Tag: income tax

Tax Cheats in Super Cars?

By Thomas J. Stanley on Mar 19th, 2013 in Current Events

This respondent edited the printed screener, wrote outside the boxes: “I don’t own a Ferrari, I own three!  . . . Rolex? I have three plus . . .Breitling, Cartier, Movado, Omega, Tag Heuer . . . (wine collection) 2,000 bottles.” Mr. Multiplinski, aka Mr. M, was first profiled in Stop Acting Rich. But it is […]

The Independence Day Physician

By Thomas J. Stanley on Apr 17th, 2012 in Studying the Wealthy

Q:  Dr. Klug, what type of physician are you? A:  I’m an Independence Day physician.  I work from January 1 to July 4 each year to pay my taxes.  Dr. Klug does not focus on the injustice of our tax system where the top 1% of income generators pay nearly 40% of income taxes.  He […]

$1 Million: Something or Nothing? (Part II)

By Thomas J. Stanley on Dec 10th, 2009 in Studying the Wealthy

Among the millionaire types profiled in Part I, what are some of the occupational groups that tend to have higher wealth indices than the norm? Some of these include: self-employed business owners (non-retail); executives of privately held corporations (see: The Millionaire Next Door); educators (and those married to an educator, see Stop Acting Rich, pp. […]

Taking Risks: A Recipe for Success

By Thomas J. Stanley on Nov 3rd, 2009 in Current Events

During these uncertain times, it pays to be vigilant in recognizing economic opportunities. Over the years, more than a few millionaires have told me that during one’s lifetime, major economic opportunities will confront most of us. Unfortunately, the majority of people don’t capitalize upon them. Some just don’t recognize “gold” when they stumble across it; others […]

Onshore versus Offshore

By Thomas J. Stanley on Sep 15th, 2009 in Current Events

If you recall from an earlier blog, Part 1: The Millionaire Next Door:  Swiss? Cheese only, I hypothesized that most people who are guilty of tax evasion are hyper consumers.  But not all of these tax cheats use offshore accounts.  In fact, I am of the opinion that there is a much greater number of […]

Part 2 of 3: The Millionaire Next Door. . . Swiss? Cheese only.

By Thomas J. Stanley on Sep 8th, 2009 in Current Events

Why is it that most of the millionaire next door types do not cheat on their taxes?  One of the reasons is that on average they only pay the equivalent of 2.1% of their net worth in income tax each year.  From The Millionaire Next Door that is $79,000 in tax and a net worth […]

Wealth is not Income; Income is not Wealth

By Thomas J. Stanley on Jul 23rd, 2009 in Income vs. Net Worth

There are a lot of writers, reporters and politicians who need to go back to school.  They continue to confuse income and wealth when talking about taxing the rich.  When I use the term wealth, I am referring to the net worth of a household, i.e. all of its assets less all of its liabilities.  […]