Ron Wyden Wants IRA Fix After Thiel Disclosure

[applegrove]

Ron Wyden Wants IRA Fix After Thiel Disclosure

June 24, 2021 at 5:00 pm EDT By Taegan Goddard 57 Comments

https://politicalwire.com/2021/06/24/ron-wyden-wants-ira-fix-after-thiel-disclosure/

"SNIP.....

Senate Finance Committee Chairman Ron Wyden (D-OR) “is considering reviving a proposal that would limit how much wealthy individuals can shield retirement savings from taxes, after a ProPublica report that Peter Thiel had amassed $5 billion in a tax-free account,” Bloomberg reports.

“Wyden, the Democrat who controls the Senate’s tax agenda, said he would revisit his 2016 proposal that would prevent people from contributing to Roth individual retirement accounts once they’ve reached $5 million in value.”

.....SNIP"

[Budi]

1. How many did exactly what Thiel did? How many more.

Name them all.

[jimfields33]

2. I know many that are making bank on ROTH IRAs.

You buy stock, it goes up. You sell. You buy a different stock. It goes up. You sell. Repeat many times and soon your talking real money…..all tax free. Obviously a rare case of a billionaire doing the same with bigger buys.

[a kennedy]

3. EAT THE RICH....🤬 🤬 🤬

[applegrove]

4. Or just make them pay taxes.

[a kennedy]

6. Exactly..........I'm gonna start wearing my eat the rich pin......have it along side a crossed

knife and fork pin. My favorite knife crossed with a fork pin was given to me by a traveling Harley rider……and it was broken by my best friends’ boxer dog jumping up on me. Have tried to fine on similar pin but, could only find one but smaller in length, and not as cool as my gift from the Harley rider. But I swear I’m gonna start wearing them again. Wore them back in the Vietnam war days as a protest to the rich kids not being drafted……ya know, kinda like “cadet bone Spurs” 🤬 🤬 🤬

[applegrove]

7. If you say "eat the rich" it sounds persecutory. If you say make them

"pay their taxes" it has lots of popular support. Nobody is trying to destroy anyone.

[bucolic_frolic]

5. Roth IRAs are a tax free trading business

These super wealthy people - can they park stock options in an IRA? That was a question with Mitt in 2012.

Congress needs to rethink the tax code. Little people can't do anything. Can't trade for income, only for capital gains, unless you incorporate everything you own. Can't trade outside the LLC once you do that. So many hoops to qualify as a trader - size, volume, incorporation, every day. Then you need the legal setup, and the CPA to report it. $$$$$ up front. Big people don't worry about that. You would think Social Security would welcome capital gains taxed as income.