Dynastic Wealth
Dynastic Wealth
Published July 7, 2021 by Jim Wang
As the lyrical poet Christopher Wallace once said, “Mo’ money, mo’ problems.”
I don’t know what it’s like to have dynastic wealth. We’ve done well financially and as the numbers get bigger, sometimes the stress of the markets can bleed over.
1% of $10,000 is a mere hundred bucks. It’s not chump change, per se, but it’s something I can accept and stomach without incident.
1% of $1,000,000 is $10,000 – which is more than twice what my starting salary was at my first job out of college with Northrop Grumman (and in fact is more than any monthly salary I’ve ever had).
I can only imagine what it’s like to have dynastic wealth, especially one you didn’t have a hand in building, and seeing similar activity.
I Was Taught From a Young Age to Protect My Dynastic Wealth [The Atlantic] – “When you come into money as I did—young, scared, and not very savvy about the world—you are taught certain precepts as though they are gospel: Never spend the “corpus” (also known as the capital) you were left. Steward your assets to leave even more to your children, and then teach them to do the same. And finally, use every tool at your disposal within the law, especially through estate planning, to keep as much of that money as possible out of the hands of government bureaucrats who will only misuse it.”
I Was Taught From a Young Age to Protect My Dynastic Wealth
A common ideology underlies the practices of many ultra-wealthy people: The government can’t be trusted with money.
By Abigail Disney JUNE 17, 2021
About the author: Abigail Disney is a documentary filmmaker, a co-founder of Fork Films, and the host of the podcast All Ears.
When ProPublica published its report last week on the tax profiles of 25 of the richest Americans, jaws dropped across the United States. How was it possible that plutocrats such as Elon Musk, Jeff Bezos, and Warren Buffett could pay nothing in income taxes to the federal government? What sneaky sleights of pen, what subterfuge, what acts of turpitude could have led to this result?
The shock stems, in part, from a disturbing reality: Nowhere does ProPublica assert that these men cheated, lied, or did anything felonious to lower their tax burdens. The naked fact of the matter is that not a single one of the documented methods and practices that allowed these billionaires to so radically minimize their tax obligations was illegal.
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