Propublica's writers haven't merely confirmed just how little America's oligarchs pay in tax - they've also de-MEGO-ized each of these scams, like the way that #PeterThiel used the #RothIRA - a tax-shelter for middle-class earners to help save a few thousand dollars for retirement - to make *$5 billion* without paying *one cent* in tax:

https://pluralistic.net/2021/06/26/wax-rothful/#thiels-gambit

4/

“I know you’re shocked to be reading that the tax code is being exploited by some gazillionaire to avoid paying their fair share. But let’s look at how a Roth IRA has turned into the go-to vehicle for sheltering billionaires’ billions in appreciation.”

https://news.bloombergtax.com/daily-tax-report-state/roth-iras-have-transformed-into-big-tax-shelters-for-the-wealthy

#rothira #tax #lawfedi #law @law

The #401k/ #IRA/ #RothIRA roll-your-own retirement savings scheme was never intended to be a scam. It just had a serious dumb fatal flaw. If everyone retires at the same time the whole system crashes.

Which is exactly what was always going to happen.

In the spirit of "pay yourself first" and "buy low, sell high," I made my 2023 #RothIRA contribution this morning. I just wish I had more faith that the world economy will remain intact in #2045, the date for which this fund is targeted!

RT Michael Kitces

SECURE Act 2.0: Later RMDs, 529-to-Roth-Rollovers, And Other Tax Planning Opportunities https://www.kitces.com/blog/secure-act-2-omnibus-2022-hr-2954-rmd-75-529-roth-rollover-increase-qcd-student-loan-match/

#Advicers #FinancialAdvice #Retirement #Investing #TaxPlanning #RothIRA

📌Roth IRA and Roth 401(k): the world would be a better place without them⤵

https://www.marketwatch.com/story/roth-ira-and-roth-401-k-the-world-would-be-a-better-place-without-them-11664928442?mod=retirement_twitter&link=sfmw_tw

#Congress #Taxes #Scam #RothIRA

Some really interesting changes that are coming into play affecting Roth IRAs with the expected passing of the Secure Act 2.0...

https://www.forbes.com/sites/jamiehopkins/2022/12/22/the-secure-20-acts-impact-on-roth-iras

#secure20act #rothira #ira #personalfinance #money #pf

Some really interesting changes that are coming into play affecting Roth IRAs with the expected passing of the Secure Act 2.0...

https://www.forbes.com/sites/jamiehopkins/2022/12/22/the-secure-20-acts-impact-on-roth-iras

#secure20act #rothira #ira #personalfinance #money #pf

I'm not a big credit card person, but I do carry a couple for cash back rewards. Tonight, I went over my cc rewards for the year.

This year, I made $510 from one card, and $430 in cash back from the other. I was surprised, these go towards my Roth IRA every month so I never really see it.

It's nice to know that $940 of my $6k Roth IRA contributions this year was made passively! It's a small thing, but it makes me happy. ☀️

#PersonalFinance #CreditCards #RothIRA

the web is going to shit more & more every day. Apparently not a single #RothIRA account provider exists that has a #CloudFlare-free website and is not #Tor-hostile.