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by gruez 357 days ago
"intended use-case" is just more fuzzy language. They probably thought everyone would buy mutual funds, rather than 3X leveraged Nvidia ETFs. Does that mean buying such ETFs (and making bank) mean you're not paying "your fair share"? Or for something more down to earth, what about meme stocks and bitcoin treasury companies, both of which are technically companies, but are definitely not what the authors of the bill had in mind.
1 comments
PaulDavisThe1st 357 days ago
The purpose of IRAs is clear from the name - Individual Retirement Account. It was intended to allow individuals to save more effectively for their own retirement, and the justification for it centered around providing incentives for people who might not otherwise save enough.

At least, that was the publicly delivered account.

For a billionare who can already retire in comfort few will ever know to be using any kind of IRA for any purpose is outside of the publicly given justification for their existence.

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gruez 357 days ago
>For a billionare who can already retire in comfort few will ever know to be using any kind of IRA for any purpose is outside of the publicly given justification for their existence.

So if you're sufficiently rich (by some arbitrary amount), you're now a "tax evader" and "not paying your fair share"? Can we say the same about other deductions, like the standard deduction? I doubt you'll be able to find a politician that answer "yes" to "do you think bill gates' first $14.6k in income should be tax-free?", does that mean that's "tax evasion" too?

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kristopolous 357 days ago
The authors of the Roth IRA, which initially had a $2,000 annual contribution cap were not intending it to be used by someone with $21,800,000,000 to avoid taxes on $5,000,000,000.

I really don't know how this is difficult unless you're trying to be a troll or somehow miraculously don't comprehend how numbers work.

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PaulDavisThe1st 357 days ago
Not at all.

The standard deduction has an entirely different purpose which is not negated by extremely high income and/or wealth.

IRA's, however, were set up for a specific purpose for which Thiel is not the target.

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