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For that to be true, they'd have to be living in the same type of domicile as the middle and lower classes. How likely is that? Hmmm?
??? The Millionaire Next Door doesn't live in a mansion, he lives in a middle class house. I know a retired architect with seven figures; we lived in the same neighborhood before I moved.
??? The Millionaire Next Door doesn't live in a mansion, he lives in a middle class house.
Wealth isn't taxed. Income is taxed. A very moderate income earner can amass a sizeable amount of wealth if they know what they're doing, e.g. spending less than their income and investing the rest, etc.
For that to be true, they'd have to be living in the same type of domicile as the middle and lower classes. How likely is that? Hmmm?
Most rich live in middle class quarters where utility bills are simply not a lifestyle limiter. And for those who live on large estates with huge mansions, it's all a matter of scale. For someone worth a mere $10M, $100,000 buys an awful lot of utilities, and at the years end they are now only worth $9.9M. Hardly lifestyle changing.
Wealth isn't taxed. Income is taxed. A very moderate income earner can amass a sizeable amount of wealth if they know what they're doing, e.g. spending less than their income and investing the rest, etc.
Wealth is taxed, particularly in the form of property tax.
Wealth is taxed, particularly in the form of property tax.
Yes and no. The assessed value of property is taxed. But if there's a mortgage on the property, the owner doesn't actually own that wealth, the mortgagor does until the mortgage is completely paid off. So property owners who have mortgages on their property are actually paying taxes on wealth they don't even really have. Think about that. Those with mortgages are paying taxes on someone else's wealth.
Yes and no. The assessed value of property is taxed. But if there's a mortgage on the property, the owner doesn't actually own that wealth, the mortgagor does until the mortgage is completely paid off. So property owners who have mortgages on their property are actually paying taxes on wealth they don't even really have. Think about that. Those with mortgages are paying taxes on someone else's wealth.
Really? So they DON'T live in large mansions in gated communities? Someone else must be living there, huh?
Most millionaires are just working class like you and me. They don't live in Mega Mansions.
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