz, Bama.
Yes, it's terrible that we have rich folks running for President of the United States. It's terrible that we have dimwit Senators running for President of the United States. It's terrible that we have no-name governors from Minnesota running for President of the United States. But it's just as bad to have politically naive dimwits as political talk show hosts. In the end, we get stuck with the way things work out.