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Posted on 7/28/20 at 12:00 pm to
Posted by Steadmans Cheddar
Member since Dec 2019
1347 posts
Posted on 7/28/20 at 12:00 pm to
quote:

so the next issue is defining what "middle" means. are we talking about the middle third? of income/savings? some people seem to want to expand "middle" class to mean about 80% of the population


Given the rise in income inequality, there may be logic behind expanding the parameters of middle class. Or to have a tier beyond upper class that would encompass people with generational wealth. There is a certain level of wealth at which it would actually be difficult to stop being wealthy. Assuming they don't participate in the Buffett-style donation at death, Jim Bernhard's or Jamie Dimon's or Tom Brady's kids would have to actually make such a long list of consecutive bad financial decisions that it's almost impossible for them to not be rich for life.
Posted by Taxing Authority
Houston
Member since Feb 2010
57517 posts
Posted on 7/28/20 at 12:05 pm to
quote:

Given the rise in income inequality, there may be logic behind expanding the parameters of middle class.
Jealousy doesn't change the math.
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