Prop 1098 destroyed!

[PrinceofWands]

% of household making 200K or more
District of Columbia - 8.44
Connecticut - 7.98
New Jersey - 7.47
Maryland - 6.85
Massachusetts - 6.22
California - 6.21
Virginia - 5.66
New York - 5.62

http://www.census.gov/compendia/statab/cats/income_expenditures_poverty_wealth.html
690 - Household Income--Distribution by Income Level and State: 2007

for reference, washington - 3.98

Error. You've just used household incomes to plot an individual threshold. Individual incomes are NO WHERE near that high. If you want to use household numbers you need to readjust to $400,000.

 

[BoomerD]

Error. You've just used household incomes to plot an individual threshold. Individual incomes are NO WHERE near that high. If you want to use household numbers you need to readjust to $400,000.

I think the average American would think anyone with a household income of $400,000 is rich. Maybe not "Rockefeller rich," but still "rich."

 

[werepossum]

I think the average American would think anyone with a household income of $400,000 is rich. Maybe not "Rockefeller rich," but still "rich."

I think of rich as someone who can elect to not work and not suffer a significant drop in lifestyle. If someone is totally self-sufficient and has enough savings to pay taxes over his or her life, that person is rich. If someone has a household income of $400,000 and cannot stop working, that person is not rich - although he or she is hopefully on the way. High wages merely indicates success, not being rich.

 

[PrinceofWands]

I think the average American would think anyone with a household income of $400,000 is rich. Maybe not "Rockefeller rich," but still "rich."

Oh, you don't have to convince me. My threshold for rich is top 10%. I'm just careful to go by individual incomes rather than household.

 

[BoomerD]

Oh, you don't have to convince me. My threshold for rich is top 10%. I'm just careful to go by individual incomes rather than household.

I also suspect the average American would consider a single person earning $200,000 to be "rich." Perhaps not as well-off as the couple making $400K, but still well ahead of the norm.

http://fedupusa.org/2010/01/07/how-...eaking-down-the-u-s-household-income-numbers/

"The median household income in the United States is $46,326. Here in California people have a hard time understanding that yes, 50 percent of our population live on $46,000 or less a year. Even today, all the elixirs and remedies being thrown around fail to focus on income and the big brother of income, solid employment. Dual earner households have a higher median income at $67,348."

"As you can see from the above chart, only 17.8% of all U.S. households make more than $118,200 a year. Only 2.67% make more than $200,000. The fact that only 34% make more than $65,000 is astounding given how expensive other cost of living items have gotten over the past decade. That is why the middle class is feeling squeezed from all different sides."

 

[Orsorum]

Watch this 60 Minutes segment on the issue, then comment.

http://www.cbsnews.com/stories/2010/10/28/60minutes/main6999906.shtml?tag=contentMain;cbsCarousel

As it notes, a couple making $500,000 a year would pay $5,000 under this tax.

It's terrible that this did not pass, and one more indication that voters are terribly irresponsible and will drive our economy into disaster.

No, it's not terrible. What's terrible is that the insane amounts of money already paid in taxes in this state are not sufficient to fund the budget nor establish and maintain a rainy day fund. Absolutely irresponsible.

 

[PrinceofWands]

I also suspect the average American would consider a single person earning $200,000 to be "rich." Perhaps not as well-off as the couple making $400K, but still well ahead of the norm.

http://fedupusa.org/2010/01/07/how-...eaking-down-the-u-s-household-income-numbers/

"The median household income in the United States is $46,326. Here in California people have a hard time understanding that yes, 50 percent of our population live on $46,000 or less a year. Even today, all the elixirs and remedies being thrown around fail to focus on income and the big brother of income, solid employment. Dual earner households have a higher median income at $67,348."

"As you can see from the above chart, only 17.8% of all U.S. households make more than $118,200 a year. Only 2.67% make more than $200,000. The fact that only 34% make more than $65,000 is astounding given how expensive other cost of living items have gotten over the past decade. That is why the middle class is feeling squeezed from all different sides."

Like I said, preaching to the choir. I'm usually the one making those argument all over the forums.

 

[Craig234]

So $5k is chum change for you? But I guess it's pretty easy to throw other people's money around.

You convinced me. I have no business supporting taxing anyone, so now I support ending all taxation - and for fiscal responsibility, all spending.

Since there's no money for any government, the United States is now over. I suggest we put up banners to welcome whichever nation gets here first to claim the country.

Unfortunately, the odds are about 100% they won't be so reticent to tax you. Thanks for the very reasonable argument that no one has any business supporting any taxes.

 

[Mursilis]

I think of rich as someone who can elect to not work and not suffer a significant drop in lifestyle. If someone is totally self-sufficient and has enough savings to pay taxes over his or her life, that person is rich. If someone has a household income of $400,000 and cannot stop working, that person is not rich - although he or she is hopefully on the way. High wages merely indicates success, not being rich.

I don't consider that an especially useful definition. I see homeless guys everyday who elect not to work and have suffered no change in lifestyle as a result. And if someone's household income is $400K and they cannot stop working after a few years at that level, maybe they need to reconsider their lifestyle. As many sports stars have demonstrated, even $10M annual salaries can be easily squandered, but I don't think anyone would consider having that sort of income "rich".