Re:The Cost of Being Poor: Why It Costs So Much to Be Poor i...
by waynesonfire on Wednesday December 21, 2022 @03:58PM
(#34086308)
> Most middle class people don't have off-shore accounts,
That's my point. Just like poor people don't have enough space in their apartments to store bulk goods. The cost of being poor is invariant to your wealth. It's asking the wrong question.
You don't need to be rich to make reasonableness investment choices with your limited savings.
Tax tricks are less important or impactful if you are poor. However I agree that the tax system is not helping. Moving to a simple tax system would be good for everybody. Payroll taxes are regressive for example.
Most middle class people don't have off-shore accounts, and we are comparing the poor to the middle class, not to the super rich. The same goes for art collections.
Those are things that make the super-rich different form middle class, they don't prevent poor people from becoming more affluent.