But then the value goes WAAY up. Let’s assume you live in a very good house, and mortgage it you’re able to get 5 million out of it. Do you think someone like Jeff Bezos could live for 5 years with that?. You can do it fairly straightforward, everytime you take a loan, the full amount of that loan gets added, after a period of 5 years that value disappears, if at any point that value goes above 10 million, you start paying taxes on it. And the higher it goes the more tax you pay on it, just like how income tax has brackets, and just like how up to certain values are exempt.
For you or me if we were ever loan 10 million over 5 years we wouldn’t have a way to pay it back. For an Uber wealthy they do that fairly quickly, Bezos mention costs 600k a month, so he’ll get into the first bracket from just that in a year and a half.
People need to realize just how big the gap is, there are plenty of ways to tax extremely rich people without affecting the middle class by just putting the bracket so high up that it’s impossible for a middle class to reach it.
But then the value goes WAAY up. Let’s assume you live in a very good house, and mortgage it you’re able to get 5 million out of it. Do you think someone like Jeff Bezos could live for 5 years with that?. You can do it fairly straightforward, everytime you take a loan, the full amount of that loan gets added, after a period of 5 years that value disappears, if at any point that value goes above 10 million, you start paying taxes on it. And the higher it goes the more tax you pay on it, just like how income tax has brackets, and just like how up to certain values are exempt.
For you or me if we were ever loan 10 million over 5 years we wouldn’t have a way to pay it back. For an Uber wealthy they do that fairly quickly, Bezos mention costs 600k a month, so he’ll get into the first bracket from just that in a year and a half.
People need to realize just how big the gap is, there are plenty of ways to tax extremely rich people without affecting the middle class by just putting the bracket so high up that it’s impossible for a middle class to reach it.