Taxes like that typically apply only to money beyond the limit so if you hit 3 million and a dollar you would be paying 95 cents in tax on that dollar only.
Not sure whether it changes anything for you, but I think they’re proposing that each dollar past the 3 million be taxed at 95%. Both the 3 and the 95 being spitball numbers, of course. I’m not confident that 3 million will be worth much at all in 40 years anyway.
So say i own a house and my wife owns a house and we hit the 3 million dollar mark in land value in 40 years,
You think that 95 percent of that should go back to the government rather then or children?
Taxes like that typically apply only to money beyond the limit so if you hit 3 million and a dollar you would be paying 95 cents in tax on that dollar only.
Not sure whether it changes anything for you, but I think they’re proposing that each dollar past the 3 million be taxed at 95%. Both the 3 and the 95 being spitball numbers, of course. I’m not confident that 3 million will be worth much at all in 40 years anyway.