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Survey: Almost 50% of Americans Consider Themselves ‘Broke’ (www.marketwatch.com)

submitted 2 months ago by return2ozma@lemmy.world to c/personalfinance@lemmy.ml

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[–] jubilationtcornpone@sh.itjust.works 10 points 2 months ago (2 children)

How about this. If you make it to a net worth of $1 Billion, we get you a nice gold plaque that says, "Congratulations! You have won capitalism." Then, any income you earn after that is taxed at 100%.

[–] r_thndr@lemmy.dbzer0.com 8 points 2 months ago (1 children)

Income and net worth are different concepts though. You can have a car and be too broke to buy gas.

[–] jubilationtcornpone@sh.itjust.works 9 points 2 months ago (2 children)

I think you might be failing to envision just how much money a billion dollars is. If your net worth (Assets - Liabilities + Equity) = one billion dollars, you are among the wealthiest of the wealthiest people in the world.

Now, that probably isn't all just sitting in investments. I'll be very conservative and say half of it is. If you earned 4% annually on that $500M, which is a pretty decent average, you would gross $20 Million.

I don't know about you, but if I had $20 Million, I would never have to work another day for the rest of my life. You see where I'm going with this?

[–] notfromhere@lemmy.ml 5 points 2 months ago

Wouldn’t the $20 Million be subject to the 100% income tax at that point, meaning the net worth billionaire wouldn’t be able to earn any income as it’s all taxed away?

[–] eugenia@lemmy.ml 1 points 2 months ago (1 children)

You can always move to a town in Greece, in the mainland (something smaller than 5k people), close to the beach. You can live amply with 20k euros per year (about $22k) for you and your spouse. Buying a house is about $100k to $150k, taxes are rather low for most professions, and you can have your own vegetable garden, trees, and chickens. Fresh fish, goat meat (best kind of meat for humans). Car repairs and other repairs are much cheaper than in the US (my husband was expecting a $2500 bill to replace the car engine's chain, and it was just $600).

If you're in your 30s right now, and you're going to live until you're 100, that's "only" 1.4 million euros. If you get a couple of kids, that's 1.8 to 2 mil euros. Definitely not 20 million though.

[–] hanrahan@slrpnk.net 1 points 2 months ago (2 children)

And can you get a Visa ?

[–] eugenia@lemmy.ml 1 points 2 months ago

Also, healthcare is free (in the public hospitals, they also have dentists in there), and education is free.

[–] eugenia@lemmy.ml 1 points 2 months ago* (last edited 2 months ago)

Yes, of course. There's even a treaty to not be double-taxed.

[–] otp@sh.itjust.works 1 points 2 months ago

Then, any income you earn after that is taxed at 100%.

For the rest of your life!