$50m * 0.004 = $200,000.
You might be interested in this nice lottery the state also offers. Some call it a tax for those who are bad at math.
You might be interested in this nice lottery the state also offers. Some call it a tax for those who are bad at math.
So you could pay the tax, draw out $960K a year (I mean, you can live on that, right? Not a hardship?), and still have another $960K left over.
$20M * 0.004 = $80,000
Which does actually mean my numbers are off, in that I accidentally calculated the guy with $50M in wealth having to pay $800K in wealth tax, and he actually only has to pay $80K. So, thank you for pointing out that this proposed tax was even more trivial for anyone that it would have affected than I'd originally thought.