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It depends on what sort of redistribution you talk about. Picketty argues that we tax income but not wealth and that's the root of our problems. I would imagin
by zimablue 8y ago
It depends on what sort of redistribution you talk about.
Picketty argues that we tax income but not wealth and that's the root of our problems. I would imagine that your income is a way higher percentile than your wealth, income middle-class like you and me get smashed by income taxes (as someone from the working class in the UK it absolutely blew my mind when I learned how much wealth the people all around me had in their families, even just upper-middle class).
https://dqydj.com/net-worth-percentile-calculator-united-states/ https://dqydj.com/net-worth-percentile-calculator-united-sta...
$1,000,000 in wealth is near the 88% in America.
If you're hanging around with people whose families live in the nice parts of London/(a major city), assume they're the top 10% ~ 1 million, assume 4% returns above inflation, they make 50k a YEAR from their assets, totally passively.
So their wealth income is way more than some relatives of mine TOTAL household income.
In effect, the upper-middle-classes are born on basic income. If you're trying to make moeny yourself - just attend that university, take that MBA course, spend 5 years on a very risky career path with internships (journalism, media). There's no point you have to worry if you can afford it you can just play a very long low-probability high upside game.
- atemerev 8y agoI am not a fan of Picketty, but yes, this is more or less correct. Tapping these monetary reserves is what I want to learn how to do.