3 ms·

I don't think it does invalidate the argument. As a cohort, wealthy people spend a much lower percentage of their total wealth than middle or lower class people

• AnthonyMouse 2y ago
  "The rich" are really two separate groups. The majority of "the 1%" isn't billionaires, it's cardiologists etc. making mid six figures rather than nine, and those people do actually spend most of their income. They buy a big house and a new luxury car every two years and a boat and eat at fancy restaurants every night, and make enough to do that but not enough to do that and have much left over. The people who don't are the billionaires or nearly billionaires, but they also don't pay the existing income tax because they have teams of tax lawyers and deploy international shenanigans. And then an "income tax" which they pay on $20,000 of declared income is not actually taxing them more than a consumption tax at the same nominal rate on all the cars and boats the billionaire buys the same as the cardiologist does.