this post was submitted on 29 Oct 2024
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I think this take is mid.
A doctor pulling in $400k a year is still working class. Even if they somehow managed to save 100% of their income, and invest it all in a portfolio that consistently grows 10% each year, and do so from age 18 to 65, then when they retire at 65 they would still not have even half of 1 billion dollars.
The truly rich, the billionaires, can "make" that much in a few days, without having to work for it.
I would prefer to tax the 1% until they're working class again before we talk about taxing the top earning people who actually work for it.
While that is an interesting take, it is possible to do both!
They never said it wasn't, just that we should start with the 1% and only once they are back down to a realistic wealth level do we start taxing people who are working class. At a decent pay rate (100k/yr) a million is achievable over a career, a billion is not and can only be had through consolidation of wealth.