Tax The Rich
October 29, 2021 - mediadealer - Money Hacks - 1,683 views
Date: 2021-09-15 21:32:01
Today we’re going to discuss the new tax policies, the changes being made, and how this will impact the market going forward – Enjoy! Add me on Instagram: GPStephan
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Now, as far as my perspective, I find most of these policies reasonable. The Backdoor Roth IRA Contribution is something that should have been closed a long time ago. Disallowing Accredited Investments SEEMS to be with the intention of PREVENTING the Roth IRA from being used as a tax shelter, rather than a retirement vehicle…and, for the vast majority of people…this won’t impact them.
As an investor….the Capital Gains Tax at 25% seems to be a little much…because, just an onion…there LAYERS to Rich People…and, I don’t quite think most people understand the magnitude between varying levels of wealth.
For example, in most of these policies…the person earning $400,000 per year is treated the EXACT SAME as someone else making $500 MILLION DOLLARS per year. Now, don’t get me wrong…I’m not dismissing the significance of $400,000 per year…but, the difference between that and $50 million is the same as a comparing a person earning $1000, with another person earning $125,000….let that sink in.
The most difficult part, on my end, is that we absolutely have a growing disparity between the RICH and the POOR, that was very much exacerbated by a K-Shaped Recovery that brought to light quite a lot of issues. Unfortunately, in this case, it seems like there’s the narrative that “The Rich” are Greedy, they’re extracting value from the other 99% without providing an equivalent value, and they’re otherwise demonized from TAKING what could belong to someone else.
Although, I have to say – with money, it’s never a 0 sum game. I think a lot of the mistrust and hate towards “the rich’ is totally separate topic from whether or not each tax bracket pays their fair share, and that’s certainly up for debate.
So, even though I’m in favor of higher taxes, I personally believe two things should happen: One, lets separate people earning $400,000 from the people earning $40 million dollars…and, two, there should be a higher progressive tax policy that slowly raises these percentages over time, depending on how much you make.
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