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Something like 60% of consumer spending is by the top 5% of income earners. This is actually a tax on the rich. And they won't care about higher prices.
by gsibble 2y ago
Something like 60% of consumer spending is by the top 5% of income earners.
This is actually a tax on the rich. And they won't care about higher prices.
- sofixa 2y ago> This is actually a tax on the rich Nope, it's a tax on everyone. Rich people will pay more of it, but non rich people will be harder hit as % of income. Same as sales tax/VAT.
- abracadaniel 2y agoThe wealthier you are, the more flexibility you have in your purchasing decisions as well. It’s easier to accelerate or delay a big purchase to save 30% when it’s not something you need to live, or can’t afford to jump on a purchase last minute.
- HarHarVeryFunny 2y agoIt's a tax on everyone. You eat, don't you? Wear clothes? Drive a car? Rich people will pay more for their food too, but they can afford to - they are rich.