Quote:
Originally Posted by UGAalum94
Well, except that wealth may be different than having a high earned income for a short number of years.
I like to think that if we earned 250,000 or more, my husband and I would accumulate real wealth, but I think it would take a while. (First get out of debt. . .)
Who is richer? (For that matter, who is richer: John McCain married to Cindy or the Obama's pre-book deal? Looking at income only tells one story.)
Any tax based on income ignores this difference in accumulated wealth.
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That's very true. I'm ALL FOR taxing us on our net worth since I still owe more on my house than all of my assets put together
My net worth is negative.
I guess we also have to consider that there are people who have essentially no income but lots of assets.