Numlock News: June 25, 2021 • Factories, Sca…

By Walt Hickey Paid Pals The rich have figured out a way to take a Roth IRA — a simple retirement savings account, average worth of $39,108, where the benefits are not taxed provided they’re tapped into after age 59 and a half — into a tax subversion vehicle. In 1999, the maximum amount that you could put into a Roth IRA was $2,000 per year. ProPublica analysis of tax documents related to Peter Thiel found that the PayPal founder paid $0.001 per share, or a tenth of a penny, for 1.7 million shares of PayPal, an enormous stake acquired through the Roth IRA. According to those tax records, Thiel never contributed to his Roth again; a year later the value rose to $3.8 million, and after the sale of PayPal to eBay in 2002, the Roth was worth

Read →