250K in wage income is a decent ticket, but it doesn't make you rich.
Looking at the real upper end, say $1mm plus per year, I think a bit more tax on 'unearned' income- such as dividends, capital gains &/or trust distrivbutions is warranted. My understanding is that someone with a net worth of 20mm or more is likely to pay less tax as a percentage than someone paying off a mortgage and on 250K p.a. Considering that the top 5% own more than the remaining 95%, I think it's fair that they should at least pay the same rate of tax as someone on a middle class income.
Inheritance taxes are a joke- they are largely optional, if you have decent advice. I used to advise on that sort of stuff. For it to be at all effective, the gaping loopholes need to be removed- which I would not be averse too. Something like a flat percentage of net worth above, say 10mm, including what is held in Trusts and family foundations and so on. Charitable foundations in the US are as much a tax lurk as they are an actual charity, in most cases. Incidentally, the well rich would really raise a squeal if these exemptions (which joe public is largely not aware of) were removed, and a flat, blanket arrangement brought in.


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