What's that as a percentage of their annual increase in wealth? By my calculation, with a wealth increase of "$2.5 trillion a year" (from the article), that income tax amount works out as a flat 25% rate.
Correction: Wealthy enough to be able to invest in them.
$1,000 invested in AMZN is now worth over $1M. or $10 in Bitcoin would have done the trick.
"144 ICOs Launched During 2017 Failed Last Year" https://news.bitcoin.com/144-icos-2017-failed/
Do I really need to illustrate how dumb it is, the idea that the stock market and cryptocurrency are the cure to poverty?
Besides, you can just invest in the S&P500 via SPY.
The survey also found 75 percent of people responded they were living comfortably or "doing ok".
If you know the future. Tells us a few stocks where investing $1000 today would give you a million in 2 decades.
https://www.calculator.net/investment-calculator.html
For $5,000 per year, you'll have $1,073,000 after 40 years.
7% is the average stock market return, adjusted for inflation.
If you invest $0.00, you'll have $0.00 after 40 years.
Robinhood enables buying fractional shares.
I'm not arguing that access in itself is bad. I'm arguing that new money speculating in the equities market often doesn't go well.
> new money speculating in the equities market often doesn't go well.
It goes better than lottery tickets, which target the poor and the mathematically challenged. Stocks at least have an upward bias, while lottery tickets have a strong downward bias.
BTW, wealthy people lose money in the stock market, too. Stocks do not come with guarantees for anybody.
On the TV news a couple weeks ago was a 6 year old kid whose mom gave him $60 worth of Gamestock stock. He cashed it in for $3,000.
Besides, the article wasn't about some people. It was about the majority of people.
In one word: computers. In tsunami after tsunami from 1975 to the present, computers have revolutionized everything we do. I remember one tsunami in 1975, when slide rules in September were $125 and by December they were $5 and in January they disappeared. The calculator had arrived. In 1980 at Boeing you could hear the roar of the tsunami coming in the form of CAD. Then spreadsheets, word processing, on and on.
It's no coincidence that the biggest companies in the world are all American, and all computer companies.
The big increase in wealth was created by the computer companies, and accrued to the people working in them and those smart enough to have invested in them.
BTW, according to Google: "The top 1 percent of taxpayers paid roughly $616 billion, or 38.5 percent of all income taxes, while the bottom 90 percent paid about $479 billion, or 29.9 percent of all income taxes."