View Full Version : U.S. Issues Question about taxing the "rich"

03-08-2011, 08:48 AM
So i came across this thread today, http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x578092 , and it's typical far left "tax the rich" blah blah blah.

i can't post over there any more because i ran out of email addresses along with different ip addresses, but maybe ya'll can answer the question for me instead.

do those types of people want to tax the rich or the wealthy? i suppose i'd define them as such: rich = people who take home $220,000+, wealthy = any family with net worth (excluding home value) $1M+ (for example).

now, you can bring home $80k a year and accumulate wealth pretty quickly if you invest properly, pay off your mortgage, and avoid buying new cars, etc. hell, you could be worth a lot more than the guy that brings home $250k and has a $5000 monthly mortgage, has four different cars in his garage, and wears a $1k suit to work every day.

so those that want to "america's rich" to pay up, to whom are they referring? the wealthy, or the rich?

or is that making it too simple?

KC Dan
03-08-2011, 08:59 AM
If you have more than $27.43 in your bank account, they are after you

OR (Actually)

If you don't know when paychecks get deposited in your account, they are after you. You are rich

03-08-2011, 09:00 AM
Its impossible to know really since the attack is always so broad and non specific. Tax breaks for individuals is never addressed only tax breaks for the rich. The tax breaks that allow a tremendous number of wage earners to pay zero in federal income tax is never discussed yet it is a tax break and amounts to a lot of money. Corporate welfare is a good one that never is defined or addressed in a manner it can be dealt with.

I suppose for some, especially the rabble on DU, they would like a wealth tax like France has that is assessed annually on net worth. DU is a cesspool of ignorance.

Your definition of wealthy would encompass a lot of people who participated in 401k's and the original IRA's when they first started. To have a mil in those accounts would not be that difficult to accumulate if you started and stayed in a program. I don't know Id call them wealthy however. If you retire at 62 with a mil in an IRA/401,and you invest it conservatively but well, you may generate 5% before taxes , after tax you may net out 3% or 30 grand annually. Thats far from wealthy.

03-08-2011, 09:09 AM
The most common reference I have heard is persons making over 250K.