Yep. You can just see the jealousy and envy in any thread that has to do with "kill the rich!" And by rich, I mean "people that can provide adequately for their family".
But Obama has followed his training. Sadly people are eating it up.
Yep. You can just see the jealousy and envy in any thread that has to do with "kill the rich!" And by rich, I mean "people that can provide adequately for their family".
But Obama has followed his training. Sadly people are eating it up.
Yeah but the irony is that now the "rich" really aren't that rich....it isn't like we are talking the monarchs of olden days...instead we are fleecing those who barely make it into the category of "upper income earner"....
To anyone who says 250K is "rich", I emplore you to go to any major metropolitan area and live a luxurious life on that....maybe if your taste is simple it is "enough"...but it isn't MTV cribs, no solid gold ST Dupont lighters, $250 hand made hair or tooth brushes, or collection of high end swiss watches (and I am not talking the pedestrian Rolex here...think Lange, Patek, F.P. Journe), no $500 Brigg umbrellas...or elite bording school for your kids, no silver tip badger hair shaving brushes...no no
With 250K household income your still shopping at the stop and shop...your still getting your dunks in the morning, and maybe stopping at the golden arches at night..heck you really shouldn't even be buying a second hand 911 with that much income and instead just drive around in an Accord EXL...maybe you could splurge for a CTS-V....your kids are still in public school, and your house should cost less than a million, so no martini shaped pool or gated entryway....
Yep again.
"Go to college! Produce! Earn that money before you have a family!"
Obama - SMACK DOWN!
The median household income for Boston is about $47,000 a year.
If you are making $250,000, you are making 500% of what the average person is making, but you want to claim that you're middle class. Suuuuuure you are. Furthermore, the top 20% make approximately $175,000 a year. If we're just going to go on a rough estimate of that, $250,000 probably puts you somewhere around the top 15-10% of all income earners for the area. So yes, even in one of the wealthiest areas in the entire country $250,000 is still pretty damn rich.
I won't even get into the fact that high housing costs and high income aren't really a problem as you are building equity that you could take to a lower cost place in the future... etc... etc. For some reason people don't want to admit they are rich. They should be happy, shouldn't they? They make more money than NINETY EIGHT PERCENT of all Americans. That's something to be proud of.
Even with the median being around 50K the reality is $200K wouldn't be "rich" unless your just talking a statistic...like I said $250K doesn't buy you shit in this town...you couldn't even consider a beacon hill brownstone with that little income, maybe you could get an apartment in the back bay and drive a five series...but you're certainly not "rolling in it"
The term rich is used far to liberally here....these people might be better off than most, but they are not at all rich...heck technically my wife and I are considered upper middle but in this state we are anything but unless we moved to somewhere like Springfield and then our pay would go down...
And given the state of the housing market I think many bought into the whole equity shell game only to have it kick them in the ass...and who really wants to move to a lower cost place in the future unless you are near death?
Personally I wouldn't be proud of that at all...well maybe if I was making only $249K but that would be more about squeaking past the Obama penalty
You could live fine but still does not make you rich. Unless you think 250k a year for a family lets your drive a Ferrari and own a plane. Rich is someone worth millions of dollars like your buddy Al Gore. A family of 4 I say 250k is not rich.
Originally posted by: bozack
Even with the median being around 50K the reality is $200K wouldn't be "rich" unless your just talking a statistic...like I said $250K doesn't buy you shit in this town...you couldn't even consider a beacon hill brownstone with that little income, maybe you could get an apartment in the back bay and drive a five series...but you're certainly not "rolling in it"
The term rich is used far to liberally here....these people might be better off than most, but they are not at all rich...heck technically my wife and I are considered upper middle but in this state we are anything but unless we moved to somewhere like Springfield and then our pay would go down...
And given the state of the housing market I think many bought into the whole equity shell game only to have it kick them in the ass...and who really wants to move to a lower cost place in the future unless you are near death?
Personally I wouldn't be proud of that at all...well maybe if I was making only $249K but that would be more about squeaking past the Obama penalty
Wow, if $250,000 doesn't buy you shit in that town, all those people at the median income must be living in boxes, clubbing rats in order to survive with 1/5th the money. Studies have frequently shown that people almost never consider themselves rich, they always think that in order to be rich they must be approximately twice as wealthy as they actually are.
And yes, those people are better off than most. To be more precise, in terms of income they are better off than 98 out of 100 people.
Yet everyone loves to point out just how rich people are who make X amount of dollars per year....
Bet you will be writing up more as time goes on with the foreclosure rates rising...if Obama does pass his prescription bill and it hurts biotech there will be even more people out of work in this area.
And sure, and individual at 250K/year in this area is doing well...family of four I would argue is still pretty broke
Like I said, you're not owning any notable real estate in boston proper for that little income...and most of the ppl making 40K don't live in any great shakes in Boston, they live in Somerville, Dorchester, Southie, or one of the burbs and typically in either a two, three family or apartment that is on the border of being run down.
And I would say that rich is all about perception...and until one owns their own jet, has a castle, or a fleet of ferrari's I am hard pressed to consider them "rich"....anyone working for a paycheck to pay their bills IMHO is anything but rich.
I for one love the marriage penalty in his plan.
For someone like me who's single and falls in the $125-200k range, it doesn't affect me.
If his plan cut off at $125k instead of $200k, I'd owe more taxes and lose many deductions.
Looks like I'll be postponing getting married for the next 10 years. I don't have a girlfriend so it doesn't matter anyway.
I figure my dad married my mom at the age of 32, so there's no need for me to hurry into it.
The fact that you're basing your decision to get married on the associated tax benefits might have more to do with why you don't have a girlfriend than you think.
Zebo
Elite Member
- Jul 29, 2001
- 39,398
- 19
- 81
Obama does have little guys talking to ground, I witness it. But it's more a function of rabid ideology and current market reality. To claim a rational person will not make 1 million and rather scale down to 250K because the 750K gain they ordinarily would have made is going to be taxed 6% higher is just lunacy and a partisan piece..
Who says I was ever looking for one?
I'm only 23 and have a decade to find one.
Sorry if I'm not joining the latest bandwagon of getting a shotgun marriage at the age of 20-22 that most people seem to be doing nowadays.
It just doesn't make any sense.
shira
Diamond Member
- Jan 12, 2005
- 9,500
- 6
- 81
I have no idea what specifically has been written in this big thread, but I get the sense that the moron "rich person" cited in the OP doesn't realize that it's CERTAIN that someone with a taxable income over $250k will retain more after-tax dollars than if that same person had taxable income of less than $250k So why on earth would someone strive to have a lower income? Are they suicidal?
The ONLY circumstance where having a dollar more of taxable income can cost you more than a dollar of extra tax is when you're looking up your tax in the tax table (which anyone with taxable income above $100,000 does NOT do) and an extra dollar of income throws you into the next-higher interval. For example, the tax on $999 is $99, whereas the tax on $1000 is $101.
The ONLY circumstance where having a dollar more of taxable income can cost you more than a dollar of extra tax is when you're looking up your tax in the tax table (which anyone with taxable income above $100,000 does NOT do) and an extra dollar of income throws you into the next-higher interval. For example, the tax on $999 is $99, whereas the tax on $1000 is $101.
If you actually bothered to read the article you will see that this isn't about those making upwards of $300,000.....rather it deals with those whose income is just about at the threshold....so families who might make $255-$260 a year....these are the people who might opt to change their lifestyle for a better quality (as in CPA's case one spouse stopps working) instead of being as productive...and personally if I were in their boat I would consider much the same and commend those that do this...
With regards to those making upwards of 300K, as Eskimo loves to point out they are in the vast minority...Obama was targeting the bulk of the so called wealthy with the 250K figure, my guess is that if everyone or alot start working less or using ways to account differently that puts them under the mark his plan won't rake in nearly as much as he was hoping for.
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