He had several retirement accounts and cashed out one! What a bunch of tripe this is!
Right now, I’m a Cruz guy, but I think the REAL lesson here is that he, at least at the present, is NOT on the take, like most of his other Congressional brethren. But weak financials also means he might be more easily coaxed into crooked deals.
So get back to me, MSM, when you decide to look at the millions made while in office by the likes of Dingy Harry, Hillary, Rangel, etc.
Imagine - spending his own money!
How gauche!
Surly he cannot expect to fit in with the High-Rollers in Sodom On The Potomac.
Would the Post like Rubio better if he was making millions peddling influence and selling defense secrets like Hillary?
Or if he had billionaire One-Worlders backing him like Obama?
Or he knows a BAIL-IN is coming soon to a bank near U.S. and he does not want his cash involved.
They tried to pull the same crap with Walker. He didn’t have lots of money becasue he had kids in school and a mortgage. Yet, he has a good paying gubmint job.
I have a couple issues with Rubio, one being his previous footsie playing with McCain over amnesty. That being said he is a damn sight better than most Republicans and all Democrats. I pray Cruz is nominated and elected, but if it is Walker great, if Rubio at least it isn’t Bush.
He looks like he may have a addition problem just a feeling i get from watching him i was an addict and alcoholic
Again with this the compost must be scared
The Problem is the wife
All it takes is one real estate flop (he may have one), children education expenses to set one back. Plus he quit being a Senator. He should be hurting, financially.
There is no way, no how, for this to be good cash management.
If the retirement plan is a conventional 401(k) or IRA, Rubio got a deduction for his contribution in the year contributed. The tax is deferred until a distribution takes place. Rubio triggered that event last year, so he would have $68,241 in ordinary income for 2014. Rubio is in at least a 28% tax bracket, so he would pay $19,107 in taxes in 2014. Moreover, since Rubio is not 59½-years old, there is a 10% penalty of $6,824. I don’t know how much money Rubio needed, but his $68,241 distribution cost him $25,931 in taxes, leaving him with $42,310 of spending money.
Well, I guess it was cheaper than a payday loan.
But still a dumb way to get your hands on cash.
maybe he wants to pay cash for a Ferrari or whatever...he is a very intelligent person and can certainly provide for his retirement....
If he did this because he no longer wanted his money tainted by the governments. If he no longer wanted to invest for the government. If he wanted to invest without the limitations of being a serf...
Fine.
I don’t trust Rubio. He’s like one of those Border Reivers of yore who would turn their badge over once they saw which direction the fight was going.