False. There is no such thing today at any wealth level.Yes, the French got it figured out. Hence the exemption limit is just 800,000 euros.
False. There is no such thing today at any wealth level.Yes, the French got it figured out. Hence the exemption limit is just 800,000 euros.
I was thinking about the argument in favor of a wealth tax, and it’s basically that very wealthy people do not recycle their wealth back into the economy....they sit on it. I personally couldn’t care less what someone else chooses to do with their funds, but if we get to this place of making the wealthy give it up they should be given the choice to either be taxed or spend it. Instead of a 1% wealth tax, they can prove they spent 1% of net worth on consumer goods.
Wealth is invested and presumably creating jobs and profits for th investors.... it's not like it is sitting in a savings account at some bank.... even then it would be being used for loans.
Even if it started at $50,000,000 do you really believe it would never get lowered?
In 1913 (when the 16th amendment was ratified), the top tax bracket was 7 percent on all income over $500,000 (roughly $12 million in today’s dollars).
Funny how that didn't stick.
I'll be anxiously awaiting all the comments and strategies from those on this forum with a net worth of >$50M on how they plan to protect their nest egg.
Agreed. It is a far cry. My concern is that it opens a back door to taxing Roths indirectly. And the minimum wealth needed to pay the tax will go down over the years.
FWIW, the sales tax where I live used to be about 7.5%. It is now 10%. These taxes have a way of going up and not going down.
Not sure how easily one's wealth can be measured by the gov't.
While I agree this could be the camel's nose thing, right now the camel is still outside the tent with little chance of it getting in at all.
Annuities and trusts would become very popular I think, though a net worth tax would probably apply independently to trusts so each would have to be less than the exemption.
More people will renounce U.S. citizenship.
There's always a work-around and the more wealth involved, the more options people have.
Back in the late 60's we had English neighbors who proudly claimed to be "tax exiles".
Well, you can do that in every country in the world except U.S. and a couple of undeveloped nations. We're the only major country that taxes our citizens' (and green card holder's) worldwide income.
When I was working in UK tons of Brits in my company worked in the Middle East and would not come back to UK for projects for exactly that reason.
This is false. It doesn't exist.By the way, some countries used to have a marginal rate as high as 4% for the wealth tax. And remember that they do not have that high an exemption level. Recall that it is 800,000 euros for France, .
Well, you can do that in every country in the world except U.S. and a couple of undeveloped nations. We're the only major country that taxes our citizens' (and green card holder's) worldwide income.
When I was working in UK tons of Brits in my company worked in the Middle East and would not come back to UK for projects for exactly that reason.
Wow, your NW is $50M? Congrats!I just received a text from Yang that he would give me $1000 each month. I think I will respond that he can forward that to Warren to pay for the wealth tax!
I just thought about the thread where people boast of having zero WR from their stash because they can live off just pension and SS.
Will see if anyone can claim zero WR with a wealth tax as they have had in Europe. The government will do the withdrawal for you. And after paying you "negative interest rate" on your fixed income AA.
This is so funny. Life is full of the unexpected. It's wonderful.
This is false. It doesn't exist.