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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]In 2022 Massachusetts raised taxes on millionaires by 4%, and conservatives said the rich would flee.  Instead, the state saw a 39% increase in the number of millionaires.  The state passed universal free breakfast and lunch for all public school children. It is now one of the least poverty-stricken states in the country.  NYC mayoral candidate Mamdani proposed raising taxes on the rich by 2%.[/quote]
Millionaires like someone has over $1-2 m saved for retirement ? [/quote]

Does it matter?  Someone with a million in retirement is not going to be a drain on the system.[/quote]

Assuming social security might disappear, assuming the typical American does not have a pension, $1 million isn't enough to retire on.  Even a low cost of living area would require closer to $1.3 million in savings to retire.  $1m would only give you around $40k annual drawdown to live on in the typical scenarios.  Only around 3.2% of American retirees even have $1m in retirement savings to begin with, meaning if social security goes away, 96.8% of Americans are screwed.  If you were to count all assets and for example figure on reverse mortgage, giving up your home and leaving nothing to your kids the number goes up to 18% who could come up with a $40k drawdown, which is still pretty grim.

And what's kind of bizarre and ironic about that is that your typical MAGA thinks if social security goes away that would be just fine and that they themselves somehow won't be a part of that or face any economic hardship.  Again, that number is just 3.2% of retirees and half of them would be Democrats.  And cost of living for retirees will go up even higher if Republicans mess with healthcare.  There's a lot of deep delusion among MAGA.  Magical thinking about how their retirement will work out if Republicans make good on the stuff they threaten to do.[/quote]

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