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  1. They’re also looking at the wrong thing.

    High income isn’t rich, and people who are rich can be very low income.

    Rich is normally used as a decriptor for those with lots of assets. Having a salary in the top 10% doesn’t mean you already own a yacht, a country estate, etc. It means you may be able to afford it in the future, but if you’ve just got there, then compare yourself to the genuinely rich, you’ll still feel they’re better off than you. Because they are.

    Which is why I think we should put more efforts into taxing wealth as a distinct thing from income.

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