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.
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.