“Making $200k/year makes one “rich??” HA!!”
Note the terminology. Wealthy. High income and wealth are completely separate descriptors. People with $X in net assets are wealthy. People who earn income over $Y are high income.
I know wealthy people with no income, high income people with no wealth, high income people who have wealth, and people who fall into neither category. I would venture a guess that statistically, most high income people are not wealthy.
I’ve said for years the goal of all of this is to ensure that high income people cannot become wealthy. Most of the politicians either have theirs already, or will once they become lobbyists, authors or paid speakers.
I had a democratic operative tell me once, “the only people who should get rich are ones who have a ‘big event’ in their lives like a lottery, sold business, or fantastic invention”.
So true. The people who are really hurt by this kind of tax are those of us who are wage slaves living in areas where it costs a fortune to live. On the other hand, we have fixed expenses like our mortgage so each time a tax is forced on us, I will slash our budget by an equal amount. That means that many small businesses will no longer receive my business. Hope that works out for the economy.