Yesterday I saw a video of JP Morgan CEO Jamie Dimon recommending taxing the wealthy more to help the poor so that they can have better schools, health care, and so on.

But who exactly does he mean? Who are “The Wealthy?”

Him, of course. But who else?

Your doctor? Your lawyer? Your dentist? Your plumber? You?

I explore who is or who should be described as “wealthy” both logically and morally, and for tax and policy purposes.

How would you define who is “wealthy?” Someone who makes $100,000 a year? $200,000 a year? $400,000 a year? A million?

Or does annual income matter less than net worth and assets?

What if your salary is $1 a year but you hold $1 billion in stock? Who’s wealthier, you or the lawyer making $500,000 a year?

Should the lawyer who makes $200,000 a year be taxed as much as Jeff Bezos? Should the couple working 80 hours a week and making $400,000 a year combined be taxed like a billionaire who never has to work again? Should we treat income earners of any kind like those with high net worth and assets?

People say “Tax the wealthy” as a shorthand for fixing social problems and helping the poor.

But who are “The Wealthy?”

Is a 200k professional “The Wealthy” to be taxed like Wall Street millionaires?

Should a doctor be taxed like a billionaire?https://t.co/AZvV0eT7TL

— Shane Hachey (@ShaneHachey) January 28, 2024

Here is the video in question: