Same thing with the taxing of SS benefits. By not indexing these things to inflation it's obviously going to effect more and more people over time and I have to believe they weren't so stupid as to not know this when the law was passed. In other words it was an intended consequence. I'll be starting both SS and taking my first RMD this year and I've figured that the RMD will be just about enough to pay the tax on the SS. So you really have to hand it to the crooks in Washington.sophie wrote: ↑Mon Jan 28, 2019 6:42 amExactly. Isn't this how the AMT started? Especially since I suspect the way this would evolve is that people will quickly realize that taxing net worth annually is a practical impossibility, and they'll limit it to financial accounts. Since that would reduce the amount exposed to the tax, they'll lower the threshold. This would be easy to do at any time, plus would happen automatically over the years due to inflation.MangoMan wrote: ↑Sun Jan 27, 2019 7:47 pmOf course, they say $50M now, but how long before it's $1M? I mean, if you're an underemployed, entitled socialist it's still unfair that someone has more than they do.sophie wrote: ↑Sun Jan 27, 2019 4:13 pm Well, at long last it's happened:
https://www.wsj.com/articles/democrat-e ... 1548369037
Won't it be fun when the IRS auditor has to pay a house call and figure out if that painting is really an original Picasso or just a copy, and how much to value a box of Cuban cigars, an antique car, handknit sweaters, and your wine collection. As in...I don't know what Elizabeth Warren is taking but I want some. Maybe it's those CBD candies in the grocery checkout line.
Likely there would end up being some discussion of how much money people need for retirement. It seems kind of specious to mandate that we fund our own retirements, then institute a tax on that pot of savings. I wonder how annuities and pensions would be treated under a wealth tax law? Seems an easy way to dodge the tax if they're not included. So is physical gold held privately BTW.
Is all this talk of wealth taxes and other socialist ideas what's driving up the price of gold? If so, I guess we could call it a "gold lining".