Quote:
Originally Posted by Bill14564
Perhaps we can say “the rich” are those who will put any additional tax breaks into their investment accounts rather than into the economy. Give $1,000 to someone making less than say $100K and it will likely be spent. Give $1,000 to someone making more than $400K and they might not notice if they dropped it on the floor, they certainly aren’t going to spend it in Publix.
It would be interesting to see statistics on the percentage of income the top 5% make. Do the top 5% who pay 65% of taxes also receive 80% of income? Similarly, it would be interesting to see what their effective tax rate is. I looked but wasn’t able to find that in a quick search.
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And factor in the difference between income and net worth, managing your investments to have the "income" you want the rest better positioned for growth , that by the way is a very positive thing for the economy that benefits everyone. The old adage is proven again and again " A fool and his money are soon parted". Those who have large wealth did something right to acquire that wealth , buy financing good ideas that grow the economy via productive enterprises , productivity, efficiency are why we have historically the highest standard of living for everyone