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ziggy29 · 03-06-2019, 01:03 PM

Obviously we can get an idea sometimes, but not always. If someone is worth 10 million dollars but has most of it in stocks that do not pay dividends, or in muni bonds, and they live pretty simply and don't have much current income from investments, or if most of their wealth is in IRAs or 401Ks and they aren't withdrawing yet, then they will be the "millionaire next door" and you may not notice that an income of $100K or less belongs to someone worth many millions.

Bir48die · 03-06-2019, 01:22 PM

Nope. You can see that they have some means (property tax statements, 1099-B, etc) . If 99% of investments are tax deferred and no withdrawals then no. If you have the pile-o-cash as a mattress, no.

I am doing taxes for fun (?) and just inputted about 25 DIV forms so I’m guessing she did ok.

Rianne · 03-06-2019, 02:41 PM

This is the argument I get from said family members. Income has nothing to do with NW. So, we're on ACA. Subsidies and MAGI give clues of income. My DB is furious that his friend is on ACA with subsidies and is worth $M$. His friend just figured out how to make his income fit the subsidies. I guess I understand why those with big incomes are mad they aren't getting the ACA subsidies. Did I just start a fire?

foxfirev5 · 03-06-2019, 02:59 PM

Somehow this thread reminds me of the folks on " American Pickers ". Maybe their asset plan isn't so off the wall. Preppers, pickers and hoarders, the new normal when assets are taxed.

SecondCor521 · 03-06-2019, 03:07 PM

Quote:

Originally Posted by kcowan

What is the motivation behind the original question?

I'm not the OP, but I'm guessing that it he is asking because of the occasional news reports where some members of the US Congress are seeking to obtain the President's tax returns in order to determine whether or not he may have committed either a crime or an impeachable offense.

As I implied earlier, one of those potential offenses might be if the President misrepresented his net worth in some business dealing. I guess the crime could be bank fraud. The impeachable offense, to paraphrase someone more famous than me, would be anything that 2/3 of the Congress votes for.

So I suspect the OP is trying to independently assess the likelihood of that approach producing results. I applaud his efforts to independently assess things. I will keep my opinions on the rest of it to myself.