Anthony Scaramucci on ProPublica's report about Peter Thiel's $5 billion Roth IRA

[@slimdawgwoof]

Don't touch my ROTH 401k or ROTH IRA. I paid my taxes.

[@Bradgilliswhammyman]

This is not about you or the 30,000 or 200,000 you have in your roth, we are talking about multi millions in Roth.

[@slimdawgwoof]

@@Bradgilliswhammyman I disagree. If you have ROTH 401k and ROTH IRA options available to you and you use these vehicles from relatively young age - it definitely can turn into multiple millions in your 40s and 50s. I don't think it's fair to punish people who have followed the rules, sacrificed and saved diligently, paid taxes on the contributions for their whole career. Don't go changing the rules on people decades later with double taxation. If you have a special needs person in your life (child) you need to provide for in the long run you realize the power ROTH can have from an estate planning perspective to help that loved one. If what Thiel did is a loophole, address that but don't hose everyone else. People need more education on ROTH investment options to understand the opportunity given to them.

[@rajshaffir8665]

This. Taxation on anything south of 5 million is a clear money grab on the the middle class to pay the ridiculous government expenditures that the politicians have done in recent years to buy votes.

[@cp3190]

@@Bradgilliswhammyman People like you think everybody is poor. There are millions of millionaires. Some of us like to get educated and work hard and invest our money.

[@giancarlobila7709]

I don't think that there is any other legitimate way to earn money nowadays rather than investing,I'm seeking a way to make money of trading a few thousand euros investing in forex or crypto

[@mariannavietti7437]

Yes. Starting forex trading as a newbie is a lot like starting an avalanche. The first failure you might encounter is a pain in the butt, but if you get it from the right investment advisor or acct manager, then getting all of the subsequent successes is easy

[@chriswilliamson4848]

@@mariannavietti7437 At times forex trading is seen as a gambling, but that's not true. You have to do with what you have to get what you want.

[@nicoloflocco6876]

@@mariannavietti7437 I made my profits during the covid-19 pandemic investing with a professional broker Mrs Sara Miller

[@robertanderson5303]

​@@nicoloflocco6876 I'm really surprised you just mentioned Mrs Miller . I've been trading the forex market since 2012, I can say I was a mediocre at best, good months, bad months, and at the end break even or worse. All thanks to my friend who introduced me to her. Now I can make up to 20k euros monthly, and that is not a joke she really changed everything for me

[@bernardoiccone7237]

@@robertanderson5303 I haven't met anyone that can help out in my trading, how do I get a stockbroker or portfolio manager?

[@Onepointmessage]

Tax it over 1 million? Come on man. That hurts the middle class that doesn’t help.

[@anwarwilkerson6243]

What is your theory on how this could be solved?

[@travis1240]

@@anwarwilkerson6243 tax Roth IRAs over 20 million maybe? One million is not a lot. 20 million is more than a middle class couple living in an expensive city needs to retire.

[@travis1240]

@@davidtumm The problem is fairness in the tax code. The IRA is an Individual Retirement Account. It's designed to be a tool for lower and middle class people to save for retirement, not a general purpose tax dodge.

[@davidtumm]

@@travis1240 well very smart people can potentially get high returns so small balances can grow exponentially into really large numbers. 🤷🏻‍♂️ now the designers must be really inept if it ends up not how they designed it. The solution is to replace the inept designers

[@Biztalkcontrolcenter]

Make it $100 million

[@michaeljonathan543]

The Mooch trying to act like hes for the little guy hahaha as his personal Roth sits at ~$100 million. Rules for thee not for me

[@USGrant21st]

He is a walking demonstration that a rich guy can also be a complete idiot.

[@aznbbygirls]

Ladies and gentlemen…max out your Roth contribution every year and invest all your money long term in startups and watch your money grow. No risk no gain…no cry when others gain…

[@davidtumm]

Actually the rules are exactly the same for everybody. Intelligence for thee not for me is how you should state it

[@jones192]

Peter Thiel is a genius. Wealthy people figure out how to stay rich. Poor people figure out how to buy the newest fashion item.

[@davidmusser1285]

Seems like Peter Theil made a smart investment that was perfectly legal. I don’t understand the FUD that things need to be changed with Roths. Makes no sense.

[@btw-3006]

Exactly. I don’t get the controversy and see nothing wrong with what Peter Thiel did. He utilized the advantages of a Roth IRA and was able to build up quite the “nest egg.” I’m hoping that I can build true wealth in my Roth IRA.

[@anwarwilkerson6243]

I’m a middle class person and I have to agree. Changing the way a Roth works won’t solve this problem. If this is even a problem to begin with.

[@travis1240]

A Roth IRA is intended to be a retirement account. Using it to avoid taxes on a $5 billion windfall is clearly outside the intent. Sure it's legal but it stinks to high heaven like a loophole for the rich. Thanks for ruining Roth, Peter.

[@davidtumm]

@@travis1240 Peter doesn't have the power to "ruin ROTH". Only your politicians have the power to do so. I suggest you hold them accountable every once in a while. Just a suggestion.

[@jameshentrich5080]

Investing in crypto now should be in every wise individuals list, in some months time you'll be ecstatic with the decision you made today.*

[@virginiasmith2387]

Crypto is the new gold

[@PínnedbyEarnPal]

I wanted to trade Crypto but got discouraged by the fluctuations in price

[@brucefluer6543]

@@PínnedbyEarnPal That won't bother you if you trade with a professional like Mr Robert Donald .

[@sarahpaul9212]

I heard that his strategies are really good

[@monalisawright3434]

@@sarahpaul9212 Yeah, My first investment with Mr Robert Donald .earned me profit of over $25,530 US dollars, and ever since then he has been delivering

[@h1tm4n-gaming41]

If the man followed the law to acquire great wealth if the people aren’t smart enough to educate them selfs that’s a personal problem

[@mikeutube7888]

Scaramucci: there is no society in history that imposed a wealth tax. 1917 Bolshvekis: yo mooch what are we chop liver?

[@MoneySavingVideos]

Peter should leave it in the Roth until he dies. It may grow to hundreds of billions. He was/is only following the law.

[@DavidPat]

The Mooch doing the hard work of protecting the billionaires 🤣

[@davidtumm]

Sorry but everyone should be protected equally under the law. Sorry you disagree with that and are resentful that is the case LOL

[@davidtumm]

Government power grab. Apparently the government spending over $10 trillion across the local, state and federal levels simply isn't enough. The U.S gov't spending $31,027 per capita annually in the U.S is too low. How can a family of 4 live on ($31,027 x 4) = $124,108? That amount of money is absurdly low. Obviously I am being sarcastic. The government is soooo wasteful. More spending by the government is likely to be even more wasteful! Let people grow their money tax free, the last thing we need is more wasteful government. The U.S Government is already the biggest entity. www.usgovernmentspending.com/per_capita

[@Bradgilliswhammyman]

@@davidtumm The needs of the many outweigh the needs of the billionaires...I don't think you even realize how powerful and wealthy these people are. you could work a nice paying job for several million yaers and still never earn as much as Bezos has. That kind of wealth disparity is dangerous for society.

[@MarcusAurelius7777]

Please fire Joe. Sincerely, All Millennials

[@TheM0joDoj0]

FINALLY!! Someone mentioning the VAT. That's a much simpler and more fair method than a wealth tax. Tip of the hat to you Mr. Scaramucci. Even in the way he talks about it, he knows that it will work.

[@sing10278]

It stil won’t tax cash transactions and tax evaders.

[@loopje]

Lmfaoooo VAT hits the poor and middle class EXPONENTIALLY harder than the rich

[@TheM0joDoj0]

@@loopje Who buys more Aluminum? You or Ford Motors?

[@Bradgilliswhammyman]

@@TheM0joDoj0 as a percentage of income it is far worse on the poor and middle class. Ford will just raise the price of its items or find a loophole..you think they have no say in how those laws are constructed ?

[@TheM0joDoj0]

@@Bradgilliswhammyman Corporations do not have that level of pricing power due to market competition. If they did, inflation would've been 8-10% in 2018 when Trump placed a 10-25% tariff on almost all Chinese imports.

[@bobbybanner2832]

this is AN EVERYMAN SOLUTION. YOU WANT TO TAKE IT AWAY. MAYBE TAX CONTRIBUTIONS ONCE YOU'RE OVER A CERTAIN AMOUNT, BUT GAINS CANNOT BE TAXED THAT HAVE ALREADY BEEN UNDER THIS TAX FREE ENVIRONMENT

[@modularbuildingsaustralia]

Imagine going after Peter Theil for doing something thats not illegal, and then doing it under guise of saying its socially wrong... its Crazy, if i was Peter I would be launching a defamation case, because all this is, is creating negative opinion about him on a person level.... Peter Is smarter then the lot of you and this hit piece obviously has underlying benefits for you or you have been asked to attack him because hes only person talking out about Silicone Valley been a woke society of overlords who really dont give any benefit to their customers, because their company's take our data and use it against us. With out Peter, you dont have PayPal, You dont have Palantir who has saved probably millions of lives, you dont have Bin Laden, Whats google done lately...?, They refuse to work for the American government, they helped sensor the Chinese people, I mean its the best search engine in the world, but their core business is taking our data and using it against us.. Least Palantir provides value to their customers, and gives them the ability to mine their own data. Very Disappointed in this attack as someone who has studied Peter Theil, 5 Billion is chump change compared to the rest of the billionaires profiting off our own data, providing no real benefit to society... isn't America is 28 trillion of debt.. alot of BS

[@dennis1985]

The 2 clowns...

[@jfcha744]

Want to incentivize work… eliminate income tax and put in a wealth tax. Simple.

[@davidtumm]

Want to incentivize savings and capital formation? Don't put a wealth tax. Simple.

[@jfcha744]

@@davidtumm if you want to incentivize savings then we need to have real interest rates. I would happily save if I was getting 8-10% return. It has nothing to do with taxing.

[@davidtumm]

@@jfcha744 Nothing to do with taxing? Ok, so if I confiscate all the money you have saved you would keep on saving just as much. LMAO that sounds really stupid. I don't agree.

[@pratyushojha]

I have tried to understand this issue. But I can't make heads or tails out of it. What is this Roth IRA. Is it that someone deposits money in it like a checking account and is not permitted to touch it until he retired while earning interests on his deposits? Or is something in which an individual can put in his stock holdings and designate it to be Roth IRA account. What exactly is this? If it's the former then a lot of questions have to be answered by Theil. If it's the latter then no crime has been committed and this is just a hit job against him. Because stock can be valued at .01 cent at the time of deposit. Which later on can appreciate in value to any amount. My argument is don't hate the player for playing the game. Hate the game.

[@nicxusp]

Mooch is a snake

[@Amaury5k]

So your putting a cap on gains???? Because he didn’t invest 5 billion, it grew to that point.

[@johngoodman7160]

God wants one on one with you Anthony get into silent prayer for the devil wont here

[@isaiahx1265]

Congress allowed this to happen and they get shocked when it gets exposed🤣

[@marving6214]

Can you even spend $5 billion?

[@davidtumm]

Not wisely. It is impossible. The government spends more than $10 trillion which comes out to more than $30,000 per person! Of course most of that money is wasted. So to your point, it is really hard to spend $5 billion, let alone amounts way higher than that. That's why smart billionaires invest the money to help society rather than waste the money in spending it on themselves. www.usgovernmentspending.com/per_capita

[@davidtumm]

I like your question.

[@ganeshadhikari946]

Of course you can. I think you have a low power of imagination. I would spend $5Billion on building better spaceships or cure cancer or ... You get the idea. Now $5 billion is too little of money to be doing such things.

[@jeffreychongsathien]

All intra-country wealth transfer taxes should be replaced with only wealth taxes. Wealth-transfer taxes should apply to cross-border transfers of anything with value.

[@THEEck5000]

Did this guy just suggest we tax the poor through a VAT instead of a wealth tax?

[@Amaury5k]

Because more of their wealth is not in dollars. It’s on paper. For example. Are you going to force ppl to sell assets in order to collect tax revenue? Lol that would be theft

[@chelseafan4eva]

At this point why even bother going offshore you could do all the tax avoidance right here in America smh

[@nickhittanger3137]

Pitchforks at the ready

[@davidtumm]

When the government spending $30,000 per person in the USA is simply not enough, those people find pitchforks instead of wondering 'why exactly is $30,000 in government spending on my behalf as a U.S citizen not enough?" www.usgovernmentspending.com/per_capita

[@TheAvtrey]

The fallacy of tradition. The rhetoric of neoliberalism is simple.

[@DoorTrash]

Having a system that taxes (steals) income, savings, production is absurd. It appeals to the smallest mind, hateful, envious people. The only fair system of taxation would be one based on consumption, if you buy something you get taxed. If you save you are not taxed. There will never be a “fair” income tax. But it’s easier to steal moor from ignorant poor people if you keep the focus on what others make.

[@Bradgilliswhammyman]

Tavess, no one who is a billionaire "earned " that money. They did not clock in and do labor , mental or physical for it. It is largely in the form of stocks and options possibly. It was made while he slept and the rest of the world worked and did productive things, bought and sold so that company and hence its stock could go up. This has nothing to do with envy or greed, The guy who has 100 billion calling the poor person who wants to unionize greedy is irony that I"m sure is not lost on you. Consumption taxes are regressive and hit the poor and middle class, who do most of the consuming. It is a much larger part of their income on percentage basis than a billioniare who consumes slightly more but does not even notice the difference.

[@DoorTrash]

@@Bradgilliswhammyman income tax is regressive in case you haven’t noticed dealing with the IRS hits the poor and the middle class also consumption tax can be weighted towards things that rich people buy like luxury cars, yachts, real estate and other goods that people would generally agree should be taxed at a higher level. Everything done to change the current tax code is always done at the expense of the poor regardless of leftist propaganda regarding “taxing the rich”. Furthermore, working class people can also buy stock. I work 2 jobs and 1 of them is entirely dedicated to taking that money and investing in different assets. If a business goes under the workers who worked there would lose their job where the entrepreneur who started it would potentially go millions of dollars in debt. It seems that you are just another victim mentality sheep. Good luck in life you will need it.

[@DoorTrash]

@@Bradgilliswhammyman a consumption tax would also force the government to act within its means. The current government is too big in case you were too stupid to notice which it appears you are.

[@DoorTrash]

@@Bradgilliswhammyman currently I buy stock with money that’s already taxed I take a risk putting that into different markets I could lose that money or I could make some money. Any time a stock goes up and I make a small trade even if the profit is only 5$ there is a tax consequence to that and I have to consider reporting it to an authoritarian theft agency known as the IRS… THAT is regressive

[@travis1240]

We have a very wide wage disparity in this country. That would be a huge tax increase for low earners.

[@Easyway1969]

Give it up people. He earned it. I smell jealousy from everyone who is not as smart. Instead cheer him on and learn from him. Don’t let the socialists and communists take control.

[@googlebanmetoomuch2601]

You want a new tax than make a flat tax regardless of income! Otherwise stay out of other people's pockets!

[@TheMagicJIZZ]

@kevin mcconnell you think Congress is gonna issue a law against one individual?

[@davidtumm]

@kevin mcconnell Wrong. what you said is just stupid! Let's go back to the 1950's and mid 1970's when all the tax loopholes and offshore tax havens were used such that people effectively paid 0% taxes. Yes the statutory rate was 90% but the effective rate was 0% since all offshore passive income could be deferred indefinitely until the mid-2000's. Even the estate strategies used today were used back then. Is that what you want? I don't think so, so you need to rethink everything! Taxes paid were WAY LOWER then compared to now and that's why the best growth rate period happened. Sorry but taxes slow the economy down, obviously since have you heard any politician give a "rate of return" figure on the infrastructure bill? Of course not, since they could care less what the rate of return is. In private investments, the rate of return is paramount because it leads to growth in capital which is what individuals want. Government could care less about growth and returns on their spending which explains why you never hear them discuss it. sorry oh well that is the reality.

[@davidtumm]

@kevin mcconnell The wealth of billionaires serves society because they employ that capital into investments to grow the economy. They build and invest in businesses to make life easier for us. How does government serve society other than locking up children in cages in the southern border or killing black men in large numbers or fighting another war in the middle east?

[@davidtumm]

@kevin mcconnell Government power grab. Apparently the government spending over $10 trillion across the local, state and federal levels simply isn't enough. The U.S gov't spending $31,027 per capita annually in the U.S is too low. How can a family of 4 live on ($31,027 x 4) = $124,108? That amount of money is absurdly low. Obviously I am being sarcastic. The government is soooooooo wasteful. More spending by the government is likely to be even more wasteful! Let people grow their money tax free, the last thing we need is more wasteful government. The U.S Government is already the biggest entity. How does the wealth of government serve society? It does not. Government spending data: www.usgovernmentspending.com/per_capita

[@lenering1084]

@@davidtumm , ask the employees of Amazon and Walmart if the money of the rich makes their lives easier.

[@robertcremeens3166]

Why was Thiel's purchase of greatly undervalued Paypal stock (a company he co-founded) in his ROTH IRA a company Not considered a Prohibited Transaction under IRC 4975. To me he would be defined as a disqualified person under the IRC Code and this undervalued transaction would then be in IRC 4975 violation making that whole contribution taxable to him. I don't get why that was not pursued. It's a party in interest transaction by a company fiduciary. Very flaky?

[@saptarshimallick5662]

@unba nnble but when he did that he wasn't a billionaire.So why?

[@brainxtc2171]

It’s not being “smart” it’s being greedy.

[@barrettl2473]

If its not smart why didn't you do 1/100th of it..

[@davidtumm]

It's smart. Instead of having the government waste the money, it grows at 20%+! And no it isn't greedy because he isn't enjoying or spending this money. He is investing it and being productive with it. You are simply jealous and nothing else sorry man.

[@TheMagicJIZZ]

You think he should give all that money to the federal government to build what? You really think it would go anywhere productive..the fed printed most the dollars ever made in the past 18 months Wheres the new bridge or roads or infrastructure? Oh wait He didn't do anything wrong. He follow the rules

[@plisskin83]

You’re the one who wants to steal money that he earned. Who’s being greedy here?

[@JP-jd8wr]

Broke bootlicking idiots in the comments

[@travis1240]

Leave it to Peter Thiel to ruin Roth for the rest of us. Gee thanks Peter.

[@rajshaffir8665]

Not his fault. Home the politicans

[@Mostly_bad]

Don’t tax the rich. Tax those poor people getting paid in cash.

[@petecheng1]

they are smart in business, why you don't think they will be smart in tax system.

[@MouthyMrH]

Let's go wealth tax!!

[@imranc1919]

You can't hold back people from making money. The goal isn't to hold them back but to encourage all to aim higher

[@davidtumm]

@Luminary Harris yes and government is full of sociopaths which is why government creates all these loopholes!

[@lastnamefirstname2390]

90% tax

[@blanket1309]

So being rich is a bad thing these days.

[@bjkjoseph]

The vehicle that he used is meant for working class slobs that can only contribute 6 grand a year to it so they dont have to eat cat food in their golden years...dont be a drama queen.

[@davidtumm]

@@bjkjoseph no. You don’t know what it is meant for. And even if you are right, Congress is so stupid then. So why give stupid people even more power? Stupid people are drama queens. So you want drama queens to have more power. Why?

[@Bradgilliswhammyman]

@@davidtumm stop defending the super rich, they don't want nor need it.

[@travis1240]

Being rich and not paying taxes is a bad thing. How could it not be? Every dime the super rich don't pay is a dime someone much less rich has to pay.

[@blanket1309]

@@bjkjoseph Read the whole story. Theil used Roth IRAs starting 1999 when he was just starting out with PayPal. He was neither famous nor rich then. He is just a mastermind and a genius.

[@victorguzman2302]

Tax a flat rate for starters. That is 100% fair. Also tax all property. At the moment, the only property that is being taxed is a home. Most rich people have another kind of property: stock. That’s property as well, and should be taxed. If they can deduct loses why they can’t be taxed? And I’m not talking about dividends or distributions. I’m talking about stock. Homes go up and down in value, and taxes move with the market value. It should be the same fir stock. If a home loses value, we can’t deduct it from our taxes. That’s also 100% fair! Tax the stocks.

[@travis1240]

Be careful what you wish for: A flat tax rate would mean a huge tax increase for most Americans, especially those at the lower end of the wage scale. You know - those who need the money to survive...

[@davidtumm]

@@travis1240 It would mean less money since americans are already taxed way too much! The government spends $31,000 per person already. Using household economic metrics, the Government spends about 4.7 times the national poverty guideline for a household of 4! You know those people who need money to survive? I really ask do you know them? Because government money isn't trickling down to them!

[@trentpetersen3072]

500,000 Jobs lost per week but 700,000 gain for the month and REAL INFLATION >20% !!

[@chesstictacs3107]

Peter Thiel is a great intellectual. He deserves a every penny. Instead of discussing whether he deserves it or not, educate yourselves.

[@gomezaddams4347]

There are so many “sensible solutions” that are ignored or “pooh-poohed” by the truly wealthy and their employees in Congress. One example: raise the capital gains tax substantially for short-term trades, i.e. less than 30 days. Since the vast majority of those trades are done by professional traders, hedge funds, etc. such a tax would affect the average person only tangentially via their holdings in mutual funds. Another possibility would be a small transaction tax for stock trades that exceed a certain dollar value, perhaps $100k per trade. Most middle class people would not be executing trades of that level and would not pay that tax except via mutual funds.

[@davidtumm]

Many sensible solutions include the government being less wasteful, rather than thinking of ways to give the government more money to be even more wasteful!

[@Bradgilliswhammyman]

Scaramuchi protecting the billionaires sadly...and I actually agree with him on some points. Lets work the math out please, just bear with me for a moment. If you have 10 billion dollars and we charge 1/2 of a percent or even a 1/5 th of a percent as is being suggested on net worth over 1 billion that is is 45 million dollars. The billionaire will hardly notice it is gone, will still live like a god among men and most likely he already made 45 million in the month that you or I make our measly 3000 to 8000 dollars. Think about the numbers people, stop listening to buzzwards and lazy platitudes by this host and this guest.

[@davidtumm]

Society will notice it is gone. That money was used productively and that investment grew likely > 20%. In the government's hands it would be completely wasted and do nothing for the economy. Let's work the math out please, just bear with me for a moment. The U.S government across all levels (state, local, federal) spends more than $10 trillion which comes out to more than $30,000 per capita. In terms of looking at it for the average family of 4, that is $120,000 of spending on behalf of every family in the U.S. Of course the family doesn't get to see the money, the government spends it on many things. With that said $120,000 in government spending for every family of 4 is enormous compared to household income in the vast majority of countries around the world. Most families do not get anywhere near the benefits of $120,000 being spend "on their behalf" Source: www.usgovernmentspending.com/per_capitawww.usgovernmentspending.com/per_capita

[@Bradgilliswhammyman]

Scaramuchi, plenty of civilizations over time have taxed the wealthy.

[@davidtumm]

Yeah and been able to fund the government for like 4 months as a result. The combined wealth of all billionaires in the U.S is $3.65 trillion. U.S government spending across all levels of government is $10.3 trillion per year. Forget taxing the wealthy, just confiscate all their money and you would fund the U.S government for about 4 months. Even thinking billionaires have enough money to matter to the gigantic US government is part of the problem... www.usgovernmentspending.com/per_capita