Mitt Romney and His Mysterious $102 Million IRA

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This morning I blasted Harry Reid for inventing a story about a mysterious informant who told him that Mitt Romney hadn’t paid any income taxes for the past ten years. One reason for thinking that Reid invented this is the sheer implausibility of Romney avoiding taxes for an entire decade. One year, maybe. Two years, still a possibility. But not ten.

I’m sticking to my guns on this, but there’s now a sliver of doubt. Today, for the first time that I know of, someone has produced a reasonable-sounding scenario that explains how Romney might have paid either zero or close to zero in income taxes for eight years. It’s related to Romney’s $102 million IRA, something that’s been tantalizing us ever since it showed up in his 2010 tax return. You can read it here.

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We didn't know what to expect when we told you we needed to raise $400,000 before our fiscal year closed on June 30, and we're thrilled to report that our incredible community of readers contributed some $415,000 to help us keep charging as hard as we can during this crazy year.

You just sent an incredible message: that quality journalism doesn't have to answer to advertisers, billionaires, or hedge funds; that newsrooms can eke out an existence thanks primarily to the generosity of its readers. That's so powerful. Especially during what's been called a "media extinction event" when those looking to make a profit from the news pull back, the Mother Jones community steps in.

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