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I think you mean "to be rich". To be in the top 1%, you, by definition, need only to have an income which is in the top 1% of the US income distribution. Howeve
by scythe 9y ago
I think you mean "to be rich". To be in the top 1%, you, by definition, need only to have an income which is in the top 1% of the US income distribution. However, the lacuna between the income distribution and the power distribution is exactly what is misleading about the term "the 1%" when it is used to complain about the power of the wealthy in modern America.
- isostatic 9y agoSome people use top 1% to refer to income. Some use it to refer to wealth. For range majority of people income relies on a job, and by doing it harder/longer/smarter you get a higher income. Our tax system peanalisies hard work. The other option is to treat rich people as those with a lot of money, not those who are most productive. When I think of someone who is rich, I think of someone who is wealthy. That means having a lot of wealth, more than 99% of the country. To do that you need assets of over $8m (2013) {1} That amount of assets should be able, long term, to grow with inflation and still deliver over $100k a year to live on. Even if it didn't just withdrawing the cash at $100k a year will see you through for life. 1. https://dqydj.com/net-worth-in-the-united-states-zooming-in-on-the-top-centiles/ https://dqydj.com/net-worth-in-the-united-states-zooming-in-...