IRA cheating

I would first like to say that I do not support or condone the methods described in this video. I also cannot attest to the legality of these methods. For more information please consult your legal counsel for financial matters or the IRS.

The current max IRA contribution rate is approximately $6,000.00 per year. If you contributed this amount every year for the past 60 years, your will have contributed only $360,000.00. If we adjust for inflation and interest, over the past 60 years, your IRA balance would be approximately $2,923,851.00.

However, wealthy individuals can take advantage of loopholes and contribute unlimited sums of money to their IRA, and write off their contributions as a loss on their income tax.

Let's say you are a wealthy individual and you want to contribute $10,000,000.00 to your IRA this year.

First your start your IRA.

Next you start a company, or at least order some letterhead for your company.

Then you issue 10,000 shares for your company valued at $0.01 per share.

You use $100 of your IRA to invest, and buy 100% of the company shares.

Next you loan your company $10,000,000.00.

With this money in the company bank account, your company then uses its new funds to buy a medical waste company for $10,000,000.00.

Congrats, your IRA now owns 100% of a company with 10 million in assets and 10 million in debt.

Next, you forgive the $10,000,000.00 loan you gave to your company and write it off on your taxes as a loss.

Then, your IRA sells 100% of its shares for $10,000,000.00 to another company that specializes in buying out companies and dismantling them. It helps if you also own and are the CEO of the other said company.

That is it! This is how with a single process you can put more money into your IRA then 99% of Americans can grow their IRA in an entire lifetime.

Can you name any politicians that have over $100,000,000.00 in their IRA?

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