Excerpt: America’s top 1% enjoy a fifth of the economy’s income and pay nearly a third of its federal taxes. Many politicians think they should cough up much more. Zohran Mamdani, New York’s mayor, wants a new 2% city levy on incomes over $1m. Virginia, Rhode Island and Washington state are weighing up similar measures; Californians are likely this year to vote on a “one time” 5% levy on billionaires’ wealth. In Europe, too, there is a similar clamour to target the wealthy. France has seen a popular campaign for a wealth tax. And with Sir Keir Starmer weakened or doomed as prime minister, the left wing of Britain’s Labour Party may implement one of its own. The “Robin Hood” state, which takes from the rich to give to the poor, has obvious appeal. Governments across the developed world are strapped for cash. Budgets are burdened by legacy debts, ageing populations and the need to spend more on defence. But few politicians will countenance raising broad-based taxes at a time when voters, scarred by the high inflation of the early 2020s, are worried about affordability. Booming stockmarkets, meanwhile, have reinforced the idea that inequality is too high. And it always sounds good to say someone else will foot the bill.
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So… sell the house and you have $1 million to buy a more modest place to live and you will still have hundreds of thousands of dollars left over.
Everyone who says a net worth of $1 million isn’t enough should look at their own net worth before sucking off people who have more.
You need to travel more and see the world. I mean this with no offense intended, but you comment smacks of naivety. Context matters.
“A more modest place”. I bought one of the smallest, shittiest oldest places in the unfashionable sectors of my city and it hit a mil 15 years ago. There is nothing shittier. To get cheaper I have to leave the city altogether where my profession doesn’t exist. Your war is not against “homeowners”. We should aspire to raise everyone up and out of precarity, not shoot everyone who is not poor.
Irony.
Keep defending the people who have more than you.
Reading comprehension is a skill. Skills, like muscles, get stronger with excercise. Don’t stop, you’ll get there eventually. I believe in you.
May I ask what turn of events lead you on your mighty quest against homeownership?
Hey man, you’re going to believe whatever you want to avoid admitting you’re getting played.
Nobody expects more from you.
Lol. If you sell your $1 million house and buy a $300k house you still have $700k leftover to live off of. You can buy 2 more $300k houses, rent them out, and now you have $100k to live off of with thousands of dollars of passive income every month.
Arguing that $1 million net worth “is not enough” is fucking stupid.
I ask again, what is your net worth? If it’s less than $1 million, which we all know it is, then why do you think people who have more than you should get even more before you? It’s a very useful-idiot mentality to have, but since it’s impossible for that to apply to you, what else could it be?
Who is playing me? (Other than you with this ridiculous conversation.)
Ok, so your math and reasoning needs as much work as your reading comprehension. I can recommend a tutor if you like.
Buy and rent two $300k houses for an income of $100k a year? Where can you buy $300k houses that rent for $4166.66 a month after expenses?
More importantly, why was a homeowner with a modest urban home valued around $1mil an evil bougie, but an egregiously extortionate landlord with 3 homes valued at $1mil virtuous?
I thought about blocking you, but now I’m too curious to see where this trainwreck of yours is going.
Oh my bad, you can’t read.
It all makes sense now.
So ironic you’re telling me my reading comprehension needs work, lol.