eta2020
Thinks s/he gets paid by the post
- Joined
- Sep 13, 2013
- Messages
- 1,248
98% for family of 2.
6 more year to work
6 more year to work
The next menu says it all:
How would you tax wealth, it asks. Maximum threshold below which no tax is due is $1M .. I want it to be at $3M, and include pension benefits, SS benefits and real estate in the calculation. Yes my friends, that is also wealth, especially when it's COLA'd.
I am all for fairness and redistributing above a certain level, but not willing to give up my own money because others were wasteful and unable to balance a checkbook while I was living quite frugal.
I don't see any fairness in taking from those who have worked hard and risked their time, talents, and treasures to give to those who have chosen other paths. I am all for providing a safety net to those who are in need; but, my accumulated wealth has already been taxed as income (or will be) . So called "wealth taxes" are really a tax on saving.
JMHO
I think you're conflating redistribution with fairness. They are very different things.
But that's the problem, no? At least if you are on the 'from' side of redistribution.
-ERD50
http://www.federalreserve.gov/pubs/feds/2013/201346/201346pap.pdfSecond, pension wealth is treated differently in the two measures. Assets accruing
through defined benefit (DB) pensions plans are an important component of overall household
wealth but one whose levels cannot be determined unambiguously using the SCF. Pension
recipients, and the SCF by extension, cannot put a value on the assets associated with future or
current DB pension payouts without numerous assumptions.14 We therefore do not include DB
pensions in the measure of household wealth using the SCF
Top 4%. For my pension I divided it by .037. That comports with a 100% safe withdrawal rate. There's probably more than one way to skin that cat but it won'y change your position by much. Top 5%, top 4% ... whatever
Feeling rich happens when you get a large windfall, like a very big inheritance, the company stock options hit the big time, or winning the lottery. Something big and something sudden. It changes your spending habits (of course not of those on this forum). With the slow and steady accumulation of wealth over a lifetime you never feel rich no matter how much you have. And the difference in feeling rich or not is how freely you feel like spending. For me being rich has always been about 10x over what I currently have.
On the other hand I have always felt blessed. Always had enough, even when I ate hamburger with corn meal in college, and now especially when I visit third world countries, or see people struggling here.
One day I will see my last sunset, experience my last summer, setup my last Christmas tree, have my last kiss. Being wealthy really, is living and feeling alive every day.
For me being rich has always been about 10x over what I currently have...
These are the financial assets they are counting. No DBP pensions.
Private pension plans
.
I used your .037 calculation above, and the # came out close to a different calculation I made some time ago, using just some simple math. So maybe I wasn't off that much. But I'm assuming this means you use your annual pension amount divided by .037? (Sorry if this is way too obvious, it's late. )
Would you mind sharing the source of this factor?
I think the "private pension" assets they count are 401k, IRA, etc.Why would a private pension count, but not, say, a Federal Government DBP?
Amethyst