The List, Cont.

T’is the Season

We shouldn’t be surprised to see Libertarian Peter Thiel has been avoiding taxes —legally!— for years, but you might be surprised how he did it:

Lord of the Roths: How Tech Mogul Peter Thiel Turned a Retirement Account for the Middle Class Into a $5 Billion Tax-Free Piggy Bank

ProPublica’s treasure-trove of IRS data continues to pay off for all of us as we learn of the many loopholes that the super-rich and well-marbled fat cats use to avoid paying their fair share.

Here’s the short version of the article: Thiel has taken a retirement account worth less than $2,000 in 1999 and turned it into $5 billion —and as long as he waits to withdraw the money until age 59 and a half—  he’ll never pay taxes on any of it.

How does one get away with it, you ask? Instead of paying taxes Thiel collects Senators, and that Scissorheads is how to get rich quick.

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7 Responses to The List, Cont.

  1. Dennis Cole says:

    I suppose this means I’m going to have to quit using PayPal. I had no idea its owner/inventor was such a MAGAT TFG supporter. But it’s so dependable & reliable, safe, quick and easy to use, and I don’t know of any alternatives that are comparable. And I bet a buncha Quatloos that by making such large contributions to those Super-PACs he gets the kid-glove treatment at Congressional hearings and such, with only “softball” questions lobbed at him.

    Maybe a few indictments against the whole damn fambly, and some prison time might change his mind, but only slightly, and not enough to turn his ship around. That’s a LOT of influence for just one man to have, and to use, and if Congress could only change the financial disclosures back to where they some transparency, it’s long overdue.

    Liked by 2 people

    • Evil people do useful things at times, and PayPal is one of them. But then I drive a Volkswagen, too …  ¯\_(ツ)_/¯

      I think PayPal was the thing that got him to that rarefied strata of self-styled Lords of the Universe where they promptly insulate themseleves from our mundane reality, surrounded by sycophants and fellow amoral techbros who have mistaken “having a good idea at the right time” with being a certified Genius. Living there and huffing all their own farts tends to warp perspectives, especially since they have nothing that restrains them.

      He’d still probably be an asshole if he never rose above mere millionaire status, but he would be smacked down for his more crazy-ass shit.

      This is the difference between Thiel and, say, John McAfee, who was similarly an amoral techbro in love with his own brilliance after having one good idea, but had to run off to third-world countries and do stupid shit like shoot people and not pay his taxes and brag about it..

      In public.

      On Youtube.

      Which is why he ended up hanging himself in a Spanish jail cell because Karma had caught up with him.

      Liked by 1 person

    • tengrain says:

      Years ago, Thiel sold PayPal to eBay (hello Meg Whitman!) so you can keep using it if you want, DC. There’s a lot of reasons to be cautious about any online payment system, and PayPal has had more than their fair share of avoidable security breaches.

      Thiel was the first investor in Facebook, and I think that’s where he made the bulk of his fortune. He’s still on the board of directors.

      Rgds,

      TG

      Liked by 2 people

  2. Meremark says:

    Can we get an AI app to cross reference Propublica’s tax cheats with Panama Paper’s named offshore ex-patriateds ?

    Of course we can. First we get a philanthropic grant.
    What’s that you say? Obscenely immoral rich scum are all misanthropes.
    Well, then, forward into the past. Namely hang the bankers from lampposts with the entrails of the lawyers.

    Liked by 2 people

  3. Weird Dave says:

    We’re gonna need a bigger tumbril…

    Liked by 1 person

  4. revzafod says:

    Butane Torch [better than to old organic ones and likely more carbon neutral] $11.52

    Forgecraft USA All Steel 5 Tines Manure Pitch Fork $49.99 note: Manure type!

    So for a bit over $60 plus tax [you DO pay taxes, don’t you?], you can be ready for the revolution. Thanks, Bezos, and I offer hopes and prayers your rocket won’t explode.

    Like

  5. T_Reg says:

    This is why the U.S. needs a wealth tax. 15% annually should do it. I’d be willing to set it to start at a billion, but I wouldn’t argue against $100 mil either.

    Like

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