The criticism of individuals using IRAs for investments that become extremely valuable befuddles me: we wanted people to save and those people are ultimately going to pay income tax ( unless it was a Roth account) and certainly will not be a drain on the resources subsidized Medicare and assistance. This just seems to be a gripe by the crowd that wants to take from the productive to support on savers
These people are gaming the system and not paying taxes now. Who knows what machinations they will come up with to manage this money later. The whole purpose is for retirement savings, not a a dumping ground for millions.
“An individual retirement account[1] (IRA) in the United States is a type of retirement savings plan offered by many financial institutions that provides tax advantages for retirement savings. It is a trust that holds investment assets purchased with a taxpayer's earned income for the taxpayer's eventual benefit in old age.”
As far as I can all they are doing is taking advantage of Congressionally authorized savings plans and the fact that their investments are more successful than a traditional portfolio is a byproduct of.
This just happens to be one of the tax advantaged ways of saving that doesn’t get reduced or disappear based on other income or wealth. If Congress wants to fix they can
The success of a portfolio has nothing to do with it being an IRA. I think you missed the intent of the process, which is about retirement, not tax avoidance and excessive wealth building. If the intent of a law is being abused it’s time to revisit the law.
Not sure why the 🩶 isn’t working but I get your point and Sen Wyden’s. The law should be revisited if the purpose of said IRA is being abused. It’s bad enough when the monied class already has a huge number of options for dodging taxes. This vehicle shouldn’t be another one.
When A/i commits murder, and it will, who pays?
The criticism of individuals using IRAs for investments that become extremely valuable befuddles me: we wanted people to save and those people are ultimately going to pay income tax ( unless it was a Roth account) and certainly will not be a drain on the resources subsidized Medicare and assistance. This just seems to be a gripe by the crowd that wants to take from the productive to support on savers
These people are gaming the system and not paying taxes now. Who knows what machinations they will come up with to manage this money later. The whole purpose is for retirement savings, not a a dumping ground for millions.
“An individual retirement account[1] (IRA) in the United States is a type of retirement savings plan offered by many financial institutions that provides tax advantages for retirement savings. It is a trust that holds investment assets purchased with a taxpayer's earned income for the taxpayer's eventual benefit in old age.”
https://en.wikipedia.org/wiki/Individual_retirement_account
As far as I can all they are doing is taking advantage of Congressionally authorized savings plans and the fact that their investments are more successful than a traditional portfolio is a byproduct of.
This just happens to be one of the tax advantaged ways of saving that doesn’t get reduced or disappear based on other income or wealth. If Congress wants to fix they can
The success of a portfolio has nothing to do with it being an IRA. I think you missed the intent of the process, which is about retirement, not tax avoidance and excessive wealth building. If the intent of a law is being abused it’s time to revisit the law.
Not sure why the 🩶 isn’t working but I get your point and Sen Wyden’s. The law should be revisited if the purpose of said IRA is being abused. It’s bad enough when the monied class already has a huge number of options for dodging taxes. This vehicle shouldn’t be another one.