31 ms·

Between this and much higher marginal tax rates, a lot of them may just stop working so hard.

by CraigRo 3y ago

anemoiac 3y ago
Egads, how will we ever survive???
- throwaway5959 3y ago
  Right? Oh no, fewer rent seekers, literally and figuratively.
  - marcusverus 3y ago
    Do a significant percentage of millionaires acquire their wealth by rent-seeking? I’d love to see the data that inspired this comment!
    - toomuchtodo 3y ago
      Roughly 30% are self made. The rest are old money or had some other substantial head start. See page 5. https://ustrustaem.fs.ml.com/content/dam/ust/articles/pdf/2022-BofaA-Private-Bank-Study-of-Wealthy-Americans.pdf https://ustrustaem.fs.ml.com/content/dam/ust/articles/pdf/20... (2022 Bank of America Private Bank Study of Wealthy Americans: The impact of shifting generational attitudes amid an historic wealth transfer) [Only 27% of the ultra wealthy are self made; 70% of Americans who hold more than $3 million are over 56 years old.] https://www.cnbc.com/2021/10/18/the-wealthiest-10percent-of-americans-own-a-record-89percent-of-all-us-stocks.html https://www.cnbc.com/2021/10/18/the-wealthiest-10percent-of-... (The wealthiest 10% of Americans own a record 89% of all U.S. stocks)
      - marcusverus 3y ago
        None of this has to do with rent-seeking. Weird survey. Say you've got two middle class kids. Both have their parents pay for college. Both get business degrees. Both work hard and save. Both save 2 million dollars in preparation for retirement. One of them gets a 300K inheritance at 60 years old, and, just like magic, he is no longer self-made? It's amazing what you can find in a survey so long as you design the survey with that outcome in mind! > The wealthiest 10% of Americans own a record 89% of all U.S. stocks Owning equity in a company isn't rent-seeking.
    - eli_gottlieb 3y ago
      A significant portion of today's wealth is rent-seeking rather than creation of new value: https://z-lib.io/book/15065363 https://z-lib.io/book/15065363
tmpX7dMeXU 3y ago
Ha!
Guvante 3y ago
The vast majority of the super wealthy do not work. The median CEO wage is under $1 million.
nitwit005 3y ago
Can't help but suspect the people who both tried to avoid contributing to society, and did a bad enough job at it to get easily caught, probably aren't the most valuable contributors.

Between this and much higher marginal tax rates, a lot of them may just stop working so hard.

anemoiac 3y ago

Egads, how will we ever survive???

throwaway5959 3y ago
Right? Oh no, fewer rent seekers, literally and figuratively.
- marcusverus 3y ago
  Do a significant percentage of millionaires acquire their wealth by rent-seeking? I’d love to see the data that inspired this comment!
  - toomuchtodo 3y ago
    Roughly 30% are self made. The rest are old money or had some other substantial head start. See page 5. https://ustrustaem.fs.ml.com/content/dam/ust/articles/pdf/2022-BofaA-Private-Bank-Study-of-Wealthy-Americans.pdf https://ustrustaem.fs.ml.com/content/dam/ust/articles/pdf/20... (2022 Bank of America Private Bank Study of Wealthy Americans: The impact of shifting generational attitudes amid an historic wealth transfer) [Only 27% of the ultra wealthy are self made; 70% of Americans who hold more than $3 million are over 56 years old.] https://www.cnbc.com/2021/10/18/the-wealthiest-10percent-of-americans-own-a-record-89percent-of-all-us-stocks.html https://www.cnbc.com/2021/10/18/the-wealthiest-10percent-of-... (The wealthiest 10% of Americans own a record 89% of all U.S. stocks)
    - marcusverus 3y ago
      None of this has to do with rent-seeking. Weird survey. Say you've got two middle class kids. Both have their parents pay for college. Both get business degrees. Both work hard and save. Both save 2 million dollars in preparation for retirement. One of them gets a 300K inheritance at 60 years old, and, just like magic, he is no longer self-made? It's amazing what you can find in a survey so long as you design the survey with that outcome in mind! > The wealthiest 10% of Americans own a record 89% of all U.S. stocks Owning equity in a company isn't rent-seeking.
  - eli_gottlieb 3y ago
    A significant portion of today's wealth is rent-seeking rather than creation of new value: https://z-lib.io/book/15065363 https://z-lib.io/book/15065363

tmpX7dMeXU 3y ago

Ha!

Guvante 3y ago

The vast majority of the super wealthy do not work. The median CEO wage is under $1 million.

nitwit005 3y ago

Can't help but suspect the people who both tried to avoid contributing to society, and did a bad enough job at it to get easily caught, probably aren't the most valuable contributors.