3 ms·

Wonder how many HN readers are part of the 1% income earners ... but 0.1% is another thing of course. How is it going with Wealth Tax proposal from the Democra

Wonder how many HN readers are part of the 1% income earners ... but 0.1% is another thing of course. How is it going with Wealth Tax proposal from the Democrats? It sounds reasonable: "2% annual tax on wealth over $50 million, rising to 3% for wealth over $1 billion."

Freskis 5y ago
Almost all Hacker News readers will be part of the global 1%, of course most people in the 1% don't consider themselves to be in the 1%.
- fergie 5y ago
  As of 2018, membership of the global top 1% needed a net worth of $871,320 https://www.cnbc.com/2018/11/01/how-much-money-you-need-to-be-part-of-the-1-percent-worldwide.html https://www.cnbc.com/2018/11/01/how-much-money-you-need-to-b...
  - achenet 5y ago
    To quote the New York rap group M.O.P. "I'm nine hundred ninety-nine thou short of a mil".
- ryandrake 5y ago
  On the contrary, many more people think they are in the top 1% than actually are. A survey [1] done about 20 years ago showed that a full 19% of Americans thought they were currently among the top 1% and a further 20 percent expect to be someday. So that’s 39% of people who expect to be hurt when anyone proposes taxing the ultra rich. 1: https://www.nytimes.com/2003/01/12/opinion/the-triumph-of-hope-over-self-interest.html https://www.nytimes.com/2003/01/12/opinion/the-triumph-of-ho...
  - kazen44 5y ago
    isn't it a stereotype that americans consider themselves "temporarly embarressed millionares". the false consciousness of the USA is stunning, especially compared to the southern hemisphere.
jokoon 5y ago
I wonder how much wealth the 0.1% has compared to the rest of the 1%, because I'm sure the problem is about that 0.1% or 0.01%. Very rich people must have a lot of influence. This chart is always quite revealing: https://www.youtube.com/watch?v=QPKKQnijnsM https://www.youtube.com/watch?v=QPKKQnijnsM I made this to summarize: https://i.imgur.com/BgoGzrI.jpg https://i.imgur.com/BgoGzrI.jpg
naveen99 5y ago
Inflation + capital gains taxes are similar to a wealth tax.
effingwewt 5y ago
The post is flagged and the comments greatly seem to support the 1% rhetoric (its not us its the .01%!,taxes don't work(because the rich dont pay them), wealth distribution is evil (as long as its not the rich who get the funds distributed to them of course, thry have no problem sucking money/value like a vacuum).

Freskis 5y ago

Almost all Hacker News readers will be part of the global 1%, of course most people in the 1% don't consider themselves to be in the 1%.

fergie 5y ago
As of 2018, membership of the global top 1% needed a net worth of $871,320 https://www.cnbc.com/2018/11/01/how-much-money-you-need-to-be-part-of-the-1-percent-worldwide.html https://www.cnbc.com/2018/11/01/how-much-money-you-need-to-b...
- achenet 5y ago
  To quote the New York rap group M.O.P. "I'm nine hundred ninety-nine thou short of a mil".
ryandrake 5y ago
On the contrary, many more people think they are in the top 1% than actually are. A survey [1] done about 20 years ago showed that a full 19% of Americans thought they were currently among the top 1% and a further 20 percent expect to be someday. So that’s 39% of people who expect to be hurt when anyone proposes taxing the ultra rich. 1: https://www.nytimes.com/2003/01/12/opinion/the-triumph-of-hope-over-self-interest.html https://www.nytimes.com/2003/01/12/opinion/the-triumph-of-ho...
- kazen44 5y ago
  isn't it a stereotype that americans consider themselves "temporarly embarressed millionares". the false consciousness of the USA is stunning, especially compared to the southern hemisphere.

jokoon 5y ago

I wonder how much wealth the 0.1% has compared to the rest of the 1%, because I'm sure the problem is about that 0.1% or 0.01%. Very rich people must have a lot of influence. This chart is always quite revealing: https://www.youtube.com/watch?v=QPKKQnijnsM https://www.youtube.com/watch?v=QPKKQnijnsM I made this to summarize: https://i.imgur.com/BgoGzrI.jpg https://i.imgur.com/BgoGzrI.jpg

naveen99 5y ago

Inflation + capital gains taxes are similar to a wealth tax.

effingwewt 5y ago

The post is flagged and the comments greatly seem to support the 1% rhetoric (its not us its the .01%!,taxes don't work(because the rich dont pay them), wealth distribution is evil (as long as its not the rich who get the funds distributed to them of course, thry have no problem sucking money/value like a vacuum).