My opinion is that upper class grandpa and grandpa see themselves as being part of the 756 even if they are way way less rich than them. Their entire identity and sense of accomplishment are tied up in their wealth and financial security. Sample size of 1 but that’s 100% how my parents see themselves. They are better than me and everyone else who isn’t wealthy enough to never need to earn another dollar to pay bills. There is a second tier of pretenders below the actual mega rich who behave in the same way regardless of reality.
You don’t have to be a billionaire to be rich. That was my point. Top 1% is a lot better definition of rich imo. That’s a net worth of $5.8 million.
1 Like
Right. I’m not disagreeing with you, just elaborating.
1 Like
There’s a lot in between skydiving grandma and grandpa (on average) than billionaires. People who have like 10 or 20 million dollars love to say “I’m not rich…these other people are really the rich”. I liked riverman’s recent post of 100% tax on everything over $10m.
Not that you couldn’t always influence the US government with money, but man, Bernie sure was a lonely voice in anything approaching mainstream politics on Citizen’s United. Lol at any other politicians in America right now in either party thinking bribes are not A-OK.
I have kinda both sides of the boomer parent approach to adult kids with wife family and mine. One highly involved in childcare/etc since grandkids were born and the other kind of distant traveling world, doing their social groups, etc and offering some unsolicited opinions at times. That being said I’m pretty certain if we were ever facing an existential issue like homelessness they would certainly help us out but they don’t have much motivation to help with day to day life.
Im not sure it’s malicious though, I think they genuinely confident in our ability to get through life and probably don’t understand the economic realities of raising kids these days.
This seems…untrue?
I like 100% tax on everything above what I’ve calculated my retirement year 0 net worth to be
5 Likes
Bit rude
Your mom seems untrue
Well, she’s dead, so it doesn’t matter anymore.
1 Like
I don’t consider $6m outrageously wealthy (and I’m not saying that cuz I’m anywhere close yet). $6m is comfortable for sure, but it’s not like your lifestyle is immune from change. What I’m saying is, you could lose it and/or your lifestyle under moderate adversity
With a billion $$ or even $100m, that pretty much can never happen
I don’t think you could ever pass 100% tax. That just doesn’t make any sense. But I do think you can go pretty high like 98% after some number
MAGA to the 1950s when it was 91% top marginal rate for the entire decade
2 Likes
Those Reagan years fucked us so hard.
70% for a decade and a half, then by the end of his administration, we’re in the 30s and haven’t been above that since.
2 Likes
My town featured in Boomer magazine. Suck it losers and haters.
1 Like
Also a sick as hell Patti Smith song
