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The difference is you only need to transfer enough money to your personal bank account to cover your annual expenses. So if you make $500k/year but only spend $
by nodamage 5y ago
The difference is you only need to transfer enough money to your personal bank account to cover your annual expenses. So if you make $500k/year but only spend $100k/year, then the other $400k will continue to grow tax free.
- fighterpilot 5y agoThat's a pretty big difference. Makes the idea of a sales tax only kind of attractive since it doesn't disadvantage income over capital gains.