$3.5M wealth is a pretty arbitrary number and makes no sense in today's world. Particularly when you can inherit tax-free 12M dollars without paying federal taxes on it.
$3.5M wealth is a pretty arbitrary number and makes no sense in today's world. Particularly when you can inherit tax-free 12M dollars without paying federal taxes on it.
Inheritance taxes need to go way up too, but that's a whole other conversation. It deteriorates the "meritocracy" we used to have here and incentivizes wealth-hoarding instead of saving just what the family unit needs and then spending the rest on the economy. So much money is sucked out of the economy via families doing wealth-hoarding.
$3.5M is not that arbitrary when you consider what 2 properties go for in a normal market plus the ability to hoard enough stocks to pay for the kid's colleges and home down payments (plus cars, other assets like that). Anything more than that and a family unit is living in pretty large excess, especially if they're clearing over $100k/year.
$3.5M wealth is a pretty arbitrary number and makes no sense in today's world. Particularly when you can inherit tax-free 12M dollars without paying federal taxes on it.
Inheritance taxes need to go way up too, but that's a whole other conversation. It deteriorates the "meritocracy" we used to have here and incentivizes wealth-hoarding instead of saving just what the family unit needs and then spending the rest on the economy. So much money is sucked out of the economy via families doing wealth-hoarding.
$3.5M is not that arbitrary when you consider what 2 properties go for in a normal market plus the ability to hoard enough stocks to pay for the kid's colleges and home down payments (plus cars, other assets like that). Anything more than that and a family unit is living in pretty large excess, especially if they're clearing over $100k/year.