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Rich tax. (feddit.org)

submitted 1 week ago by Dot@feddit.org to c/whitepeopletwitter@sh.itjust.works

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[–] SuperSpruce@lemmy.zip 1 points 1 week ago (1 children)

That's not how exponential growth works. The pay increase would be in the ballpark of 50% per year for that amount of gain in 35 years.

And remember, wealth accumulates in passive investments, so even if you made $7.25/hr for 35 years, you'd have over $1m if you didn't spend any of it and it accumulated at over ~3% per year.

[–] autriyo@feddit.org 1 points 1 week ago

Oh, you're right. Although 50% per year is still insane.

And I definitely forgot about investing, but also didn't account for inflation, which maybe would cancel e/o out.

Doesn't really matter if you consider the difference between a million and a billion is roughly a billion.