theotherwaldo
Well-known member
Between the effects of inflation and a dramatic increase in property prices in the US, there are more American millionaires than ever.
According to the Wall Street Journal, "
Last week the Federal Reserve revealed that last year the average net worth of American families topped $1 million for the first time, surging 42% from $749,000 in 2019.
Of course, that average is skewed by a small number of billionaires and multimillionaires. Inflation meant real wealth didn’t increase as much. And pandemic-era stimulus boosted asset values, perhaps beyond their fundamental values."
Of course, this means that Mr. Biden's oath that those citizens that have or earn less than $400,000.00 won't be harassed by the IRS may not mean too much... .
According to the Wall Street Journal, "
Last week the Federal Reserve revealed that last year the average net worth of American families topped $1 million for the first time, surging 42% from $749,000 in 2019.
Of course, that average is skewed by a small number of billionaires and multimillionaires. Inflation meant real wealth didn’t increase as much. And pandemic-era stimulus boosted asset values, perhaps beyond their fundamental values."
Of course, this means that Mr. Biden's oath that those citizens that have or earn less than $400,000.00 won't be harassed by the IRS may not mean too much... .