A tax cut for me is just a tax cut for me, but a tax cut for the rich could make anything happen – maybe even a tax cut for me!
Remember if you make under $400k you are poor.
As nature intended.
Why stop at 1%, though?
I agree, the top 5% would be individuals with incomes of 290k a year and higher.
Wtf 5 out of 100 people make 200k??
I need to immigrate asap.
Well this is where mean vs median becomes important…
But what if I become a top-5%-er?
Cancelled by all the money spent on private services that are public elsewhere. The grass isn’t greener when you look at the big picture.
Sure… half the country also makes less than 75k a year. I guess it depends on what industry you’re in.
Median income is 38k (edit: around 40k depending on source) in the US, not 75k
https://smartasset.com/data-studies/top-1-percent-income-2024
First sentence.
That’s the household median income
Oh wow, that is incredibly low.
Engineering. But I just realized the cost of living is similarly insane XD
Because the top 1% really isn’t that high and they hold 99% of the wealth. The other 99% of people hold 1% of the wealth. What do you think the annual income to be in the 1% is?
I’ll put the rest of my response in a spoiler so you can think about it for a second, or comment it if you want, out of curiosity.
spoiler
Most people think the top 1% make millions of dollars annually from the conversations and surveys I’ve seen. The actual threshold for 1% varies by state, but in 2023, the national average was $652,657. While it is much higher than the average income of ~$37,500, it is not as high as most people think.
The top 1% have about 42% of the wealth.
If there is anyone who thinks that an income of nearly $700k per year doesn’t make someone wealthy, you’re insane.
We’re not talking just “wealthy”, we’re talking the top 1% of all income.
Most Americans would probably say people making $100k/yr are “wealthy”. That’s because the average income is less than $40k. There’s a difference between just “wealthy” and the top 1% for most people.
A third of the wealth in 2021, that didn’t increase to 99% since
Because 1% hold 99% of the wealth. If you tax 2%, half of that would just be average joes.
The top 1% have about 42% of the wealth. And in terms of income, which the tax would be based on, the top 2% would still be people making over $400,000 a year.
We desperately need tax on wealth.
Can’t tax income they don’t have
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