Maher on the 0.1%

[hfojvt]

39. wealth vs. income

The top 1% has 40% of the wealth, but they only get 20% of the income. I consider income to be more relevant than wealth.

After all, we tax income and not wealth.

But what is better, having $1,000,000 in wealth or having a job that pays $400,000 a year?

I say the job is better. In ten years, you could easily have both - $1,000,000 in net worth AND a job making $400,000 a year. And you live well by spending $100,000 a year.

On the other hand, you can have wealth, like I once had 2 hectares in Wisconsin, that not only does NOT generate any income, but it actually costs money. You cannot spend that $100,000+ a year unless your wealth is making you some money - which, once again, gets back to income.

Sure, it is more egregious that 1% has 20% than that 9% has 30%

BUT

30% is still much greater than 20%.

AND

it does not really help the bottom 90% if the numbers go from 30-20 to 40-10, does it? My point is, the top 1% are not the only ones grabbing a big slice of the pie and leaving that much less for the rest of us.