Okay thanks. Dammit more years!
I think taxes are the most under-discussed risk for a plan lasting decades. A lot of things can happen in the next 10-20-40 years and seemingly minor changes to the tax code can have big implications for the FIRE number. Taxes are not static and they can change in ways that are good for you or bad for you. The upside is kind of irrelevant as it comes on top of an already solid plan but the downside is more of a concern. I live in a conuntry with wealth tax, so the 4% rule is more like the 3.3% rule. The idea of a wealth tax might seem remote to most americans, but who knows what will happen in 10 or 20 years? That markets might behave like they have done before, but here is no guarantee the tax regime will stay the same.
This is a good point.
In the USA most taxes and government benefits are apportioned based on income which makes FIRE a lot easier since our low incomes qualify us for low tax rates and potentially government benefits like subsidized health insurance.
A simple switch to looking at wealth rather than (or in addition to) income in determining ACA (healthcare) subsidy eligibility would create a big problem for many FIREee's budgets.
While we don't currently have a wealth tax, Warren is proposing is proposing 6% wealth tax on billionaires (well really a 2% tax, another 1% tax, and a third 3% tax), and Sanders a 1-8% graduated wealth tax on people with $16.5M or more in assets.
OTOH, there's a limit to what parts of the future a person can control and nothing to be gained by worrying about the parts of it outside that scope.