Quote:
Originally Posted by Paul
Depends on what you are using to define "net worth".
I see no good reason to tax people on their (main) residence.
I bought my house (in 1992) to live in.
Its not an investment, its my home (and my families).
Is it my fault its gone up in value so much since then ? [ No. ]
Whatever its now "worth" is just meaningless.
I dont actually have that money, and never will.
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You, like OB, are immediately transposing wealth with the (family) home. This is not valid in the scenario I am outlining. The wealth of high net worth individuals (let's say 5+ million total) is far more distributed e.g. dividends, stocks, shares, property, bitcoin, antiques, cars, paintings, etc, etc.
I am not suggesting taxing people's primary residence, far from it.