re: How much wealth do you need to join the 1% club in your country?

then explain this to me

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The top 10 percent of earners bore responsibility for 76 percent of all income taxes paid, and the top 25 percent paid 89 percent of all income taxes. Altogether, the top 50 percent of filers earned 90 percent of all income and were responsible for 98 percent of all income taxes paid in 2021.

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and how the hell you gonna tax someone on unrealized gains? they already pay sales tax, property tax etc now you want them to pay taxes on income they havent earned yet because you believe its wealth? it only becomes wealth once its realized.

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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

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Why not? They money he risked to create that wealth was taxed. Once he withdraws or sells that "wealth" he will pay taxes. Are you saying everyone should be taxed on unrealized gains in their portfolio that have created no cash to pay the taxes?

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he has 0 income since retired

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He was taxed on the "income" he made before retirement. He is now being taxed again on the use of that income in the form of capital gains.

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only collects dividend income which he files as someone who has 0 other income,

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He files that dividend as capital gains and is taxed on it. By any tax related definition, he does not have "0 income". Otherwise, he wouldn't be paying taxes.

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His effective tax rate is sub 10% but has hundreds of thousands available at will. Is this right? Probably not

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So a person earns income, prudently saves said income, and you feel they should be punished for doing so on an annual basis because its "available at will".

Jesus.