Open Thread | This is why the IRS needs more employees, and more teeth

Because of lying cheats like this.

He can’t be the only one doing this.

Lord of the Roths: How Tech Mogul Peter Thiel Turned a Retirement Account for the Middle Class Into a $5 Billion Tax-Free Piggy Bank

by Justin Elliott, Patricia Callahan and James Bandler

June 24, 5 a.m. EDT

Roth IRAs were intended to help average working Americans save, but IRS records show Thiel and other ultrawealthy investors have used them to amass vast untaxed fortunes.
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.

To put that into perspective, here’s how much the average Roth was worth at the end of 2018: $39,108.

And here’s how much $5 billion is: If every one of the 2.3 million people in Houston, Texas, were to deposit $2,000 into a bank today, those accounts still wouldn’t equal what Thiel has in his Roth IRA

What’s more, as long as Thiel waits to withdraw his money until April 2027, when he is six months shy of his 60th birthday, he will never have to pay a penny of tax on those billions.

More at the link:

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20 Responses to Open Thread | This is why the IRS needs more employees, and more teeth

  1. rikyrah says:

    Florida Chris (@chrislongview) tweeted at 0:08 PM on Fri, Jul 02, 2021:
    The Speaker of the House and her appointees to the January 6 Commission.

    What a photo.

  2. rikyrah says:

    Sasha 💄💋 (@SashaBeauloux) tweeted at 11:54 AM on Fri, Jul 02, 2021:
    Some days I wake up drowning in the knowledge that the world hates me.

    But almost simultaneously I realize it’s because I’m so glorious.

    WE are glorious.

    And if we weren’t so glorious and powerful ENTIRE SYSTEMS wouldn’t have to be constructed to oppress us.



  3. eliihass says:

    Steve Silberman @stevesilberman:
    If you’re shocked by Bill Cosby getting out of prison, wait ’til you hear about Matt Gaetz still being on the House Judiciary Committee, Brett Kavanaugh still sitting on the Supreme Court, and Donald Trump still hosting rallies.

  4. rikyrah says:

    About Cosby:
    Free is free.

    Free on technicality always means to me that those in charge didn’t do their homework.
    And, thought that they could let crappy work stand.

    I mean, they’ve put enough Black people away with crappy work….why change now?

    • eliihass says:


      And as long as Trump is walking around ..not just free, but in your face committing every known crime to man..with our tax payers dollars protecting him… and folks quivering and mealy-mouthing.. still deferentially addressing him with the sacred P honorific that they’ve never stopped using for him, but actively try to deny the legitimately twice-elected historic President…

      And with straight faces, talking about how he might actually run again and return to our White House..

      As long as that buffoon is out there still being talked up by many in the media like Scarborough et al..

      They should all shut up with re: Bill Cosby..

  5. rikyrah says:

    Bill Cosby’s conviction has been overturned.
    He is now free.

    Going to Black Twitter now.

  6. rikyrah says:

    Someone in the NY Bureau of Elections has lost their job.
    Multiple somebodies.

    How do you NOT run a ZERO file before you begin to run the returned ballots?

    So, Mr. Adams wasn’t too far off after all.

  7. rikyrah says:

    Always have been.😒

    LadyGrey (@TWLadyGrey) tweeted at 7:20 AM on Tue, Jun 29, 2021:
    It’s crazy to think that the entire Republican playbook over the past 60 years has specifically been focused on building a Supreme Court majority to overturn all the progress made in the civil rights era and we’re getting to the tipping point.

    Republicans are sociopaths, sorry.

  8. rikyrah says:

    She is ALWAYS ABOUT THE WORK 👏🏾👏🏾👏🏾

    José (@josecanyousee) tweeted at 9:49 PM on Mon, Jun 28, 2021:
    The upbeat optimism coupled with the here’s-what-I’m-doing-to-help-you is so refreshing. Lauren Underwood doesn’t stunt for likes nor does she get a tenth of the exposure that others get but what she does have are accomplishments.

  9. rikyrah says:


    Janet Damon, Ed.S (@mixxmomma) tweeted at 10:43 AM on Mon, Jun 28, 2021:
    By the time a Black woman tells me she is resigning from an organzation. I do not encourage her to stay because by this time she has already tried everything.

    Now she is saving herself from despair, disease, and destruction. So I just connect her to this sisterhood of support.

  10. rikyrah says:

    Mess with Ms Delta Rona if you want to

    Ebony Jade Hilton, MD (@EbonyJHilton_MD) tweeted at 6:43 AM on Mon, Jun 28, 2021:
    Again I say, the #DeltaVariant is a game changer. I have friends who were fully #Vaccinated w/ @pfizer, last dose Feb 12th. One Traveled for work,diagnosed w/ #COVID June 1st, chest pain/loss taste & smell- had to be seen in ED due to chest pain. 5 days later spouse symptomatic

  11. rikyrah says:

    Axios (@axios) tweeted at 3:53 PM on Sun, Jun 27, 2021:
    Toyota on the donation numbers: “We do not believe it is appropriate to judge members of Congress solely based on their votes on the electoral certification.”

  12. rikyrah says:

    Darius Cooks Hate Account (@BtSquared2) tweeted at 6:33 PM on Sun, Jun 27, 2021:
    I can’t find the tweet, but I remember one of y’all suggesting folks apply for financial assistance through the hospital to get a break on the bill. I applied back in May and my $3000 bill was reduced to $0. FYI. Hope this helps someone.

  13. rikyrah says:

    Dennis S Brotman 🇺🇸 #DemCast #DemCastGA (@DenbrotS) tweeted at 5:01 AM on Mon, Jun 28, 2021:
    Rs definitely depend upon cheating to win.
    The definition of Election Fraud is—
    •Voter Suppression
    •Purging of Registration Rolls
    •Hacking of Vote Tallies

    As you document, the evidence is Rs use all of the above as their nat’l strategy.


  14. rikyrah says:

    Kevin Munoz (@KMunoz46) tweeted at 6:16 AM on Mon, Jun 28, 2021:
    Today, the US will begin shipping 2 million Pfizer doses to Peru and 2.5 million Moderna doses to Pakistan

  15. rikyrah says:

    Thomas E. Ricks (@tomricks1) tweeted at 10:50 AM on Sun, Jun 27, 2021:
    Too many older white people think that if they can’t define America like they want, then they don’t want America

  16. rikyrah says:

    Scott Bregman (@sbregman87) tweeted at 8:57 PM on Sun, Jun 27, 2021:
    I’ve only ever seen one other standing ovation at a gymnastics meet – for Nastia in 2012. Simone gets one tonight after her floor.

    BREAKING: She’s going to Tokyo.

  17. rikyrah says:

    b-boy bouiebaisse (@jbouie) tweeted at 6:48 AM on Mon, Jun 28, 2021:
    very good profile of Lina Hidalgo, one of the most promising politicians in the country, imo

  18. rikyrah says:

    Josh Kraushaar (@HotlineJosh) tweeted at 6:07 AM on Sat, Jun 26, 2021:
    NYT: “A growing body of evidence indicates that large numbers of Black and Latino voters may simply take a more centrist view on the very issues — race and criminal justice — that progressives assumed would rally voters of color to their side.”

  19. rikyrah says:

    Good Morning, Everyone😊😊😊

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