Society makes that distinction. Personally, I don't have an issue with people living off either $60k/yr or $60k/month. $60k/month is only $720,000 a year, well below any of the incomes that have been discussed for the 70% tax bracket. Both of those incomes seem reasonable. However, I do think that the person making $60k/month could pay a higher percentage in taxes than the person making $60k/yr with a lower impact on their lifestyle, let alone a person making $1 million/month. People can decide what to do with their own money after taxes used to improve our society, where the tax rates are established by society. As a member of society, I think we could significantly improve the lives of those at the bottom while having almost no impact on the quality of life of those at the top by progressive taxation. I don't hate wealth. I hate severe inequality of wealth. Would you be happy living in a country where a single individual possessed all the wealth? Who the fuck decides? Society. No, its not against the law to be greedy. But when people's greed begins to have severe, negative impacts on society, I think society should take actions to protect society against people's greed.And who makes that distinction? There are retired people making $60,000/yr who are perfectly content. There are others whom they would need that monthly to support their retirement (Trips to Monaco, 2nd homes overseas, etc). There are others who would need that amount monthly to give to charity. Who the fuck decides? Oh. And its not against the law to be greedy.
I just dont understand the hatred for wealth.