A shocking new study shatters sacred myths of government trusters.
Some 11% of Americans will join the Top 1% for at least one year during their prime working lives, according to research done by Thomas Hirschl, a sociology professor at Cornell University.
But only 5.8% of the 1% will be in the 1% for two years or more.
As for holding onto this status for at least 10 years? Only a miniscule 1.1% of Americans who enter the 1% category are this fortunate.
The IRS looked at how frequently the same Top 400 taxpayers appeared on the list over a 22-year period ending in 2013. Some 72% ranked that high for just one year. Only 3% were listed for a decade or more.
While just over half of Americans reach the Top 10% at least once in their careers, only 14% stay in it for a decade or more, Hirschl found.
On the flip side, it’s not uncommon for Americans to spend some time at the bottom of the heap. Some 54% of Americans will be in or near poverty for at least one year by their 60th birthday, Hirschl said.
These findings DESTROY claims by such pro-government extremists as Bernie Sanders that government must forcibly redistribute resources from “the one percent” to the poor. In fact, as Thomas Sowell has pointed out, (see here), the rich and the poor are largely the same people at different stages of their lives.