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re: How much wealth do you need to join the 1% club in your country?
Posted on 2/29/24 at 11:23 am to saint tiger225
Posted on 2/29/24 at 11:23 am to saint tiger225
The aggregate of taxes can stay the same but the distribution of the burden should be more weighted on wealth and not income. A billionaire can have 0 taxes if he chooses not to have income.
Us w2 people can’t do that
Us w2 people can’t do that
2
Posted on 2/29/24 at 11:27 am to fareplay
To further elaborate
My FIL is super wealthy, he has 0 income since retired, only collects dividend income which he files as someone who has 0 other income, and takes out loans at 6% interest tied to his investments to spend money. His effective tax rate is sub 10% but has hundreds of thousands available at will. Is this right? Probably not
My FIL is super wealthy, he has 0 income since retired, only collects dividend income which he files as someone who has 0 other income, and takes out loans at 6% interest tied to his investments to spend money. His effective tax rate is sub 10% but has hundreds of thousands available at will. Is this right? Probably not
Posted on 2/29/24 at 11:49 am to fareplay
quote:
The aggregate of taxes can stay the same but the distribution of the burden should be more weighted on wealth and not income. A billionaire can have 0 taxes if he chooses not to have income.
Us w2 people can’t do that
Yes you can. Save up a bunch of money, then quit for a year and live off that money. Report back on your income tax bill.
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