Wednesday, November 09, 2011

High incomes are not usually sustainable

Last week, I wondered what the turnover of the 1% of the wealthiest (by income) might be.  Now, Mark Perry reports that 73% of the top 400 IRS filers by income only appear once in 17 years (1992-2008).

This suggests that income may not be a great proxy for wealth.  Warren Buffett and President Obama should stop trumpeting income tax increases, and introduce a wealth tax, maybe 2% on net worths over $25 million?

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