Reply to Bill proposed to crack down on backdoor roth (and other loopholes)

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I don't know why they would do anything to disincentivize savings and investment, when the country is already in such poor shape coming out of covid.  It's like they want to lose the midterms in a landslide.[/quote]

I don’t know, “tax the rich” is gaining some steam in progressive circles. Not sure if you read that ProPublica article about Peter Theils IRA, but it was pretty enraging.

If they want to encourage savings by making some of it tax free, they should just do it with a simple straightforward account. Oh wait, they do. It is called the Roth IRA and it is income limited and it is limited to 6000 a year. This bill is closing some loopholes that allow high earners to save significantly more than 6000 each year in this type of account.  If they want to raise the income limits on that, or the contribution amount limits, that would be great news to me.[/quote]

Why demonize somebody for taking advantage of loopholes that Congress purposefully created?  That's what I don't understand.[/quote]

Demonize?  I’m just saying they should close the loopholes.   And I use them myself.  I wouldn’t say they were purposefully created….

(Peter Theils situation is pretty unique.)[/quote]

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