If you are talking lifestyle, then perhaps. If you are talking net worth, then hardly. Most Americans (myself included) live far above their means. The net worth of more than half of Americans (I think the number is 60%) is negative. And the top 1% have more wealth than the bottom 82%.

This is why I am actually in favor of the Fair Tax proposal. It actually taxes wealth (i.e. spending of wealth) rather than income. It will shift the burden of tax further upstream, back to how it used to be before the tax brackets all merged together.

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