[OT] >Keep in mind that does not include primary real estate…<
Given the degree to which even the wealthy have borrowed against the equity in their homes, it’s not clear why there would be a material distinction between the number of millionaires based on total new assets and the number of millionaires based on net assets sans home.
OT: >billionaires simply will use tax advantage investing.<
This is an interesting point that I started looking at when Biden made his "patriotic to pay taxes" comment.
I realize it is de rigeur to pay as little in tax as possible. I read estimates around 30-50 billion in annual income lost to the government due to legal (or grey-area) strategies like offshore havens.
So what is "patriotic" in this area? Is it patriotic to make money off the system, and then to do your best to remove your assets from the system? Or how about this:
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