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Sounds right. Around 2.2 million, your money starts to generate more income than your labor can, unless you have an exceptionally high paying job.
by manimino 4y ago
Sounds right. Around 2.2 million, your money starts to generate more income than your labor can, unless you have an exceptionally high paying job.
- dane-pgp 4y agoSo maybe people with a net worth above 2.2 million should be paying a wealth tax instead of an income tax.
- renonce 4y agoThat's called inflation.
- bawolff 4y agoWell they do have to pay taxes on dividends and capital gains, so its not like its totally tax free.
- mancerayder 4y agoEven if they're 70 after working a lifetime?
- Swizec 4y agoAt that age there’s the estate tax … plus you’re paying taxes on withdrawals since mist retirement savings are tax deferred. There’s also capital gains taxes that hit you I think.