Fifty percent of the millionaires who file tax returns earned $1 Million in one year only:
So Lebron James and all the other NBA/NFL/MLB stars who earn tens of millions every year are in the same category as Bill Gates and Warren Buffett as the ‘filthy rich’ because they actually earn over $1 million annually for a period of time versus the 50% of the people who make a million in one year due to the sale of a business or farm…and that is it.
Please, understand what this means. Half of America’s Millionaires in one year, may not, will not be Millionaires again. The loss of the value from the sale of their business or property is a much different scenario than it is for the Lebron James’ of this Nation.