What do you define as rich?

[NEOCON]

I know alot of people throw out the magic number of 250k per year or more as being rich. I personally think that is a load of crap. 250K does not make you wealthy. It makes you comfortable. Just wanted to know what you all thought what rate a person making 250k per year should be taxed at and what rate a person making 750K per year should be taxed at.

[JTrainDavis]

If it takes 250 to be comfortable im poor.
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[WillisWG]

Depends on your point of view....looking down or looking up.

It is said that John Rockefeller upon hearing of J. P.Morgan’s death (1913) and the fact his fortune was then estimated at $80 million, said, “Why, he wasn’t even rich.”

[dickens821]

250 means you are in the top 2% of the country in terms of salary. It's wealthy.
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[JayVols]

Originally Posted by JTrainDavis

If it takes 250 to be comfortable im poor.
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Me, too! Where's MY food stamps?
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[T-TownVol]

Originally Posted by Ihatethebuckeyes

I know alot of people throw out the magic number of 250k per year or more as being rich. I personally think that is a load of crap. 250K does not make you wealthy. It makes you comfortable. Just wanted to know what you all thought what rate a person making 250k per year should be taxed at and what rate a person making 750K per year should be taxed at.

The same as someone making 25K per year. 10% max with no exemptions.

[NEOCON]

Originally Posted by dickens821

250 means you are in the top 2% of the country in terms of salary. It's wealthy.
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Tax bracket they should be in please?

Why is it wealthy just because it's top 5%?

Cost of living is going up much faster than average wage.

[NEOCON]

Originally Posted by T-TownVol

[/B]

The same as someone making 25K per year. 10% max with no exemptions.

I agree.

Also, if the taxes can't support the budget based on this then spending needs to be cut to match the tax revenue.

[fl0at]

I define "rich" as anyone who isn't poor. If you can honestly state that you are not poor, then you are rich. I cannot attach a monetary baseline to that, so brackets work for me.

[fl0at]

Originally Posted by Ihatethebuckeyes

spending needs to be cut to match the tax revenue.

I like this statement, but I don't think 10% across the board would be enough.

We should do some math on this and figure out what would be an across the board percent. Anyone down for some number crunching?

What do you think would be an acceptable budget, buck? An end goal amount of money to collect, as it were.

[NEOCON]

Originally Posted by fl0at

I like this statement, but I don't think 10% across the board would be enough.

We should do some math on this and figure out what would be an across the board percent. Anyone down for some number crunching?

What do you think would be an acceptable budget, buck? An end goal amount of money to collect, as it were.

I believe the budget should consist of federal funding for the military. I would give each soldier a raise. I would place federal funding to maintain roads. I would place enough money to take care of people who lose their jobs for 1 year. I would keep the Pell grants in and funding for colleges. I would make sure that each child who graduated with an A average or higher was given the financial means to attend college. I would throw in about 1% over the top for cats. I would also throw in 3% over the top for science R&D. Whatever this number is (I'm not going to calculate it right now but the figures are out there) I'd throw in an addition 4% over the top for funding of projects that are needed but I didn't name. Then whatever that number is I would cap the flat tax at.

Funding to N Korea gone. Aid packs to Africa gone. Welfare over a 12 month period gone. I mean completely gone. You either get a job or you starve to death. Brutal huh.

[WillisWG]

In 2008 the top-earning 5 percent of taxpayers (AGI over $159,619) earned 34.7 percent of the nation's adjusted gross income and paid approximately 58.7 percent of federal individual income taxes.

Also the top 0.1 percent (the top 10% of the top 1%) filed 140,000 tax returns, reporting nearly 10 percent of all adjusted gross income earned and paying approximately 18.5 percent of the nation's federal individual income taxes. The average income for a tax return for this group was $6.0 million with an average amount of income tax paid was $1.36 million...average effective individual income tax rate of 22.7 percent.

The Tax Foundation - Summary of Latest Federal Individual Income Tax Data

[fl0at]

Originally Posted by Ihatethebuckeyes

Then whatever that number is I would cap the flat tax at.

All of that wouldn't be terrible, but I don't know if it would be possible. I would be interested to know what that total was, and what that percentage might be. Might be something I attempt later on, depending on the complexity.

Is state funding provided, or is that a separate flat tax?

[vol_in_ar]

Originally Posted by Ihatethebuckeyes

I know alot of people throw out the magic number of 250k per year or more as being rich. I personally think that is a load of crap. 250K does not make you wealthy. It makes you comfortable. Just wanted to know what you all thought what rate a person making 250k per year should be taxed at and what rate a person making 750K per year should be taxed at.

Everyone's going to have their own definition, but being comfortable and rich is really relative to each indivduals expectations..

If your making either 250K, or 750K, and spending most of it on Houses, Car's, Lifestle etc, without saving, you probably feel neither rich or poor, becasue you don't have the discretionary income and savings to feel either comfortable or rich

[T-TownVol]

Originally Posted by fl0at

I like this statement, but I don't think 10% across the board would be enough.

We should do some math on this and figure out what would be an across the board percent. Anyone down for some number crunching?

What do you think would be an acceptable budget, buck? An end goal amount of money to collect, as it were.

if EVERYONE paid 10% it would be enough