Not sure if this goes here or other side--Who gets how much pie?

[NewtonMP2100]

....pie squared......or cubed.....???

[macphanatic]

They didn't define what each category meant. To be in the top 20% in the US, one would have to have $500,000 in assets. To get in to the top 1%, that number goes to around $10 million. To be in the top 1% in the world, one would need an average income of roughly $32,000 or have assets worth about $770,000. This does correspond to a consistent standard of living though.

There is an issue with looking at it the way this was presented. One who earned an average middle class income thru their working career could easily be in the top 20% in the US. The issue isn't necessarily wealth inequality. We have way too many people living way beyond their means. They buy new cars regularly, the latest tech, etc. While others who make less might spend less and invest, winding up far ahead in the long run.

I'm not sure how taxing the 1% is going to solve this problem though.

[vision63]

macphanatic wrote:
They didn't define what each category meant. To be in the top 20% in the US, one would have to have $500,000 in assets. To get in to the top 1%, that number goes to around $10 million. To be in the top 1% in the world, one would need an average income of roughly $32,000 or have assets worth about $770,000. This does correspond to a consistent standard of living though.

There is an issue with looking at it the way this was presented. One who earned an average middle class income thru their working career could easily be in the top 20% in the US. The issue isn't necessarily wealth inequality. We have way too many people living way beyond their means. They buy new cars regularly, the latest tech, etc. While others who make less might spend less and invest, winding up far ahead in the long run.

I'm not sure how taxing the 1% is going to solve this problem though.

Interesting.

[Speedy]

macphanatic wrote: I'm not sure how taxing the 1% is going to solve this problem though.

Yes, we need to cut the taxes on the rich to zero. Then, according to Laffer, the economy will really boom.