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Perhaps, but the Norway tax mentioned in the article kicks in at $174k net worth. That's a paid off house and a nearly drained 401k for even the poorest of Amer
by tpmoney 11mo ago
Perhaps, but the Norway tax mentioned in the article kicks in at $174k net worth. That's a paid off house and a nearly drained 401k for even the poorest of Americans. Yes there is an exemption for part of the house, but even if it were 100% exempt, I think you're going to have a rough time getting support for taxing 1% of a retirement account worth less than the code section it's named for.
- tpmoney 11mo agoReplying to myself since it's too late to edit, but according to these numbers[1], it looks like this tax would hit about 52% of American households, so my "even the poorest of Americans" is a bit overwrought. And if we take the US median home price (~410k as of this year[2]) and exclude 75% of that (~307k), then this tax would hit ~30% of American households (~$481k net worth). Even at that, it's still quite a hurdle to clear to convince the top 1/3 of households support a 1% tax on their accumulated wealth. [1]: https://dqydj.com/net-worth-percentiles/ https://dqydj.com/net-worth-percentiles/ [2]: https://fred.stlouisfed.org/series/MSPUS https://fred.stlouisfed.org/series/MSPUS