This is a good start but estate taxes can be avoided using trusts and other financial maneuvering. Get rid of capital gains altogether, making everything count as income, and then raise the top marginal rates back to pre-Reagan
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Abolish private property
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Yeah, it’s nuts to tax earned income higher than unearned.
I think the biggest taxes should be property taxes though. That and stuff like carbon tax - things to make people pay for externalities.
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BUT MUH TOOTHBRUSH
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When you consider how much a billion is that’s a pretty small number to be right at 1%.
What amount puts you at .5%?
I love this and always say “good thing you don’t get a vote”
$6M is still way higher than I thought it would be though. I assumed that I’d know someone in the top 1%, that’s 1/100 so surely I would, but now I’m honestly not sure that I know anyone IRL with a net worth that high. Maybe my parents, who just retired, or some of the more senior partners at my firm, but certainly not anyone in my social circles.
About $12m.
About 0.1% of France died in the Reign of Terror. That would be a net worth of about $23m.
23m for the .1% sounds even lower than the 6 mil.
That’s roughly 10K per year for 20 years with an annual return of 8%.
Maybe 1 out of 100 having this type of wealth is spot on
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The latest data from the Federal Reserve’s Survey of Consumer Finances says that that households with net worth of ~$11.3 million or more are in the top 1%.
One thing that is a little funny about looking at net worth distribution, is that because of the compounding effects of investment, the highest net worth people are generally much older (around the time of retirement or later depending on how much they are drawing down their portfolio). Good stats on net worth distribution by age group are a little harder to come by though.
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Households.
I thought about converting from individuals to households as that data was easier to find for 0.5% and 0.1% but wanted to be consistent.
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Why is it hard to imagine that someone who is retired would be worth more than someone in their 30’s or 40’s?
It feels like common sense.
Yeah, I kinda phrased that poorly. That part makes sense. The part that can be hard to grasp is how much higher someone’s net worth can be in their 60s and 70s than in their 40s because of the exponential growth.
Of course. They lived in the era where that generation stole all the resources from the next few generation, borrowed from the next generation and so on. Not hard to imagine at all they would have some money unless they are a total fuckup.
This is a terrible take. Plenty of people work their whole lives paycheck to paycheck and retire with little to no money.
Doesn’t mean they are a total fuckup.
No doubt. I was just doing a bit about how absurd chesspain’s post was. I don’t think basing life success on money is correct at all.
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My parents are 75/65. I blame my mom for their current situation mostly since she has basically been too lazy to work most of my adult life. Now that smoking all her life caught up to her and she has been fighting cancer she can’t work much. But my dad made over 100k the last decade of his work life, and the only thing they have to show for it is some equity in their house. They are surviving of joint social security, and my dad works part time when he can. He is a lifelong heavy equipment operator, and he can still do it, but just not full time. If my dad goes first my mom is fucked and probably living with me.
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It’s $10k per month, not per year.
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