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People underestimate the income of the top%, researchers find
- anovikov 2y agoFor the top 1%, income is irrelevant. It's the net worth that's important there. Median person has no concept of that. So those surveys are bound to be bs.
- algaeselect 2y agoThe top 1% is very different from the top 0.1%. You are still likely a W2 earner earning < 1M and paying 40%-50% tax rates if you are in this range; lawyers, doctors, well paid engineers, etc. I don't know why the article mentions "billionaires", who are in the top 0.1% and are the ones paying almost zero tax because they just borrow against their investments.
- akomtu 2y agoThe top% doesn't have income. To be in the top 1% you need something like $20M.