"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... 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."
When Romney was running for President, much was made about his $100M holdings in his IRA accounts. At that time, I was working for a company who sold software to report pension (and pension-like) benefits. So we all had to become pretty familiar with ERISA and EFAST and the retirement laws every time they changed. We even had more than one attorney and several CPAs working on our staff. When the attorney tried explaining how Romney moved $100M from Bain into his IRA accounts, we all saying things that were like "that can't be legal".
This is because of badly organized incentives. What we should do is to implement a tax on poor people. This will make them understand that being poor is less profitable than being rich and they will be motivated to become rich.
Sure we can. Peter Thiel managed to put $5 billion in his Roth IRA.
https://www.propublica.org/article/billionaires-tax-avoidanc...
"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... 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."