The top 10% of earners—households making about $250,000 a year or more—are splurging on everything from vacations to designer handbags, buoyed by big gains in stocks, real estate and other assets.
Those consumers now account for 49.7% of all spending, a record in data going back to 1989, according to an analysis by Moody’s Analytics. Three decades ago, they accounted for about 36%.
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yup. I will admit though that as you get higher a larger percentage of folks think they are rich and support the wrong side. Had so many docotors complain about taxes and talk conservative politics wise and im like dudes you are just over the top tax bracket. the problem is there should be more brackets that go higher not that the top should be decreased. Heck your bracket can’t be decreased till its not the top one.
Yep. They’re getting the same propaganda and falling for it too. The entire idea of the “middle class” is to get workers with something to think workers with nothing are the enemy, and get them to ignore the leeches with nearly everything.
still amazes me that the brackets end in the low six figure territory when we have billionaires. I remember a supposed quote from the head of the irs back in ww2 times about how his job was to figure out elvises taxes. Like because he was the highest paid guy. Man to have rich folks proud to pay taxes as a patriotic duty. Those were the days.
Feels like a symptom of the same disease, When the ultra wealthy don’t pay taxes and even effectively get negative taxes in the form of massive refunds and bailouts how could anyone else possibly feel proud about paying taxes in such a system. I didn’t even make enough to pay tax this past fiscal year but if I had I’d be hard pressed to be proud about it when I know how much of the money is going into the pockets of political cronies rather than actually bettering the country I live in.