Quote:
Originally posted by ltl/fb
KPMG and their pet lawyers has been having fun unwinding lots of transactions -- but they frequently get paid on both ends, so it's no skin off their back. And shit like 529 plans are advertised by the IRS, so not that exciting. I may have been thinking that you were talking about stuff that is not practically highlighted on the tax form, urging you to use it.
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Part of my message was about 529s and the like, in order to point out that GGG's comment about 401(k)s was only scratching the surface. I was not playing "who knows the tax codes better?" with you. Nor was I trying to excite you. So back off.
As for the other part of my message, I am painfully/joyfully familiar (in the "I got to bill a lot of hours" sense) with the various tax-shelter plans sold by KPMG and approved in "pay me 50k for a tax opinion" letters from certain large firms. The things I am talking about are nothing of the sort. They are fairly simple and standard savings plans, not transactions created for no legitimate business purpose but merely to avoid taxes. Again, the point was that talking about 401(k)s just scratches the surface of tax-favored investments. Virtually all of which benefit wealthy people.
