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%.
The top-level post uses a gift link. When it runs out, there is an archived copy of the article.
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.