Richard Rubin
speaker
1,496 appearances
29 recordings
1 series
first heard Oct 2017
last heard Jan 2024
Richard Rubin’s voice in public audio — every appearance, attributed to the second.
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Appearances
If you were...
If you had stock worth a million dollars on January 1st and it's worth a million and a half on December 31st, then all of a sudden you'd have that $500,000 gain would become income, even if you haven't sold anything.
And so that's obviously a dramatic change in how we tax, but it really goes after some of the ways in which very high wealth, high income people don't pay taxes now.
Yeah.
So if you need a higher rate of return in order to keep your wealth, right, everyone then what would you be incentivized to do if you're if you need more than a 10 percent rate of return to basically stay where you are in terms of your fortune?
Would you then go chasing a 15 percent return?
Would you then or would you move to something safer and say, you know what, I'll just I'll let the government deplete my fortune away?
We had a story a couple weeks ago, too, about the incentives for charitable giving.
If you know the government's going to take two to six percent every year of your net worth.
Then you're incentivized to give money away sooner rather than later before the government takes a piece of it.
So it really this combination of taxes, the wealth tax, the income taxes, the capital gains taxes really would just change the whole structure of how very rich people think about the tax code and how they plan for it and how they invest.
And we're way too early in this whole process to even think.
have a clear picture at all of how that would change their behavior.
And it would also change based on each person, right?
Someone who's 25 or 30 and has a lot of money might think differently than someone who's 70.
Someone who's in a fast growing business might think differently from someone who's inherited money.
So there's just a lot of unknowns, both about what the proposal actually will be ultimately, and then also whether it passes, but then also how people would actually respond.
And we'll see.
There's a study out this week that says that the wealth tax alone, not considering anything else, would reduce gross domestic product by 2030.
And we'll just have to kind of see all these studies as they come in.
Showing 1221–1240 of 1,496 · page 62 of 75
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