Sleepy Joe is trying to cancel the IRA/LLC amongst other things

[78Southwind]

https://markjkohler.com/congress-is-attacking-the-ira-of-average-americans/

If you or a relative are investing in Real Estate through a IRA/LLC I would contact my Senators and House Members....

Part of the article,,,
Section 138314 Should Be Removed from the Bill – This section prohibits several activities but the most destructive would affect retirement savers who buy real estate with their IRA. The most common real estate investment for an IRA saver is a single-family rental property. However, there are thousands of other everyday investors that want an IRA/LLC (a structure whereby their IRA owns an LLC 100% and the LLC, in turn, owns a business operation and the IRA owner is typically the manager of said LLC).

These LLCs can be created to pool money for cryptocurrency investment or mining, farming, note investing, small business, and a whole host of other strategies where the IRA owner can legally act as the manager of the LLC…all without the help of Wallstreet getting their grubby hands on the money.

This section would generally prohibit the IRA/LLC or make it cost prohibited and drive all of your self-directing money back to Wallstreet. Obviously, this will increase fees and expenses, further hurting hard-working Americans and will take investment control away from the IRA saver.

 

[02HoWaRd26]

Further proof this moron’s string pullers are doing everything they can to destroy the middle class. It’ll never be the same, and sadly i don’t think anything is going to save us at this point.

 

[monkeyswrench]

I'm pretty sure this would flat out screw most family owned farms and ranches...there has to be a reason most of them are LLC deals.

Going back to the "Great Reset"...they say they want to have no private ownership by 2035 I think... So, take away any advantages individuals can have. It will effect some, but others will stand by and watch, because it doesn't directly effect them.
Eventually, it will.

 

[78Southwind]

I'm pretty sure this would flat out screw most family owned farms and ranches...there has to be a reason most of them are LLC deals.

Going back to the "Great Reset"...they say they want to have no private ownership by 2035 I think... So, take away any advantages individuals can have. It will effect some, but others will stand by and watch, because it doesn't directly effect them.
Eventually, it will.

We are speaking specifically about IRA's that own an LLC. It's currently the only way to self direct otherwise the owner of the IRA needs a custodian, limiting the investments one may invest in. The LLC allows you to have checkbook access to the money buying what you feel comfortable investing in. You manage the LLC but you still need to have an arms length transaction. So a farmer buys land with his IRA/LLC but he can't farm the land. However, he can rent the land to another farmer to farm. It's more complicated than that but it gives you an idea what is currently legal and what is not legal.

Peter Thiel invested $2,000 in a Roth IRA/LLC and turned it into $5 Billion. Mitt Romney has over $100,000,000 in his IRA/LLC. So Sleepy Joe thinks he should screw everyone else out of investing in what they know best.

https://www.marketwatch.com/story/h...-in-a-roth-ira-into-5-000-000-000-11624551401

 

[rush1]

Fucking Communist Heathen Cock Suckers !

 

[farmo83]

He doesn't understand basic economics or human behavior.

In one of his speeches hes for taxing unrealized gains. So even though I haven't sold anything I have to pay taxes if investments increase in value. It's insane.

 

[WYRD]

I'm pretty sure this would flat out screw most family owned farms and ranches...there has to be a reason most of them are LLC deals.

Going back to the "Great Reset"...they say they want to have no private ownership by 2035 I think... So, take away any advantages individuals can have. It will effect some, but others will stand by and watch, because it doesn't directly effect them.
Eventually, it will.

 

[Rvrluvr]

I'm pretty sure this would flat out screw most family owned farms and ranches...there has to be a reason most of them are LLC deals.

Going back to the "Great Reset"...they say they want to have no private ownership by 2035 I think... So, take away any advantages individuals can have. It will effect some, but others will stand by and watch, because it doesn't directly effect them.
Eventually, it will.

Take a wild guess who the biggest farm land owner in the world is. Bill Gates. Its a facinating worm hole to go down on the internet. That guy is a flippin bozo

 

[monkeyswrench]

Take a wild guess who the biggest farm land owner in the world is. Bill Gates. Its a facinating worm hole to go down on the internet. That guy is a flippin bozo

Last year he became the largest land owner in Arizona...no small feat. It's under s few different names, but all him.

 

[mjc]

He doesn't understand basic economics or human behavior.

In one of his speeches hes for taxing unrealized gains. So even though I haven't sold anything I have to pay taxes if investments increase in value. It's insane.

Do you get it back when the investment goes down the next year?

 

[HST4ME]

FJB

 

[RCDave]

Elections have consequences. The press to socialism is on the fast track now with Biden and the commies

 

[spectra3279]

Do you get it back when the investment goes down the next year?

Hell no

 

[farmo83]

In 2018 the top 50% of earners paid 97% of taxes. Joe's definition of who is and is not paying their fair share differ slightly from me.

Also taxes on corporations are passed on to the end user, it's a just a cost to them.

 

[Wedgy]

Another takeover of a segment if the U.S. Economy. The 1/5 that the ACA Hoovered up showed Democrats what was possible, full speed ahead.
Covid, 2020, Jan 6. Rabid Control of the 3 Branches. The Mad Shitter, JB and the The Swamp, crafts a giant Snowball to hollow out America, burying the Middle Class.
Lube optional...