The text says the tax is on “incomes over $25M”. There’s no need to be pedantic about it especially when the headline reads “Millionaire Class” which wouldn’t reasonably be associated with a pensioner with a couple million in a retirement account.
Comment on The uber wealthy arent leaving. Its a lie.
Thunderbird4@lemmy.world 5 days ago
Sorry to be that guy, but the headline in the photo says “Millionaire” with an M. That’s not necessarily uber wealthy, especially in New York. Most NYC millionaires are working class, depending on whether you lump centimillionaires in that category.
athairmor@lemmy.world 4 days ago
UnderpantsWeevil@lemmy.world 5 days ago
I mean, it depends on how you define the term. Approximately 8% of Americans are defined as individuals with a net worth in excess of a million dollars. Most of the millionaires I know are just retirees, or people on the brink of retirement, who have accumulated 401ks / retirement funds + real estate in excess of a million dollars. Given the exploding price of housing, this isn’t a terribly hard bar to clear so long as you got into the market before the 21st century. My aunt bought a flat in Lower Manhattan in the 1970s for around $80k and now it’s worth north of $3M.
The bigger problem is household debts - educational debts, credit card debts, outstanding mortgage payments, etc - plus the burndown of late-stage retirement caused by end-of-life medical costs and care.
But when you get into multi-millionaires (particularly decimillionaires and centimillionaires) you’re getting into a level of wealth that provides a million or more dollars of passive income annually. And that’s a very different socio-economic condition to be in.