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The American dream is 'rapidly diminishing,' Walgreens boss says in plea to raise taxes for the wealthy
(www.businessinsider.com)
this post was submitted on 19 Jan 2024
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Lemmy.org - Politics
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If you were given a billion dollars and told that you could spend it at a rate of $1,000 a day, it would take you about 2,740 years before you ran out of money. That equates to $5,000 a day for more than 500 years or $100,000 every single day for 25 years.
My point is we don’t need billionaires in this world
For the average American, a retirement fund of $1 million is required to sustain such a lifestyle from age 67 (National Retirement Age) to age 77 (National Life Expectancy).
Elon Musk's reported net worth is $180 billion dollars. For purposes of this exercise, let's leave this multi-billionaire 20% of his hoarded wealth, which leaves us with a tidy $144 billion.
This one guy, if given a very conservative wealth tax, could pay for 144,000 people's retirements.
One guy.