Is it true that more money doesn't buy happiness once you've hit a threshold?

From browsing a few threads here, it seems the general consensus is that although money doesn't necessarily buy happiness, it's definitely better than lacking money. It's definitely better to be rich than to be in poverty

However, I believe there was a study that said that money buys you happiness until you reach around $75K, at which point there will be diminishing returns on higher income. That is, earning $500K a year doesn't buy much more happiness than if you made $100K a year

Do you...

Is it true that more money doesn't buy happiness once you've hit a threshold?

from Is it true that more money doesn't buy happiness once you've hit a threshold?