Globally coordinated Wealth Tax

[Debaser82]

Quote from Candace:

I am unlikely to make all-in kind of moves, but I am thinking that I will proceed with giving money to my daughters perhaps in the form of a trust fund. Other than that I may just spend a little more than I do normally, maybe buy some of those "other tangibles" that suit me, like antiques and art. And lastly, I may put a little less effort into trading. I make a decent profit trading but it takes its toll. Why spend so much time if it will just be taxed away?

I'm sceptical about buying antiques and art just as I am sceptical about diamonds and jewelry.

There are flavours of the month that can be out of style the next, where do you sell it? Is the buyer legit? Is he offering you an honest price?

Even with something internationally quoted on a daily base as gold there are thousands of people that get ripped of daily by screwed buyers who take advantage of the lack of knowledge of the sellers.

Everything I buy I most be able to sell say 24 hours a day at a price set internationally no negotiation.


This is all for excess cash ment for longer term investment purposses ofcource.

If you need a house to live in and consider it a good investment why not... If you like a painting or a ring cause you think it's beautifull by all means buy it.

But if the purpose is riding out an expected global socio economic storm I would go about it as mentioned.

But again to each his own....

 

[Candace]

Quote from oldtime:

yeah I've thought about it. I call it a net worth tax. The only fair tax is an income tax, here's why.

Let's just say the rate is 10% a year.

you start with a million dollars in an S&P 500 index fund.
the gov takes 10%
now you have 900k
the mkt drops by 10%
now you have 810k
the gov takes 10%
now you have 729k
the mkt drops by 3%
now you have 707k
the gov takes 10%
now you have 600k
the mkt goes up 10%
now you have 660k
the gov takes 10%
now you have 594k
the mkt goes up 8%
now you have 641k
the gov takes 10%
now you have 577k

are you sure you want to do this?

I am trying to AVOID paying taxes, not advocating for it. But to be honest, I do think that the disparity between rich and poor has grown too great.

But to address your post, I don't think anyone is proposing an ongoing 10% tax. Here is France's tax rates:

0,8 M€ - 1.31 M€: 0,55%
1,31 - 2,57 M€ : 0,75%
2,57 - 4,04 M€ : 1%
4,04 - 7,71 M€ : 1,30%
7,71 - 16,79 M€ : 1,65%
> 16,79 M€ : 1,80%

 

[Candace]

I agree that buying and selling art and antiques sounds complicated.

But I think owning gold could be complicated too. It could see quite a correction shortly after a one-time wealth tax is put in place. People would bid it up ahead of the assessment trying to hide their cash (your bubble prices) and I suspect that governments would later try to entice the wealthy back into the decimated stock and bond markets (your prick, so to speak). Gold might not see prior highs for a very long time.

Perhaps you could privately sell a good portion of your gold before the bubble pops, (ie before capital gains taxes are cut to bring money back into the markets) but what would you do with the cash? We're back to the coffee tin in the backyard.

Too funny that UK OWS are already asking for an emergency wealth tax.

http://www.elitetrader.com/vb/showthread.php?s=&postid=3329105#post3329105

Wonder how gold and the stock market will react next week.

Quote from Debaser82:

I'm sceptical about buying antiques and art just as I am sceptical about diamonds and jewelry.

There are flavours of the month that can be out of style the next, where do you sell it? Is the buyer legit? Is he offering you an honest price?

Even with something internationally quoted on a daily base as gold there are thousands of people that get ripped of daily by screwed buyers who take advantage of the lack of knowledge of the sellers.

Everything I buy I most be able to sell say 24 hours a day at a price set internationally no negotiation.


This is all for excess cash ment for longer term investment purposses ofcource.

If you need a house to live in and consider it a good investment why not... If you like a painting or a ring cause you think it's beautifull by all means buy it.

But if the purpose is riding out an expected global socio economic storm I would go about it as mentioned.

But again to each his own....

 

[oldtime]

sorry, I didn't get the jist of the original post (it was kind of long winded.)

I thought you were exploring a wealth tax and maybe advocating it.

I see now you are looking for a shelter.

Man that is really poor form.

You have that much money and you are posting on a traders forum asking advice?

Sounds to me that you just have a deep need to brag.

My advice is get a professional shelterer and don't ask scalpers what to do with too much money.