The fact that there are people making 10,000 times as much as the highest bracket in a single year suggests whoever is proposing these tax laws does not actually want to solve the problem. There should be brackets going up to a billion dollars, adjusted every time someone makes an order of magnitude more than the highest bracket.
Also, making 400K does not make you rich. In California, you are actually bringing home around 200K with high cost of living in areas where an engineer might make that much, whereas the top 1% (measured by household wealth instead of income) still has a net worth of ~$10M.
Also, making 400K does not make you rich. In California, you are actually bringing home around 200K with high cost of living in areas where an engineer might make that much, whereas the top 1% (measured by household wealth instead of income) still has a net worth of ~$10M.