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+--- Thread: Lord of the Roths: How Tech Mogul Peter Thiel Turned a Retirement Account for the Middle Class Into a $5 Billion Tax-Fre (/showthread.php?tid=257448)
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Lord of the Roths: How Tech Mogul Peter Thiel Turned a Retirement Account for the Middle Class Into a $5 Billion Tax-Fre - Speedy - 06-26-2021
Roth IRAs were intended to help average working Americans save, but IRS records show Thiel and other ultrawealthy investors have used them to amass vast untaxed fortunes.
https://www.propublica.org/article/lord-of-the-roths-how-tech-mogul-peter-thiel-turned-a-retirement-account-for-the-middle-class-into-a-5-billion-dollar-tax-free-piggy-bank
Billionaire Peter Thiel, a founder of PayPal, has publicly condemned “confiscatory taxes.” He’s been a major funder of one of the most prominent anti-tax political action committees in the country. And he’s bankrolled a group that promotes building floating nations that would impose no compulsory income taxes.
But Thiel doesn’t need a man-made island to avoid paying taxes. He has something just as effective: a Roth individual retirement account.
Over the last 20 years, Thiel has quietly turned his Roth IRA — a humdrum retirement vehicle intended to spur Americans to save for their golden years — into a gargantuan tax-exempt piggy bank, confidential Internal Revenue Service data shows. Using stock deals unavailable to most people, Thiel has taken a retirement account worth less than $2,000 in 1999 and spun it into a $5 billion windfall.
To put that into perspective, here’s how much the average Roth was worth at the end of 2018: $39,108.
And here’s how much $5 billion is: If every one of the 2.3 million people in Houston, Texas, were to deposit $2,000 into a bank today, those accounts still wouldn’t equal what Thiel has in his Roth IRA.
What’s more, as long as Thiel waits to withdraw his money until April 2027, when he is six months shy of his 60th birthday, he will never have to pay a penny of tax on those billions.
Re: Lord of the Roths: How Tech Mogul Peter Thiel Turned a Retirement Account for the Middle Class Into a $5 Billion Tax - vision63 - 06-26-2021
Re: Lord of the Roths: How Tech Mogul Peter Thiel Turned a Retirement Account for the Middle Class Into a $5 Billion Tax - wave rider - 06-26-2021
I do not like Peter Thiel.
Re: Lord of the Roths: How Tech Mogul Peter Thiel Turned a Retirement Account for the Middle Class Into a $5 Billion Tax - vision63 - 06-26-2021
wave rider wrote:
I do not like Peter Thiel.
That's polite! I can learn from you!
Re: Lord of the Roths: How Tech Mogul Peter Thiel Turned a Retirement Account for the Middle Class Into a $5 Billion Tax - DeusxMac - 06-26-2021
Vision, what about the constructors and the enablers of "the game"?
Re: Lord of the Roths: How Tech Mogul Peter Thiel Turned a Retirement Account for the Middle Class Into a $5 Billion Tax - vision63 - 06-26-2021
DeusxMac wrote:
Vision, what about the constructors and the enablers of "the game"?
Change the laws. Don't stop until we get it done, then don't allow the opposition a chance to be in power to undo what we worked hard to do. This only happens because we don't have enough power to stop it. Focusing on people that lay in the cut to take advantage is wasted energy. Energy that can be spent in more productive ways.
Re: Lord of the Roths: How Tech Mogul Peter Thiel Turned a Retirement Account for the Middle Class Into a $5 Billion Tax - DeusxMac - 06-26-2021
vision63 wrote:
[quote=DeusxMac]
Vision, what about the constructors and the enablers of "the game"?
Change the laws.
And what about the constructors and enablers until that's achieved. Are they absolved from criticism? Not in my book.
You can't win, if you don't know whom you're fighting.
vision63 wrote: Focusing on people that lay in the cut to take advantage is wasted energy. Energy that can be spent in more productive ways.
There's a (big) difference between those who "take advantage" of "the game", and those who actively reinforce and protect "the game".
"
Re: Lord of the Roths: How Tech Mogul Peter Thiel Turned a Retirement Account for the Middle Class Into a $5 Billion Tax - vision63 - 06-26-2021
DeusxMac wrote:
[quote=vision63]
[quote=DeusxMac]
Vision, what about the constructors and the enablers of "the game"?
Change the laws.
And what about the constructors and enablers until that's achieved. Are they absolved from criticism? Not in my book.
You can't win, if you don't know whom you're fighting.
vision63 wrote: Focusing on people that lay in the cut to take advantage is wasted energy. Energy that can be spent in more productive ways.
There's a (big) difference between those who "take advantage" of "the game", and those who actively reinforce and protect "the game".
"
I can criticize how hot it's going to be today til I'm blue in the face. It's still gonna be hot. We have apparatuses in place to deal with it, we just need to give it all more power. We got people like Tish James rendering justice against companies like Johnson & Johnson and the first thing that comes out of people's mouths is "It's just a drop in the bucket!"
People want to sleep on the reality of how we choose our representatives but then be mad about the consequences of that.
The electoral map will change as a result of the census. The one they spent a massive amount of energy crippling. When it's all done, if the exact 2020 election were held at that time, Trump would win.
You can't cry if you're not trying to change the political landscape in a way that ensures our victory. It's not to say most people aren't, but being mad at the sky for being blue. We got better things to do.
Re: Lord of the Roths: How Tech Mogul Peter Thiel Turned a Retirement Account for the Middle Class Into a $5 Billion Tax - wave rider - 06-26-2021
vision63 wrote:
[quote=DeusxMac]
Vision, what about the constructors and the enablers of "the game"?
Change the laws. Don't stop until we get it done, then don't allow the opposition a chance to be in power to undo what we worked hard to do. This only happens because we don't have enough power to stop it. Focusing on people that lay in the cut to take advantage is wasted energy. Energy that can be spent in more productive ways.
I do not spend a lot of energy disliking Peter Thiel. He is such a schmuck that is takes very little energy to dislike him.
Re: Lord of the Roths: How Tech Mogul Peter Thiel Turned a Retirement Account for the Middle Class Into a $5 Billion Tax - DeusxMac - 06-26-2021
vision63 wrote:
[quote=DeusxMac]
[quote=vision63]
[quote=DeusxMac]
Vision, what about the constructors and the enablers of "the game"?
Change the laws.
And what about the constructors and enablers until that's achieved. Are they absolved from criticism? Not in my book.
You can't win, if you don't know whom you're fighting.
vision63 wrote: Focusing on people that lay in the cut to take advantage is wasted energy. Energy that can be spent in more productive ways.
There's a (big) difference between those who "take advantage" of "the game", and those who actively reinforce and protect "the game".
"
I can criticize how hot it's going to be today til I'm blue in the face. It's still gonna be hot. We have apparatuses in place to deal with it, we just need to give it all more power. We got people like Tish James rendering justice against companies like Johnson & Johnson and the first thing that comes out of people's mouths is "It's just a drop in the bucket!"
People want to sleep on the reality of how we choose our representatives but then be mad about the consequences of that.
The electoral map will change as a result of the census. The one they spent a massive amount of energy crippling. When it's all done, if the exact 2020 election were held at that time, Trump would win.
You can't cry if you're not trying to change the political landscape in a way that ensures our victory. It's not to say most people aren't, but being mad at the sky for being blue. We got better things to do.
Your points are correct, but not your anaolgies; not for this issue. Thiel is a human with the ability to make decisions, not a natural phenomenon like today's temperature or the color of the sky.
There are innumerable examples of a public figure's actions being publicly challenged, and as a consequence they've been punished in one form or another.