2020 Presidential Candidates

Trump also promotes class divisions - "I love uneducated people" etc.

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Originally Posted by Yppej

I'm sure wealthy people calculate their net worth all the time. Businesses certainly do. I have done it myself humble though my circumstances are.

As to illegality, how is this different than the excise tax I have to pay on my car?

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It’s not that simple. There is a lot of wiggle room in what a reasonable valuation basis should be.

Valuation is a tricky business, and some very smart CPAs make a pretty good living at it.

My understanding was that state and local governments can tax property that state laws permit, but that there were constitutional bars to taxing property rather than income.

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Originally Posted by Alan

Oh,
I'd be more interested in details around Bernie's desire to eliminate billionaires. When he starts gesturing with those wild eyes and spittle flying I believe he really means it.

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I think it has something to do with walls and blindfolds.

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Originally Posted by LDAHL

I think it has something to do with walls and blindfolds.

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Well, it got Che Guevara's face on lots of t-shirts and black light posters.

Bernie is on the wealth tax on net worth also. I had to look it up.

"It would start with a 1 percent tax on net worth above $32 million for a married couple. That means a married couple with $32.5 million would pay a wealth tax of just $5,000.
"The tax rate would increase to 2 percent on net worth from $50 to $250 million, 3 percent from $250 to $500 million, 4 percent from $500 million to $1 billion, 5 percent from $1 to $2.5 billion, 6 percent from $2.5 to $5 billion, 7 percent from $5 to $10 billion, and 8 percent on wealth over $10 billion. These brackets are halved for singles.
"Under this plan, the wealth of billionaires would be cut in half over 15 years which would substantially break up the concentration of wealth and power of this small privileged class."

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Originally Posted by Alan

Oh, I don't know if she really needs to clarify anything on the wealth tax front. The cynical part of me believes she's building a sort of perverse goodwill for her political brand by promoting class divisions, which has always been popular among a large percentage of the Democratic base. She doesn't have to actually follow through as mis-spent political capital may not be recoverable.

I'd be more interested in details around Bernie's desire to eliminate billionaires. When he starts gesturing with those wild eyes and spittle flying I believe he really means it.

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Originally Posted by Alan

Well, it got Che Guevara's face on lots of t-shirts and black light posters.

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I understand there’s one born every minute.

We record a snapshot of our net worth each December 31. For financial instruments it us easy enough to get the daily market value, but for tangible assets like real estate, not so much.

Just this week DH’s family are discussing the trust lawyer’s valuation of their dad’s farm which varies quarter of a million $ from a more conservative but respected valuation.

If Ms Warren gets her way, sounds like I need to move investments out of financial instruments to something more— fluid shall we say.

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Originally Posted by Alan

Oh, I don't know if she really needs to clarify anything on the wealth tax front. The cynical part of me believes she's building a sort of perverse goodwill for her political brand by promoting class divisions, which has always been popular among a large percentage of the Democratic base. She doesn't have to actually follow through as mis-spent political capital may not be recoverable.

I'd be more interested in details around Bernie's desire to eliminate billionaires. When he starts gesturing with those wild eyes and spittle flying I believe he really means it.

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Originally Posted by iris lilies

We record a snapshot of our net worth each December 31. For financial instruments it us easy enough to get the daily market value, but for tangible assets like real estate, not so much.

Just this week DH’s family are discussing the trust lawyer’s valuation of their dad’s farm which varies quarter of a million $ from a more conservative but respected valuation.

If Ms Warren gets her way, sounds like I need to move investments out of financial instruments to something more— fluid shall we say.

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Do you include an estimate for the present value of such income streams as pensions, annuities or social security?

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Originally Posted by LDAHL

Do you include an estimate for the present value of such income streams as pensions, annuities or social security?

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Nope.

I measure only our assets that would survive as part of our estate if we both drop dead tomorrow.

Ryan is out. We're down to 18 Democrats and 4 Republicans.