Fearing a wealth tax in the US is a Very Silly Idea. What do I believe will happen? I believe I'll have another beer...
I'll drink to that!
Fearing a wealth tax in the US is a Very Silly Idea. What do I believe will happen? I believe I'll have another beer...
....
Take a look at the United States Supreme Court case of Fernandez v. Wiener. The Court stated that a direct tax is a tax "which falls upon the owner merely because he is owner, regardless of his use or disposition of the property." Fernandez v. Wiener, 326 U.S. 340, 66 S. Ct. 178, 45-2 U.S. Tax Cas. (CCH) ¶10,239 (1945)....
I wonder how accurate it is? I ended up placing in the top 4%, as a household of 1. In plugging various numbers in, it looks like $1,161,447 in NW is the bottom threshold to break into the top 3%. Even to break into the fabled top 1%, you only need to amass $2,734,475.
Does it really take that little to get into the top tiers? Almost seems too easy.
Yes, but the middle class is shrinking and the entitlement class is growing. Envy is replacing aspiration and the votes will follow, I fear.
...
If I plan to start taking an entitlement called Social Security this year, does that make me part of the growing entitlement class? Just wondering.
Not biting on that worm! Sorry.