[ExI] I see pitchforks.

[John Clark]

On Mon, Jul 8, 2019 at 9:38 AM <spike at rainier66.com> wrote:



> >…If the wealth tax didn't kick in until it reached the billion dollar
>> range then that wouldn't be much of a problem for the average taxpayer…
>
>
>
> *> Ja, but how would you determine if you are an average taxpayer?*
>

I have little difficulty in figuring out that I am not a billionaire, if
its hard for you to determine if you are that rich or not then I envy you.


> *> Couldn’t those who are in the billion dollar range just claim to be an
> average taxpayer?*


Certainly you could claim that you have few assets just as you could claim
your income is less than $10,000 a year, but if you have a private jet and
a 200 foot yacht the IRS might start getting suspicious.

> *How would they get to be identified as not average taxpayers? *
>

Everything of value has a document associated with it declaring ownership
and somebody's name is on that document.


> > *those average taxpayers who think they might be approaching
> non-average status would dump their wealth into gold, BitCoin, things which
> cannot be declared *
>

If you ever plan to use the gold or Bitcoins to actually buy something then
you'd better declare them or the IRS will put you in jail. And then watch
out for those pitchforks because even today billionaires who cheat on their
taxes don't get a lot of sympathy from Joe Sixpack, unless you're Trump.


> > or whose value is arbitrary.
>

The assessed value of property is somewhat arbitrary but we do it anyway,
that's how property taxes work;  just expand the idea to cover stocks,
bonds, yachts, private jets, gold, Bitcoins etc.


> > *If you hold BitCoin and a lot of people know, they will steal your
> children to get it from you.*
>

It's well known that the Winklevoss twins have about a billion dollars
worth of bitcoins and I haven't heard of their children being stolen; I
don't quite understand why wealth in that form is more dangerous than
wealth in some other form, but if it is then it would be wise not to hold
bitcoins.

John K Clark

>
>
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