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That doesn't match with the headline "top 1% owns nearly 50% of wealth." If 50% of wealth couldn't sustain the government for more than a few weeks, then that g

• refurb 12y ago
  Very few countries tax wealth, most tax income. The distribution isn't quite so skewed. But even then the richest 1% in the US already pay over 50% of all income taxes collected. My point is, when people talk about taxing the rich, they are talking about most of the folks on HN (at least in SF). The top 1% households make ~$450k per year. That a couple who each take home $225k. I remember an election in Canada a while back where the NDP (far left) said "We would increase the taxes on thr rich". Someone asked "who are the rich?" And they said "A family of four making more than $80K." I had to give them credit for being honest.
  • pmoriarty 12y ago
    The median household income in the US is $30k.[1] So, yes, even one person who makes $225k is fabulously rich compared to half of American households, nevermind a couple who together make $450k. Even at $80k, you're doing nearly 3 times as well as the median American household. [1] - https://en.wikipedia.org/wiki/Median_household_income https://en.wikipedia.org/wiki/Median_household_income