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Reply to "Where are all the high income folks?"
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[quote=Anonymous]So what's your effective tax rate, PP? You are clearly an exception re:income - according to a quick search, there are less than 20k Americans who have an AGI of over $2mm annually. And relatively speaking, you still haven't accumulated *that* much wealth based on your net assets (that's a lot of debt). I worked in PWM with global 1%-ers, family offices, the whole shabang, and most of the time we were talking $100m+ in net assets. Though clearly you've done incredibly well for yourself and that's nothing to sneeze at... You're still wrong, though. High income (if we're talking millions) can go along with high wealth, sure, but more often than not, if the wealth is very substantial then you're talking low income taxes based on low earned income. That's why people are talking about introducing a wealth tax instead of income tax. Piketty explains this concept well: https://en.wikipedia.org/wiki/Capital_in_the_Twenty-First_Century [/quote]
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