Peter Thiel Has 5 Billion Sitting In An IRA. It Is Not Taxable.

Congress and the IRS know all about it. Nothing has been done.

He's a douchnozzle, but so is OP.

At the time Paypal was created, there were dozens of online payments systems - Cybercash, Digicash, and a slew of others. While putting the stock into an IRA at the time he bought it was cynical, there was no guarantee that Paypal would become the dominant (for a while) online payments system and could easily have become as valuable as Cybercash and Digicash are today.

Of course, OP fails to point out that he can "invest" the money, but if he actually withdraws it from the IRA, it would be taxed at the appreciated value. That it was left to grow in value (and likely invested in other things which were also held in the IRA) is merely kicking the can down the road.

I’m not surprised the Clintons are helping billionaires stash money. Away. The fucking assholes they are

R2 = retarded Trumpublican.

r2 Indeed. Unlike Roth IRAs where the distributions are tax free, Thiel will be forced to start taking the required min. distribution at age 72 and the taxes will be proportionate to the sum--huge.

Read the article R5, that’s not going to happen under current rules and law.

How will the DL figure out that this is the fault of:

1. trans people in high school sports 2. College lefties 3. Immigrants 4. Know it all college professors

He did nothing illegal…nothing will change until the tax regs are changed. He did what most people would do, if they were smart enough.

It is non-taxable only if it's a ROTH IRA as the taxpayer did not receive a deduction by funding it.

This is rare as all IRAs have a $7,000 limit each year as the maximum contribution, and the vast majority of people fund them with cash, not penny stocks.

Look, billionaires gonna billionaire, this is not how 99.99% of people utilize an IRA.

While I believe that everyone should pay their fair share in taxes, this idea of looking into the personal finances of private citizens is somewhat distasteful, especially when they are playing by the rules.

When are people going to realize the difference between salary/wages and investment income? They are not the same. sorry if you made the poor decision to toil as an office drone for meager ducats in order to make people like Thiel rich, but that’s not his fault not that of the IRS…

He gay , right?

The fact he's a bottom makes it worse.

You could have just posted your last sentence, OP, and said it all in a nutshell.

And yes, r12, Thiel is gay and is (or was) married to a man.

R11 = pig who defends con artists and Trumpster pigs

That article is more of an indictment against the US gov't & the tax code than it is about Peter Thiel.

Should people who transfuse their blood with the blood of teenagers and who have an illegal herpes laboratory island pay more taxes or less taxes?

Why are people defending this crap?

Let me guess. You think you’re going to be a billionaire one day and don’t want to upset your fellow billionaires?

It’s never going to happen.

He is such a fucking dirtbag.

The IRS should put a freeze on his IRA account.

Recall that Mitt Romney was able to do this too—stretching the rules to stick millions into an IRA as a tax shelter

Congress knows very well that the Uber-wealthy are using lots of loopholes to get money into their IRA to take out tax free later. Some thought the GOP would close the loopholes when they passed their tax law under Trump—but of course they didn’t

Deport the bitch.

Oh please, the posters defending this asshole are probably Peter Thiel himself. Hi, Peter! Wie gehts?

[quote]the newly created Clinton IRA

So it's all the fault of the Clintons. Damn those Clintons! Why didn't Donald lock them up?

[quote]Why are people defending this crap?

I am not defending Peter Theil. Peter Thiel is a garbage person. I do have a problem with this thing that has risen up from certain sectors that seeks to reframe success as a bad thing. I know one or two wealthy and very successful people. They started off the same as I did, but they were willing to take some chances and risks that I wasn't willing to take. They slept in their cars. Couch surfed. Ate canned pork and beans and had some hits and misses along the way. I don't begrudge anyone legitimate monetary success. If you have an issue with the tax laws, take it up with the people who make those laws.

Thiel takes it a step further and lobbies for this kind of crap. He made most of his money from the govermment and then trashes it constantly. A welfare queen for the ages.

R2, R5, R9, can you read? It IS in a ROTH IRA. That's the point. There is no way in hell Peter Thiel should be eligible for anything in a Roth IRA account.

An IRA has a limit for how much you can contribute, but there’s not a limit, of course, on how much your contributions can grow. What Thiel did when he put the low valued stock into the IRA years ago was legal and certainly not unethical. No one had a crystal ball to know that its value would balloon like it has. We should be going after billionaires’ taxable income, so that they can’t get away with paying below a minimum tax rate on it.

Saying that Thiel knew his investment would grow so much is like saying that Quibi was a sure thing for its investors.

He was getting money from the US government. There is no more of a sure thing than that. He’s been riding the gravy train at the expense of Americans. And he’s not even American.

Smh.

r27 Blame it on the idiot OP who insisted on showing his biases by calling it a "Clinton IRA," which is something that doesn't exist.

Does he have any plans for space travel?

Is that the guy who fucked Stifler from AMERICAN PIE?

[Quote] I don't begrudge anyone legitimate monetary success. If you have an issue with the tax laws, take it up with the people who make those laws.

All major wealth involves theft.

And who do you think controls the politicians who make the tax laws. The GOP Tax law, which tilted towards the rich and very specifically property developers, showed that very clearly

[Quote] Saying that Thiel knew his investment would grow so much is like saying that Quibi was a sure thing for its investors.

Wow, what a coincidence that a stock went from nearly nothing to $5 BILLION! And what a coincidence that he put it in a retirement vehicle that isn’t taxed!

And how many of the other stocks he invested in didn’t? He may have done the same with those, but those busted.

It’s like congratulating a pregnant woman: No one knows how many times you got fucked before you became pregnant.

Lol at all the boot licking Trumpublicans on this thread. Such fucking morons.

This thread has some really irrational people with their belief that Thiel had the magic power to predict exactly what his investment would be worth 20 years in the future.

[quote]This thread has some really irrational people with their belief that Thiel had the magic power to predict exactly what his investment would be worth 20 years in the future.

It's the same crowd who just wants to penalize success and a bunch of free shit.

This is the entire point of IRAs and anyone can do it. If you get the right investment, it could work for you as well.

The truth is, only the really wealthy can even put stock into an IRA because they don’t really need it for retirement. The middle class has to put in money and pray it goes up in value

[Quote] This is the entire point of IRAs and anyone can do it. If you get the right investment, it could work for you as well.

No, that’s NOT the point of an IRA. Sure you put money into stocks but it’s not something to play the stock market with. Put your money into Index funds if you want it to grow for retirement in a responsible way

Interestingly how this massive growth only occurs in stocks that rich people have in their IRAs

How sad that this thread only generated 43 responses and the college debt ones were into the multiple hundreds.

Americans are conditioned to let the wealthy get away with everything

After what heterosexuals have done to us and are still doing to us in some parts of the world, gay people should not have to pay taxes.

Exactly R45. It’s truly unbelievable.

I'm not a billionaire, but I'm pretty sure he's doing what I do with my Roth. It's actually called the Romney maneuver. There's a loophole that lets you transfer funds from one IRA account to another.

It's perfectly legal. Thanks, Mittens!

R25 and the people you know were the rare 5% that change their economic class, if that's even the whole story. There's a lot of wealthy people going around with the rags to riches story, when they had plently of backup the majority do not have. Even for those that "work hard", truly coming from nothing, they are the exception -- there's millions more that failed, regardless of drive. You also admitted they grifted their way through life. Hope they gave money to those that let them crash at their homes for free...

I know enough well off people as well btw. Most are grifters and they take every hand out. They're akin to parasites. Their rich parents bought them housing, died leaving them money, allowed them to try out businesses, etc. I know maybe one guy that's well off that actually went to med school, marrying a fellow student, and guess what? He at least has the humility to acknowledge he was more fortunate than his peers -- parents that could be in an excellent school district, proper health ins for illness/ injuries (preventing disability later on), child afford extracurricular activities for college applications, has parents in the same occupation (owning their clinic), etc.

It's like pointing to a movie star and claiming every actor that works hard enough can be one. We have an upper class that is abusing the system, while the wealth gap grows yearly.

As I've said on here before, if my parents were well off, I had their connections, their intel, inheritance, a leg up with education, breaks in general, even nutrition, (the same circumstances), I'd likely be just as wealthy. It's not as if a majority of billionaires did anything that exceptional -- they just started off with a much better hand, and had help from the dealer. Want to test how much work it really takes? Let's see every single person start off with not one red cent from parents, with exactly the same environment. Most of these billionaires would be no one.

Is he getting special IRA perks that regular people don’t get?

No? Then what’s the problem?

I’m envious of his wealth, too, but if the tax law is being applied equally to all IRA holders, I can’t be mad.

No, he's not R50. He just picked the right investments, and it worked out well for him. Literally anyone can do the same things he has, legally.

R49 GETS IT.

100% correct.