This is wrong. The studies have shown that there is a point past which more money yields rapidy diminishing happiness returns. That is different from not yielding any additional return at all.

If you are thinking about this highly-cited study, that is not what they concluded

https://www.pnas.org/content/107/38/16489

> We infer that beyond about $75,000/y, there is no improvement whatever in any of the three measures of emotional well-being.

Although, even if we assume your assertion is true, it's a distinction without a difference in the context of the above thread.

People are using it in the context of "should I take a job that I like more which pays X or should I take a job I like less that pays 2X"

If X is 10k you should go with the 2X job. If X is 150k you should go with the 1x job