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It's another thing to say this was a program designed to help working people retire more comfortably and not as a tax shelter for risky investments. I know Thie
by tootie 4y ago
It's another thing to say this was a program designed to help working people retire more comfortably and not as a tax shelter for risky investments. I know Thiel didn't do anything explicitly illegal so there's no recourse to recoup the taxes, but it's obviously skirting the spirit of the law. And a pretty easy regulatory update to cap the value of Roth withdrawals. No tax on gains up to $10M or something would protect 99.9% of savers and prevent this tactic from being weaponized.
- lotsofpulp 4y ago>but it's obviously skirting the spirit of the law. This is not obvious to me, as it would have been trivial for legislators to specify a CPI adjusted maximum for the tax advantaged gains. >And a pretty easy regulatory update to cap the value of Roth withdrawals. Yes, and I encourage Congress to do that. That has always been one of the risks with opting for Roth.