One chart shows how poor even the top 1% is compared to billionaires — and how far behind the average American is
. Though they're in a much better position than many Americans to pay their mortgage, buy a car, or take a vacation, compared to billionaires like Musk or Benioff, they don't make the cut for the wealthiest.
In fact, when progressives like Elizabeth Warren talk about implementing a wealth tax, they're not talking about HENRYs, who are considered middle class in the US. They're not even talking about the top 1%. The wealth tax would cover something more like the top 0.05%, according to Warren's most recent proposal, the. It would impose a 2% tax on households with a net worth of $50 million or more and 3% tax for those with a net worth of $1 billion or more. These thresholds aren't even close to the average 1%-er's net worth of $13.7 million.
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