Billionaire Peter Thiel, a founder of PayPal, has publicly condemned “confiscatory taxes.” He’s been a major funder of one of the most prominent anti-tax political action committees in the country. And he’s bankrolled a group that promotes building floating nations that would impose no compulsory income taxes.
But Thiel doesn’t need a man-made island to avoid paying taxes. He has something just as effective: a Roth individual retirement account.
Over the last 20 years, Thiel has quietly turned his Roth IRA — a humdrum retirement vehicle intended to spur Americans to save for their golden years — into a gargantuan tax-exempt piggy bank, confidential Internal Revenue Service data shows. Using stock deals unavailable to most people, Thiel has taken a retirement account worth less than $2,000 in 1999 and spun it into a $5 billion windfall.
Read more of ProPublica's feature here: https://www.propublica.org/article/lord ... piggy-bank
ProPublica: Lord of the Roths - How Peter Thiel Turned His Roth IRA Into a $5 Billion Piggy Bank
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Re: ProPublica: Lord of the Roths - How Peter Thiel Turned His Roth IRA Into a $5 Billion Piggy Bank
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