Sorry, Pal, You're Rich

my husband & i are in out 40's, live in nyc area, work real hard to make about $220k per year. My grandparents were very conservative and saved alot of money, and now they are gone, leaving me with a nice nest egg for our retirement, but bring our income up to $260k. My accountant told me this morning we are in the 44% tax bracket??!! Seems insane to me that almost half the hours I am working is to give to the government!!!! Why doesn't it feel good to be "rich"???

My husband and I make over $300,000 a year and we are not rich by any stretch of the imagination. In order to make $300k a year, we both went to graduate school, have over $250 thousand dollars in student loans and can't afford a two bedroom condo because we live in Los Angeles because we were responsible. Because we are both wage earners (instead of having investment income like the "rich"), we get no deductions for student loan interests, no first time home buyer credit, no tax stimulus refund, not to mention we get hit with significant AMT. We both work 14 hour days and often will have work left over to do on the weekends. I understand that we may be considered "rich" by those who make less than we do... however, we also have significantly more debt and work longer hours than the average American. Do I think I need to shoulder my responsibility in paying taxes? Yes... but do I think it is fair to automatically group us in the "rich" bucket... No. At the end of the day, on a balance sheet basis, we are still in the red (and that does not include a mortgage)

The fact is I personally don't know anyone that makes 250,000 a year. Living in Arkansas you do good to make 40. Thinking that anyone making that about of money would complain about paying taxes is crazy. On top of that, you tell me that these people work? They don't know the definition of work. I have worked till my hands were blistered just so they could eat if their fancy restaurants, and drive their fancy cars. I do good to make 30 a year and work 60 hours a week on a short week. These people are jokes and so is Obama for thinking he will ever help the lower and middle class. You have to know them before you can help them.

The Dem plan is tricky.

Will they overtax individuals who earn 250K +,

or couples earning that much ?

A couple at 250k+ already pays almost 50% of it in total taxation...

So at 125K net a year,they certainly are not rich. Just well of.

Uhh,Gross. Is not ''250,00$'' the ceiling sought by Democrats in agitating for the SCHIP program?

Why would your ''rich people''need taxpayer dollars to provide their kids with government health insurance?

I mean,..being ''rich'' and all................

Sorry you don't feel rich with $250k, but I live and work with people who kill themselves to eat , send children to college , have a home. They have college educations, but the fat bosses would rather ship jobs overseas then pay a good wage. It is amazing how america has taken the fight out of these people, the only hope they have is that their children will fair better. If you don't like the promise of a higher tax rate, take your 250K and leave the country with the jobs being outsourced! fignewton

I am a 57 year old Library Manager and my husband is a 61 year old Director of Operations for a national fast food chain. Together we make 250K. and don't see retirement in our future any time soon. We have worked over 25 years to get to this point in our life, put two sons through college, one through law school with one still to go. School loans, mortgage, car payments eat nearly every penny we bring home-lucky but certainly not rich.

Boo Hoo! So you don't cut it. So what. Still doesn't mean "thou shalt be penalized for working and making more than your average American who probably was asleep most of his life". Those making $250K and up still pay around 48% of their income in taxes. So let's make them pay more and re-distribute wealth. Sounds like you should be living in Cuba. O darn, sorry no food there for everybody except for the elite dictating class.

Tax wealth.. Not Income...they are different. A couple that as only a few assets is not wealthy no matter how much they make no matter their lifestyle or no matter what they think. If they lose their jobs they in up living in a van down by the river.

We should either tax wealth or spending ( i.e. sales tax which translates to life style). Don't tax people for being productive or for investing in other peoples production.

people like you have been making a living feeding class envy for so long, and it is so, so tiresome, you covet what others have and it rots you so that you don't even realize your contempt. When I move into the $250,000 income it will be from hard work, and a great investment of time and money in building wealth. In your world making my money and wanting to keep it for me and my family is considered greed, while taking my money by force in the form of taxes and redistributing it is called compassion.

What most people don't realize when it comes to small business is banks don't lend to most or provide any real credit to. Unlike large companies that seem the way to qualify for a loan is to have a few hundred million if not billion of debt. Which means during slow times the business owner has to do their own funding and with taxing in the highest tax bracket makes it very difficult to save for rainy day funding which lately it's been raining alot. The truth of the matter is poor business owners pay the highest bracket. Because all the really wealthy hide under dividends and long term capital gains. which means most millionaires pay 15 percent taxes. and both dems and rep. know this and avoid the topic when it comes to taxes. Making you wonder where the tax laws come from.

???Can you be middle-class and earn $250,000???? is the wrong question to define ???Rich???. Rich is a function of NET WORTH and age. If you are a 5 year old with a $250,000 trust fund you are rich. If you are an elderly couple living in a high cost of living area and have a $250,000 net worth you are certainly not rich. In order for the USA to have a fair tax system we need to have a flat tax on net worth with and an exemption based on age.

cost of living is such a key factor in this whole issue. also, when they tax on the gross amount, business owners will barely make a profit, if one at all. people are afraid of the unemployment rate now...just wait. the only choice businesses will have is to layoff, reduce wages, or send companies overseas. on a lighter note, i was just excited paducah, ky was mentioned!

What happens when all these smart people who earn more than $250,000 decide that they will not work for you? So they slow down (don't work 80 hour weeks) and make certain that their salary is not above $250,00. So who does the government tax then? Maybe you?