July 29, 2021

My Thoughts On The Millionaire Tax

Here are my thoughts on the proposed Wealth Tax, what this would do for the market, and whether or not this would work as intended. Enjoy! Add me on Instagram: GPStephan ENDING SOON: Get 2 FREE STOCKS ON WEBULL when…


Here are my thoughts on the proposed Wealth Tax, what this would do for the market, and whether or not this would work as intended. Enjoy! Add me on Instagram: GPStephan

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A new proposal was created which would impose an “Ultra-Millionaire Wealth Tax” on all fortunes above $50 million dollars. This is estimated to generate $3 Trillion Dollars worth of tax revenue over the next decade, without affecting the remaining 99.95% of American households who DON’T have $50 million dollars. 

The plan would impose an annual tax of 2% on all net worth above $50 million dollars, and a 3% tax on all net worth above $1 billion dollars. The taxes generated would help fund a strengthened education system, healthcare system, and would be invested back into community infrastructure. In addition to that, they would call for a $100 billion dollar investment to rebuild and strengthen the IRS, a 30% minimum audit rate for high net worth individuals, a 40% “exit tax” on net worth above $50 million for any US Citizen who wants to leave, and new tools to determine the value of assets. 
Now, in terms of the actual WEALTH TAX in question…this is where things get interesting. 

PRACTICALLY…calculating the net worth of the wealthiest people, and then taxing them on it, will be EXTREMELY challenging. Many assets are not publicly traded, like stocks – and determining the AGREED-UPON value of potentially hundreds, thousands, or tens of thousands of individual assets is going to be nearly impossible.

Second, there’s also the worry that the wealthy would begin HIDING their money if such a tax went into effect.

Third, other critics argue that a 3% tax would require investments to GROW beyond a rate of 3%, adjusted for inflation, just to pay for it without losing money…and that’s a tall order.

Fourth, since this would be a tax on NET WORTH – it would become necessary to SELL a portion of those investments, JUST to pay the tax…and, by SELLING those investments, you’d be subjecting yourself to even MORE taxes in the process.

Fifth, IF a wealth tax was implemented, it’s said to have a negative impact on the economy…it would reduce national income, discourage saving and encourage consumption, and lead to more foreign investment. 

Other countries have tried implementing wealth taxes, as well…but, without much success. Since 1995, over 60% of countries who have enabled a wealth tax have now repealed them…and their findings was that it disincentivized risk taking and entrepreneurship, harmed innovation, and impacted long term growth. 
https://taxfoundation.org/wealth-taxes-in-the-oecd/

In all reality though, I’d be surprised if this ever passed, and most likely – nothing is going to happen, so you’re not going to have to worry about your fortune above $50 million dollars. What I DO think will happen, though, is that – MOST LIKELY – we’ll see all tax brackets start to go up over time, ESPECIALLY if you’re earning above $200,000 per year…and I wouldn’t be surprised if Capital Gains tax was eventually increased, and honestly, I’m all for it. 

For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness@gmail.com

*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.

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