Taxation and the High Net Worth Individual

I always believed that you are considered wealthy when you make a high income. According to the authors, most high income earners are not rich, which surprised me. Most people with high incomes fail to accumulate any lasting wealth. They live hyper-consumer lifestyles, they spend their money as fast as they earn it. I always perceived millionaires as living the lavish life with their big sport utility vehicles and huge mansions. Well I was wrong, in

According to Alternet.org, “The wealthiest 85 people on the planet have more money that the poorest 3.5 billion people combined. The super rich .01% of America, such as Jamie Dimon (CEO of JP Morgan) take home a whopping 6% of the national income, earning around $23 million a year. Compare that to the average

In “Economic Elites, Investments, and Income Inequality” from the academic journal, Social Forces, graduate Ph. D student from Ohio State University, Michael Nau presents throughout his study the rise of an additional factor that has evidently influenced the concentration of vast amounts of income among the elite class, income from investments. In this era, the common belief is that demographics, labor market institutions, and technology are causing the inequality to rise and for the elites to produce astounding amounts of income. Nau’s findings present how the debate over the incomes of the elites has to be expanded apart from the ‘working rich class’ to also include the income producing wealth. In addition, Nau presents how the

Similarly, elites have power in the Executive branch, which is composed of the President and his cabinet. The current President, Donald Trump is an elite for many reasons. He inherited family money (including a $1 million loan from his father to start a business) and his father’s real estate company. He also has fame and fortune from developing well-known buildings, such as Trump Place. He is also a successful businessman as he owned Miss Universe, Miss USA, and Miss Teen USA for 20 years. He also got paid $213 million for his presence on NBC’s television show, “The Apprentice.” Furthermore, Forbes states that his net

The rich should not be taxed more. Increasing tax rates for the upper class will not solve the present inequality problem. The wealthy americans should be expected the same amount of taxes as the poor for equality. Those who earn more shouldn't help the less fortunate because they worked harder for the money they earn.

The United States is can be considered as a rich country. It is rich in culture, it is rich in individualism, it is rich in productivity, and it is rich in inequality. The “top 1%” is often spoken about in the media and in referred to in the daily lives of Americans. The 1% are usually executives, politicians, doctors, and lawyers. Their average income is about $717,000

Most millionaires and billionaire are willing to do that and that is why they are the beauty and beasts you do not want any issues with.

When normal people think of a rich people, most people think that they're selfish, mean, have fancy houses and cars. But there is actually many many very rich people that are much more than that and they just try to help the world. With millions and billions of dollars, you can do so much good. You can build homes, help the homeless, make campaigns for good causes.

With rapidly rising income inequality in the United States, would the redistribution of taxes benefit the US economy? It is one of the greatest political questions that deserves to be debated since the US economy suffers with a huge deficit that topped $20 trillion this year and is expected to grow by another 10 trillion over the next decade. In Julie Borowski’s blog post,”Why Shouldn’t the Rich Pay More in Taxes,” she reveals the value of equal opportunity as she proves her argument of why the rich should not bare a larger burden on the national debt crisis through her use of ethos, logos, cynical diction and rhetorical questions. Before we analyze her views, it is important to note that our federal income taxes pay for social security

How does one earn the title of wealthy? Authors Dr. Thomas J. Stanley and Dr. William D. Danko have studied how people become wealthy for over twenty years. They have conducted research, written books, conducted seminars, and advised major corporations on whom the wealthy are and what are the characteristics of the affluent in America. The research for The Millionaire Next Door was comprised of personal, as well as focus group interviews, with more than 500 millionaires. A survey of 1,115 high net worth and/ or high income respondents was also compiled. The authors define the threshold for being wealthy as having a net worth of $1 million or more. This is one distinction that the authors make in comparison

The norms for the super wealthy are being able to go to the best private schools, having a ton of money, being able to vacation anywhere, and having the opportunity to choose whether or not they want to work. Typical appropriate behaviors for them include dressing to their families’ standards, attending the best places, and not talking about their money to anyone. The considered taboo among this group is the inherited money from being born rich.

When it comes to investors, they oftentimes remain in a one-dimensional setting. To expound further, investors oftentimes only think of themselves and their interests. Therefore, it remains a rarity for an investor to place their priorities behind the needs of society. Moreover, it remains a rarity for investors to donate billions of dollars to charitable causes. Due to the lack of concern, these investors also fail to realize the bigger picture. Moreover, these investors do not receive the same critical acclaim and respect of George Soros. For those unaware, George Soros remains one of the wealthiest people in the world. Furthermore, George Soros also remains a prominent investor and a voice for the less fortunate.

Tax system is a legal system of imposing and collecting taxes from the citizens of the country. As it has been stated by Albert Einstein, the hardest task in the world is to understand the tax system of a country. The United States’ tax system is so complicated that its tax code contains almost 3 million words and 6,000 pages. Moreover, the taxes implied by city and state governments add more complexity to the federal taxation system. In this case, we do not need to understand the complexity of tax code system in order to get acquainted with the significant role of taxes in American society.

How do wealthy people succeed? In short, they are programmed for it. My realization is this. Its not your surroundings but what's inside you that causes success. My conclusion is this. Its not the tools, it's the person that determines how successful they will be.

What do you think would happen if the rich paid more taxes? Would there be a better economy or would it be worst, maybe even stay the same. Increasing the taxes would help out our economy in a few ways. one way that it would help out our economy is that not only would there be less of a concentration of profit at the top of our social ladder there would be more revenue for the funding of civil union jobs. Also not to mention causing the bigger corporations to have to pay more so they would be unable to escape with the majority of the illegal activity they do today. Lastly if the government were to crack down on offshoring it would help with collecting taxes and the money would return to the people and back into circulation for our economy. Here are some reasons why the rich should pay higher taxes.