Posted: 7/10/2012 6:41:07 PM
I am trying to find out what people deem wealthy...Obama has drawn the line at 250K.
I see that is being too low but that is just my opinion.
If someone choses to live in NYC (maybe due to a job) has a few kids, decides the public schools suck and sends their kids to private schools, has a mortgage, saves the max for retirement in their 401 K, has 2 decent cars and all his kids play for premiere sports clubs that travel then that person is not wealthy at the end of the day. Factor in state/local income taxes combined with fed taxes and what do they actually have at the end of the day?
That person is doing what he/she thinks is in the best interest of his or her family. Yes, they are choices but they are not without at least some merit.
The same can be said for someone making 50K but on a lesser scale if you will.
Of course, some could argue that the millionaire with a private yacht etc also has spent a great deal of earned income at the end of the day.
I guess the bottom line is that the goverment needs to do more with less somehow.
The wars didnt help and the stimulus' impact can be debated along with a whole host of other spending but something has to give.
I for one dont believe that more taxation on all who make over 250K is the answer.
I would put the # at maybe one million and there should be some forensic accouting done on the budget.
Maybe simplify the tax code and then they could spare some IRS agents to do the forensic accounting and get our govt spending and waste in order.
I blame both R's and D's equally for the financial mess this country is in.