this post was submitted on 01 Apr 2024
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Roth IRA: Can only put in $6,000 per year by law.
A congressional representatives I can't remember the name of: Has over 2 million in Roth IRA.
Some law was broken at some point.
Peter Thiel also. As far as I know, he legally contributed to the IRA and then invested the money in his own businesses, which grew several thousand percent.
That's not necessarily the case. Wasn't it a big issue recently saying that high tech earners had been putting shares of startups into their Roth IRA then it was worth way more than intended later?
In 2012, Mitt Romney had over $100 million in a Roth IRA.
Backdoor Roth conversions + outsized gains like mentioned in the image would pretty easily explain that, which is all "perfectly legal"