3 ms·
Well, I can hate the guy, but kudos: “The asset Thiel bought for $2,000 and stashed in his IRA? Paypal stock. A lot of Paypal stock. Thiel and his partners dec
by hindsightbias 5y ago
Well, I can hate the guy, but kudos:
“The asset Thiel bought for $2,000 and stashed in his IRA? Paypal stock. A lot of Paypal stock. Thiel and his partners declared Paypal's stock to be worth $0.001/share, which meant Thiel could shelter 1.7 million shares in his Roth IRA.
Today, those shares are worth $5 billion, and Thiel can draw them at 65 without paying any tax on them – neither the ~40% tax that he'd pay if they were income, nor the 20% sweetheart capital gains rate the IRS gives to people who earn money by gambling, not working.”