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01-16-2014, 01:58 PM
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#41
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Moderator Emeritus
Join Date: Oct 2007
Location: Portland
Posts: 4,946
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A federal wealth tax will never happen in the USA under the current constitution and body of case law. While a couple states have had some sort of 'intangible assets' tax, these tend not to survive very long for some reason or other...
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01-16-2014, 06:40 PM
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#42
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Thinks s/he gets paid by the post
Join Date: Feb 2011
Posts: 1,797
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Quote:
Originally Posted by M Paquette
A federal wealth tax will never happen in the USA under the current constitution and body of case law.......
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That's what many once said about income taxes
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01-16-2014, 07:19 PM
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#43
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Thinks s/he gets paid by the post
Join Date: Jun 2013
Location: Columbus
Posts: 1,118
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Many? No not really. This is totally different and will never happen.
__________________
Ohio REFI PE ENG and Investor as of 2016
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01-16-2014, 07:39 PM
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#44
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Thinks s/he gets paid by the post
Join Date: Jun 2007
Posts: 2,657
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Site prominently displays "None of the data you enter will be stored" yet when I return to the site in a new browser (same machine) it already has my previous entries filled out. So, maybe it's stored only locally on my machine, but it absolutely IS BEING STORED and so now I wonder what else this site is doing or misrepresenting about itself.
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01-16-2014, 07:44 PM
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#45
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Thinks s/he gets paid by the post
Join Date: Jul 2007
Location: St. Louis
Posts: 1,563
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Number 3 is scary how would you tax wealth I think that is coming one day. Do some other countries already have that? Exemption level 50k yeah that will raise some money.
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01-16-2014, 08:03 PM
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#46
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Thinks s/he gets paid by the post
Join Date: Jun 2010
Posts: 2,301
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I don't understand why they are simply dividing by the number of people in the household to determine your percentile. This seems like the worst possible way of normalizing the data.
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01-16-2014, 08:14 PM
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#47
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Posts: 35,712
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Quote:
Originally Posted by rec7
Number 3 is scary how would you tax wealth I think that is coming one day. Do some other countries already have that? Exemption level 50k yeah that will raise some money.
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Only a few countries have wealth tax right now. However, I saw an article saying that the IMF was advocating a 10% tax (one time, I think) on all Europeans.
Now, imagine if we put this wealth tax to a popular vote. With 50% of people having less than $24K of net worth, what do you think will happen?
__________________
"Old age is the most unexpected of all things that happen to a man" -- Leon Trotsky (1879-1940)
"Those Who Can Make You Believe Absurdities Can Make You Commit Atrocities" - Voltaire (1694-1778)
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01-16-2014, 08:17 PM
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#48
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2007
Location: Independence
Posts: 7,298
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Quote:
Originally Posted by NW-Bound
Only a few countries have wealth tax right now. However, I saw an article saying that the IMF was advocating a 10% tax (one time, I think) on all Europeans.
Now, imagine if we put this wealth tax to a popular vote. With 50% of people having less than $24K of net worth, what do you think will happen?
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I dunno - seems like I remember money mattering more to me when I had less of it. If I only had $24,000 I sure wouldn't want to give up half of it.
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01-16-2014, 08:19 PM
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#49
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Posts: 35,712
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No, the poorest 50% people will vote to exempt that first $24K of net worth. What's above it will be taxed at 50%.
PS. Talk about the IMF current 10% seizure tax proposal, I remember that the EU/IMF seized a big chunk out of bank accounts in Cyprus last year. Unimaginable things have happened before.
__________________
"Old age is the most unexpected of all things that happen to a man" -- Leon Trotsky (1879-1940)
"Those Who Can Make You Believe Absurdities Can Make You Commit Atrocities" - Voltaire (1694-1778)
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01-16-2014, 08:49 PM
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#50
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Full time employment: Posting here.
Join Date: May 2011
Location: Twin Cities
Posts: 523
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Wouldn't they have to tax the value of a pension plan based on expected payout and longevity? Not sure the unions will suddenly be on board.
And what's to stop someone from blowing all their wealth on an annuity so they show no wealth but get the lifetime income stream instead?
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01-16-2014, 10:59 PM
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#51
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2012
Posts: 6,181
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Quote:
Originally Posted by Al in Ohio
Many? No not really. This is totally different and will never happen.
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Never say never... with the politics of "never let a crisis go to waste", all it takes will be some (real or perceived) "crisis" and suddenly folks will fall in line. It is becoming too easy to vote for something that is perceived as only impacting others and not yourself. There is already the growing attitude of "people don't need that much money" and the "income inequality" debate can easily evolve to "wealth inequality".
__________________
FIREd date: June 26, 2018 - "This Happy Feeling, Going Round and Round!" (GQ)
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01-17-2014, 07:59 AM
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#52
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Recycles dryer sheets
Join Date: Feb 2013
Location: San Jose
Posts: 291
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Quote:
Originally Posted by arky
Huh !?!
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Sorry yeah that looks incoherent, I was trying to describe the high end for the members of this board who follow a different distribution than the population at large:
http://www.early-retirement.org/foru...ber-64965.html
For 2-person households Richistan breaks down into >1M=10% (millionaires), >5.5M=1% (Penta), >30M=0.1% (UHNWI), >175M=0.01% (wealthy), and >1B=0.001% (billionaires). With a 1M exemption a 0.1% wealth tax would pull in about 20B/yr, 45% from millionaires, 25% from Pentas, and ~10% apiece from the higher groups. No exemption would almost double the take.
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01-17-2014, 07:59 AM
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#53
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Recycles dryer sheets
Join Date: Mar 2013
Location: Scarsdale
Posts: 180
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When I did this I kept our household as 2 as opposed to 1, since DW's assets contributed significantly to our NW. I did not put 3 as our DS is not even 3 yet and not sure it gives me an accurate read.
__________________
"There are no solutions...there are only trade-offs." - Thomas Sowell
Looking to retire or semi-retire by 45 based on our net worth going to $6 million outside our house.
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01-17-2014, 08:04 AM
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#54
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Recycles dryer sheets
Join Date: Mar 2013
Location: Scarsdale
Posts: 180
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Quote:
Originally Posted by jon-nyc
I was under the impression that the 1% threshold was more like $5MM.
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See
How Much Money Does It Take To Be In The Top 1% of Wealth and Net Worth in the United States
In 2011 it seems to be either $5MM in liquid assets or more like $9MM as per IRS. I suspect in terms of raw NW it is well north of $5MM to be in the top 1% household NW.
__________________
"There are no solutions...there are only trade-offs." - Thomas Sowell
Looking to retire or semi-retire by 45 based on our net worth going to $6 million outside our house.
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01-17-2014, 08:07 AM
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#55
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Thinks s/he gets paid by the post
Join Date: Jul 2007
Location: St. Louis
Posts: 1,563
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Quote:
Originally Posted by NW-Bound
Only a few countries have wealth tax right now. However, I saw an article saying that the IMF was advocating a 10% tax (one time, I think) on all Europeans.
Now, imagine if we put this wealth tax to a popular vote. With 50% of people having less than $24K of net worth, what do you think will happen?
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That's right with an exemption level of 50k they will be like tax those rich guys. When you have 24k someone with 50k is rich. I think this tax will happen the only question is when. Is it 10 years from now or 20 years from now? I think the same of the VAT tax and carbon tax.
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01-17-2014, 09:54 AM
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#56
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2005
Location: Lawn chair in Texas
Posts: 14,183
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I'm pretty high up on the list, but unfortunately luckily not in the top 1%...
__________________
Have Funds, Will Retire
...not doing anything of true substance...
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01-17-2014, 10:00 AM
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#57
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Posts: 35,712
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Quote:
Originally Posted by kmt1972
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If we think the normal household as a married couple, then that $5M is roughly double the $2.7M per capita in the OP linked Web site.
Quote:
Originally Posted by HFWR
I'm pretty high up on the list, but unfortunately luckily not in the top 1%...
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Why laughed? I am sure you are in the top 10%. Remember that we only need 51% of the popular vote to pass any law.
__________________
"Old age is the most unexpected of all things that happen to a man" -- Leon Trotsky (1879-1940)
"Those Who Can Make You Believe Absurdities Can Make You Commit Atrocities" - Voltaire (1694-1778)
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01-17-2014, 10:14 AM
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#58
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2003
Location: Hooverville
Posts: 22,983
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Quote:
Originally Posted by Gatordoc50
A net worth of 0 puts you at 13%! Twenty five thousand and you're in the top half. So, it speaks more to the unbridled spending by the majority of Americans. Another flaw is that taxing the wealthy will do absolutely nothing to increase the net worth of those at the bottom.
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Yes, but they have it coming!!
__________________
"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
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01-17-2014, 10:16 AM
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#59
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2003
Location: Hooverville
Posts: 22,983
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Quote:
Originally Posted by Fishingmn
Wouldn't they have to tax the value of a pension plan based on expected payout and longevity? Not sure the unions will suddenly be on board.
And what's to stop someone from blowing all their wealth on an annuity so they show no wealth but get the lifetime income stream instead?
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Simple, exempt union and government pensions. There is precedent all over the place.
__________________
"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
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01-17-2014, 11:06 AM
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#60
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Recycles dryer sheets
Join Date: Mar 2013
Location: Scarsdale
Posts: 180
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Quote:
Originally Posted by haha
Simple, exempt union and government pensions. There is precedent all over the place.
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If this were to take place expect a surge in the art market as people shift their wealth into non-traceable, non-liquid, and difficult to value forms of wealth.
__________________
"There are no solutions...there are only trade-offs." - Thomas Sowell
Looking to retire or semi-retire by 45 based on our net worth going to $6 million outside our house.
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