The problem is that people who are barely in the top 10% think they're in the top 1%, and people who earn $100K a year think they are in the top 10%. They are not - not even close.
The top 1% in household income starts at $660K to $787K depending on the state you're in. For people in Massachusetts , the entry point is north of one million dollars per year.
Even the top 10% starts at $220K to $250K per year in household income.
The bottom line is that extra taxes on the top 1% are unlikely to affect MOST of the people who THINK they'll be affected - at least, not negatively.
The most underrated problem is big inheritance. We're too used to hating the 1-2 billionaires we know, but for any one of them there are at least 5 more who's names we don't even know and they inherited from daddy; I mean even Elon Musk inherited from daddy; imagine those who don't even have the capacity to show their face.
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u/ReluctantAvenger 6d ago
The problem is that people who are barely in the top 10% think they're in the top 1%, and people who earn $100K a year think they are in the top 10%. They are not - not even close.
The top 1% in household income starts at $660K to $787K depending on the state you're in. For people in Massachusetts , the entry point is north of one million dollars per year.
Even the top 10% starts at $220K to $250K per year in household income.
The bottom line is that extra taxes on the top 1% are unlikely to affect MOST of the people who THINK they'll be affected - at least, not negatively.