"The contrast between Harris and Trump on taxation could not be more clear," said the executive director of the Institute on Taxation and Economic Policy.
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.
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.
They might also use that term because they confuse it with “rich”, and that’s a whole other issue: intentionally sub-par (mis)education to maintain the socioeconomic divide.
Why stop at 1%, though?
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.
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.
They might also use that term because they confuse it with “rich”, and that’s a whole other issue: intentionally sub-par (mis)education to maintain the socioeconomic divide.