4 ms·
It goes like this: I want to lower my tax liability by donating to charity > as long as I'm doing that I want to make sure I'm supporting something I agree wit
by c22 4y ago
It goes like this:
I want to lower my tax liability by donating to charity > as long as I'm doing that I want to make sure I'm supporting something I agree with > I'll start my own charity to ensure that's the case.
Frankly I'm much more concerned about the billion dollar roth IRAs and 529 plans which seem to have a much lower chance of helping anyone else.
- s1artibartfast 4y agoRoth IRAs aren't supposed to benefit anyone else. That's not why they exist
- c22 4y agoThey're also not meant to hold billions of dollars (the annual contribution limit is like $6000). Yet somehow this happens [0]. [0]: http://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 http://www.propublica.org/article/lord-of-the-roths-how-tech...
- s1artibartfast 4y agoyeah, I'm aware of that. They are designed with no cap, but clearly this type of growth was not expected. Seems like it is an easy fix if it is determined to be a problem worth fixing. Just add a IRA cap at something like 50 million before you have to withdraw.
- c22 4y agoOr convert Roths back into regular IRAs after a point. I agree it's fixable and I think it ought to be fixed. I'm not so concerned about tax shenanigans that produce beneficial charity as a byproduct.