How to protect your assets from President Warren:
What a decade it has been! First, the Fed’s asset reflation that made rich people ridiculously rich. Soon to come, the recoil.
Farmers are sure to be exempt from a wealth tax. They’re already pretty much exempt from income taxes, because they can enjoy nice economic incomes while looking like paupers on Schedule F. Near my suburban home is a family that gets $18 million trimmed from their property tax assessments because their purported profession is cattle farming.
Will Congress double-cross Rothifiers by taxing them on the back end? I don’t think so. It needs to keep those conversions coming.Open the Books amuses us by revealing public sector retirees with $300,000 pensions. What is such a lifetime income stream worth? Probably between $5 million and $10 million. Would the asset ever appear on the form for a wealth tax? No.
If your grandchildren use the 529s on school, you skirt both a wealth tax and the income tax on earnings. If you pull the money back you’ll owe income tax and a small penalty on the earnings, but because the deferral is worth something you won’t come out far behind on income tax, and it’s highly unlikely that a wealth tax would be retroactive.Let’s say you and your spouse, both 65, are contemplating whether to start collecting now.
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