United States | News & Politics

1923 readers

163 users here now

Welcome to !usa@midwest.social, where you can share and converse about the different things happening all over/about the United States.

If you’re interested in participating, please subscribe.

Rules

Be respectful and civil. No racism/bigotry/hateful speech.

Post anything related to the United States.

founded 2 years ago

MODERATORS

simsymbiote@midwest.social

Type1@midwest.social

636

How Trump or Harris tax plans might change your income (slrpnk.net)

submitted 2 weeks ago by ByteOnBikes@slrpnk.net to c/usa@midwest.social

121 comments fedilink hide all child comments

Source https://www.barrons.com/articles/trump-harris-tax-rates-plans-cuts-income-e8db90ee

you are viewing a single comment's thread
view the rest of the comments

[–] boonhet@lemm.ee 4 points 2 weeks ago (1 children)

I think nearly 10% of the US population is millionaires (by wealth, not income) and the percentage is even more if you take home equity into account.

Say what you will about the country, but there isn't a prosperity problem, only a rampant inequality problem.

[–] COASTER1921@lemmy.ml 12 points 2 weeks ago (1 children)

Millionare in assets is vastly different than $1 million per year in income. It's pretty much a requirement to have $1 million in assets to be able to retire lately and assuming years of compounding growth in the market this is pretty easily attainable by retirement for most (I know this is a big assumption but our whole economy is built on it).

[–] grysbok@lemmy.sdf.org 5 points 2 weeks ago (1 children)

"Millionaire in assets" is even less impressive when you factor in someone's home value. Like, Zillow keeps telling me my condo is worth $350k. I guess I am worth that on paper, but it's not liquid or "walking around" money.

[–] JackbyDev@programming.dev 4 points 2 weeks ago

Unless your mortgage is totally paid off you aren't necessarily worth that much on paper.