Why does 250K make a person rich?

Yes, it is arbitrary. "Rich" is a subjective standard, so there is no way to establish an objective number to describe a subjective standard. That's why lawmakers argue about the standards. It ultimately comes down to what a majority of legislators decide is enough to justify imposing a tax rate of 39%. This rate will only apply to the amount of income ABOVE $250k, not to ALL of the taxpayer's income.

It's not about "belittling" or "castigating" anyone. The fact of the matter is that we have to increase tax revenues (and of course we must drastically cut spending, but this can' be done overnight). The argument is about where to get the extra tax revenue from. Should we raise taxes on those making $10k/year. How about $50k/year? A line has to be drawn somewhere. Like you said, it is arbitrary.

What's different about the 250k than every single other number used to tax us right now? Tax rates have NEVER been indexed to local cost of living. 5 years ago, I was feeling the pains of being ineligible for financial aid for college for my children because I make too much and yet, in the NYC metro area, my salary is above average but certainly not rich. Move me to rural Pennsylvania and I'd be quite wealthy.

My point is that there will ALWAYS be some number that will be used and your argument will fall on deaf ears namely because it would never get support outside of a few wealthy areas of the country. Personally, I think the 250k is a reasonable number. Your 1st 250k in earnings will be taxed lower. Fair to everybody....No. Fair to 95% of the population.....Yes

via no ability reported that people making $70K have been wealthy. I reported that union workers have been overpaid in assessment to their inner optimal sector counterparts. enable's look at an occasion. So a Electrician indoors the interior optimal sector makes $40 5,000 and this guy or lady will pay one hundred% of their 401K contribution and could desire to pay $4 hundred month-to-month for scientific coverage business enterprise could greater desirable healthy as much as $750 consistent with 3 hundred and sixty 5 days. A union Electrician indoors the government makes $60,000, gets one hundred% of his retirement paid for, and could desire to pay not some thing for their healthcare. So who's richer? The priviate sector electrician or the government union electrician?

Okay, fine. The richest 2% aren’t rich. They’re just more ‘abundant’ than 98% of human beings in the United States, and have more than 99.9% of the rest of the world’s population.

Life would be so hard for that person making $260,000 who would have to shell out another $400-500 a year in taxes. Obama is just being so hard on them, isn’t he? It must be very difficult to cut back that much.

Jesus! I drop $500 in a weekend at the golf course. A person make $260k will often spend that on dinner.

$250k is rich.

It doesn't. The problem is not the taxation percentage. It is the deductions and loop holes.

GE, a very LARGE company paid $0.00 last year.

Tax rate for corporations is what? 30%. OK raise it to 39%. What will they pay? $0.00

Why don't people get this simple arithmetic?

Because that puts them in the top 2% of earners, Sparky;

http://www.factcheck.org/2008/04/americans-making-...

If you do NOT think that being in the top 2% makes you "rich" then I guess your Common sense is broken! And if YOU earn $250K or more and don't have any Common sense, you should probably not expect your wealth to last very long! (Someone will be along to easily fool you out of it shortly!)

Rich is a matter of perspective. To half of all Americans, that is 4 or more times what they earn. As to the rest of your rant, yawn.