Re:Peter Thiel turned a Roth IRA into a $5B tax-free piggy bank
by nverno on Thursday June 24, 2021 @08:53PM
(#27625875)
This seems to be an example of the opposite of this. From a quick search, Thiel is from a first gen immigrant family of no extraordinary wealth. Yet, your comment is implying that prior wealth is responsible for his current wealth, which gave him an unfair advantage over the rest of us. I think that is absurd, this guy's talents+luck are clearly responsible for his success.
Re:Peter Thiel turned a Roth IRA into a $5B tax-free piggy bank
by horstmeyer on Friday June 25, 2021 @05:49AM
(#27628829)
talents+luck+greed
The point is that this is one more example of how the wealthy and powerful have more opportunity than others, even given the same laws.
This is no different in that aspect than the problem of rich people being able to hire the best lawyers to defend themselves, while the poor receive overworked public defenders. Everything equal, the wealthy have more opportunity.
If we want a society that is equal opportunity, our laws and regulations need to account for the natural emergent properties of wealth. Our progressive tax system is a narrow, feeble attempt at doing that, but it’s certainly not enough.