Peter Thiel Has Accumulated $5 Billion In A Tax Free Roth IRA Designed To Help The Middle Class Save For Retirement, According To New Report

  • Date: 25-Jun-2021
  • Source: Forbes
  • Sector:Economy
  • Country:Middle East
  • Who else needs to know?

Peter Thiel Has Accumulated $5 Billion In A Tax Free Roth IRA Designed To Help The Middle Class Save For Retirement, According To New Report

Share to Linkedin Paypal cofounder and Silicon Valley mega-investor Peter Thiel has $5 billion socked away in a tax free Roth IRA, according to a new report from ProPublica, part of its ongoing investigation, using leaked Internal Revenue Service tax information, of the ways the ultra-rich are able to avoid paying taxes and maximize their wealth. Entrepreneur and venture capitalist Peter Thiel visits "FOX & Friends" at Fox News Channel Studios ... [+] on August 09, 2019 in New York City. A Roth IRA is a special type of investment account designed for retirement“”it allows individuals to contribute already taxed dollars to an account, where investments grow untaxed and can be withdrawn tax-free once the account owner reaches retirement age. Forbes reported in 2012 that in 2001 Thiel acquired PayPal shares for his Roth IRA at 30 cents a share and had apparently enjoyed a tax-free gain of $31. 5 million when eBay bought out PayPal for $19 a share in 2002; Forbes also reported then that he appeared to have put early Facebook stock in his Roth. According to ProPublica, Thiel was able to build a $2, 000 Roth into a $5 billion tax-free kitty because he used the