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Your complaint can be boiled down to "this trick only works if you have the connections and wealth to pull it off". Which is almost the entire history of humani
by sidewndr46 3y ago
Your complaint can be boiled down to "this trick only works if you have the connections and wealth to pull it off". Which is almost the entire history of humanity. Who you know is more important than what you do.
- jvanderbot 3y agoThis is one interpretation and it's a fair one. Another is that it is not in the spirit of the law to use the IRA to wash taxes off your own company's profits. If it's the letter of the law, the discussion is around whether that should change.
- sidewndr46 3y agoAnd what this leads to is regular citizens getting fucked over because someone is butthurt about Peter Thiel being fantastically rich. The same people who think you're fantastically rich because years ago you managed to contribute $8000 to your retirement account. If it comes, it will inevitably be in the form of taxes applied to existing Roth IRA contributions.
- ethanbond 3y agoAnd it’s a problem for democratic societies in nearly all cases, so that’s why it’s being called out here.