" true "socialism" similar to Nazi Germany"

What a riot.

The Nazis, for all their Socialist blather, NEVER GOVERNED A DAY AS SOCIALISTS. NOT ONE.

It's like claiming Saddam's Republican Guards were all Republicans ... because it's right there in the name!

" statistics from recent years tell a different story."

Of course they do. Each of the four tax codes in my career (Reagan, Dubya I, Dubya II, and Trump) all funneled successively greater amounts upward.

My wealthy clients expect me to give them a "to do" list: max your 401k, max your IRA and your HSA, and if you're self-employed, don't forget your SEP, SIMPLE, or SOLO 401k. And if you can afford it, choose a ROTH 401k, and pay the taxes now.

I've never had a single complaint about taxes paid by ANY client who took full advantage of the opportunities.

"SB1718 punishes employers who use undocumented workers...."

Let's not lose sight of the fact the people bitching, are the people who were breaking the law on a regular basis.

"billionaires exploiting IRAs"

Yep. By putting futures or undervalued stocks in them.

Others as well, as long as they have taxable investments.

I have a client who is 50, and just inherited ~$300,000. Our plan is for her to max out her Roth 401k at work, and live off the inheritance instead of take-home pay. In 10-15 years, she will have traded out a $300k taxable investment account for a ~$450k-$500k tax-FREE investment account.

"I read a stat recently that said something like 70% of all wealth now-a-days is inherited. Which will just further exacerbate the haves vs the have nots wealth gap in this country."

Yep.

I use the twin example all the time with clients:

Let's say you start maxing out your retirement funds today. Then fifteen years from now, your twin says, "That saving for retirement is a good idea. I'm going to start maxing out like you do." And you say, "Saving?!? I'm so tired of saving, I'm never going to save another penny!!!"

How many years does it take for your sibling to catch you? 15 years? 30? 50? Or 50,000?

The answer is None of the Above. Not 50, not 50,000, not 50 million. Why? Because the money you've put away after 15 years already generates more money annually than your sibling can put away. Each passing year just exacerbates the difference.

Once you understand that concept, it's easy to see the results of a 150 year lead.

" Isn't maxing out her Roth only $8500 a year though?"

Currently $8000, counting the $1000 catch up. But a 401(k) at work (or it's siblings, the 403B and the 457G) allow $30,500, Including the catch up. Self-employed folks can do the $30,500 as an employee, plus 25% of profits above that as the employer. With catch-up, that number's cap is currently $73,500.

Prime tools for building and cementing more wealth for the wealthy.

" a good example of the privilege that having wealth gets you."

You are ABSOLUTELY correct. I've literally seen as much play out hundreds of times.