Sorry, Pal, You're Rich

I'm a single mom of 3 making $30,000 a year (gross) in a high-tech job. It's considered a "decent" salary around here now since HP and other big companies have taken all the higher-paying jobs overseas (where, of course, they aren't higher-paying any more.) According to the federal government, we're not "poverty-level" - that would require a gross income of no more than $21,200 a year. So, according to the federal government, we're middle class. I'd love to see some of those whining about having to pay taxes on $250,000 a year try to do what I do. I live in a decent town with good schools, but I've been told (by a government agency) that it's my fault we're having trouble making ends meet because of where I live and that we should move to a "cheaper" place (i.e. the crime-ridden, low-achieving school district across the way.) Maybe the same advice should be given to those who might have to pay a little tax on their $250k?

There's another scenario - you work like a Trojan all your life, make sacrifices, work part time jobs, moonlight - do what ever it takes to put children through school - and finally it pays off - you advance to a position in life where all the hard work - the attention to detail and the due diligence in being a good productive citizen finally rewards you - and two socialists like the Obamas show up and advise you - "nice work - but unfortunately - we have other plans for your money". Two people working in a high cost of living area making 250K - after the federal, state, municipal, and county taxes are stripped off - then you have deductions for health insurance. Not much left for the old American dream - The jobs that pay this kind of money are in very expensive places. That leaves about enough to buy/rent a questionably constructed cramped townhouse in one of the beehives they call neighborhoods in places like Northern Virginia. Makes you wonder if all that hard work in college was really worth it. It looks like the Democrats are deciding what the "norm" is for taxation and have decided that once a citizen reaches a certain level - that as far as he or she is going up the financial ladder. And by the way - The large number of uninsured in the US the Democrats are fond of citing includes about 40,000 illegal aliens. They never mention that - but Pelosi said we have an obligation to take care of them - Pelosi is a multi-millionaire. I suppose it could have been worse - another mulrimillionaire - John Edwards - put the figure at 200K.

Wow. I feel somewhat sad reading all of this. I feel bad for myself being a mother of two (1 3 yrs old and 1 6 months) only making 8 and hour along with my husband who makes 8.50. For the past 3 years we lived with in laws to save just to move out which we just recently did. I feel bad I have to say because we have our children on one of those medical state government programs. They are covered until they turn 18. Myself and my husband however are not. I just had emergency dental surgery and my husband is going in and out of the hospital due to some bronchial problems. Why do you ask do we not go on the insurance for ourselves? Because we feel that people like us can try and save and take the loss when it comes to our health but it is our children who mean the most. We pay what we have to when we do. Now with my son he is deaf so the medical does not pay for hearing aids or his once monthly trip to the specialist to make sure it's not worsening and my daughter well hers is an ongoing bout with possible stomach tumors which never end up paid in the begining but oh well. People get what they work for. Taxes help a lot of kids out there. I don't look to highly upon the people who take advantage of it but man. You guys sure do make those of us who truly need some assistance feel like a bunch of jack asses even though we are out there trying to work to pay the same taxes.

What do all you "hard working" people think about the corporate companies that tell workers that "We'll do right by you if you work for us for 25 or 30 years" and then 6 months before your due to retire, they lay you off because THEY CAN - AND THERES NOTHING YOU CAN DO ABOUT IT? And all us"hard working" people are left with nothing to show for all our hard work. It's happening big time in this country and you could be next.

I can't believe what I am seeing here. If you're making $250,000 a year, you are rich... I made only a tenth of that, due to being in college. I manage to survive. Rich is not worring about if you lose your job at the factory what are you going to do. Rich is being able to get the things you need, some of what you want and not feel like you've singed a death warrant for yourself for getting it.
Poor is when you consider halting your health insurance in order to get some food for the month and until you have to deal with that you're rich.

What about all of the business owners using the tax shelters of S-corporations to pay a lower tax rate? They take a minimal salary and distribute the profits to themselves and family as dividends so they only pay capital gains tax at 15%. In addition, they write off vacations, season tickets, and meals all in the name of "business." How about establishing an additional residence in a no-state-income tax cheat state like Nevada or Florida? The exploitation is ridiculous. You don't pay your fair share.

That's bullshit* Hahaha god I love you ignorant b*tches*
My parents SACRIFICED so that I could go to a great school, but I just turned down a 140k job (yes out of high school) to take an 90k one because of the qualms of taxes like this, education is power, and power is a cornerstone of wealth- you keep taxing the people who bail you out, and you will have situations like me, -where financial planners tell me to not work harder- because it actually will cost more money (price of living, and higer taxes). You people are stupid if you think that the young and bright are not going to start to follow in my footsteps, working less hard, and earning less money, but still able to take home more than those earning 50-60k more than they do.
-By the way, my parents are what you call rich-300k but between 60k per year for my brother and I to go to school (that's 60k each) and their little house, and two cars, there is not much left over. They work twice as f*cking hard as you do- they are your bosses- (I am sorry that the only vision you have seen of those who earn more were yatchs and vacations) they spend their free time managing the books of their companies, tracking down people who owe them money, networking, and leaving earlier than you and coming home later- so that out of high school I *have* the oppertunity to even be able to CHOOSE between a 90k or 140k job.

After going to college for seven years and working 60 to 70 hours a week, I now make about $20,000 per month. The following are my monthly expenses: Income taxes - $5,600, Self emplyment taxes - $2,480, Mortgage $2800 ($400,000 home), Loan payments (inc. student loans) - $1000, Car payments $1000 (four cars for a family of five), Gas - $900, Utilities - $800, Health insurance - $2300 ( i've looked hard but this is the cheapest we can get - 2500 deductible- due to medical problems), Medical bills & medicine- $375, Car insurance - $1,000 (four cars high coverage), Food - $800, Misc and college expenses for children - $945.
A family making $125,000 a year may have the same standard of living as me if : 1. they have company health insurance plan, 2. they have a smaller family, and 3. they live in a state with lower housing costs. Yet, I will be the one that will have to pay even higher taxes and probably subsidize their national health care.

Please stop pretending like "$250,000 isn't much after taxes"...in what this article references, it is figured in...that's what AGI means...Adjusted Gross Income. That's all of your income from all sources, minus exemptions. Your federal taxes are based on your AGI. So, if you have a $1 million home mortgage and pay thousands in interest, you are able to subtract that interest from your income....if your mortgage is $100,000, you may only have a few hundred dollars in interest to deduct. Not to mention deductions for property taxes and state income taxes and capital losses and charity donations.

The bottom line is, if you make $250,000 or more (AGI) per year, you have a lot of options. You don't HAVE to live is the best neighborhood, or send your kids to the BEST schools. You don't HAVE to drive an expensive car. You don't HAVE to buy expensive furniture or the next latest & greatest fad toys. There are plenty of adequate neighborhoods and schools, vehicles and household items that are inexpensive and would stretch that $250,000 a LONG, LONG WAY. But when you're making under $50,000/year, you have no choice. You live in the worst neighborhoods, you send your kids to your failing local public school that is broke because the surrounding tax base is destroyed, and you buy a used "beater" to get back and forth to work. If you have a small home and can manage the mortgage, you're lucky. Vacations are pretty much out of the question. Calling in sick is not an option, ever. Yet, you might work 2 jobs (or more) just to keep the lights on....but, hey, those people just aren't working hard enough. Nevermind they didn't have the opportunity to go to college because they couldn't pay tuition, not because they didn't want to or they were too lazy to go. I couldn't go because I had to pay RENT to my parents in order to help them make their ends meet....there was no way I could have afforded college and worked full time to pay my "room & board" along with my car (which was a beater), car insurance and health insurance. There were no options for me, I had to work to get by, and it's what I'm still doing today. An income of $250,000 or more would be a DREAM LIFE for me!

Why is it that I pay nearly 6.2% of my whole income on Social Security, but those who make more than $102,000 annually pay a smaller percentage? Why is there a ceiling on SS taxes? If you make $250,000, you only pay 2% into Social Security. If we eliminate the ceiling, I'm pretty sure that SS would become solvent!

There's a lot of problems with the tax codes, but if you're making $250,000+, you're in a pretty comfortable position and certainly didn't need a TAX CUT! Obama is not talking about raising taxes on those people...he's talking about REPEALING THE TAX CUT THAT BUSH GAVE YOU!

Last week, my husband was laid-off due to a reduction-in-force, as the industry he works in is directly tied to the automotive industry. He

Fact is, the wealthy pay most of our taxes, middle class gets screwed, and low income gets handouts.
I make 40k a year and live in San Diego. ( close to the beach ) I live within my means.
If you make 250k and think your middle class, then sell a few of your Hummers, down size youe mansion, and move inland. Try cooking burgers on your grill instead of lobster at your local 5 star restaurant

I have two degrees, one which I can't use because of an injury, and one which is in a field in which there c urrently don't seem to be any jobs (even though it is listed as one of the fastest growing fields in the next 10 years.) I currently make about $25,000 a year. I have read the posts from people bemoaning the fact that they pay out 50% of their income in taxes. I pay about 25% of mine.
I can assure you I would rather have 50% of $250,000 a year as opposed to 75% of $25,000 a year (for those who can't do the math, that's $125,000 a year as opposed to $18,750.) I certainly have to live within my means. Everyone has to learn to do the same. More means doesn't mean unlimited means.

Republican Clown show??? Tell us how you really feel then write an article that make sense. The big issue is not that I don't pay my share, it is the government spends way too much! Why should I pay 40-50% of my income on taxes because others decided not to go to school, work hard and move up the ladder. I didn't win the lottery, just worked hard. I am very please that President Bush could see this and that we adtually put more money back into the economy. Why do you think being rich is a bad thing? I think the only clown is you.

The author is confusing "rich" and "wealth" with mere "affluence" and "prosperity." An ordinary engineering professor in her middle-age can easily earn $125,000 per year; but no one would say such a person is rich. Nor would her marriage to a fellow engineering professor change that.

Families with income of $250,000 are prosperous and affluent, in that they can easily meet their basic needs, enjoy some luxuries, and slowly accumulate a bit of wealth. The rich, in contrast, are people who have more money than they know what to do with. Unlike the merely affluent, whose luxury is mostly limited to the accumulation of things, the rich can afford to buy and use people -- an entourage of full-time human possessions such as chauffers, butlers, glamourous mistresses on the side, or politicians.

In the 1960s, the Ivy League college students who rebelled against their parents' middle-class values were the children of the merely affluent -- not the rich. The middle-class must pay attention to maintain their reputation among their peers and co-workers; the rich, in contrast can get away with doing as they please. In fact, the rich don't even need jobs -- rich people can live large purely on the increase that their wealth generates.

Most voters favor narrowing the divide between rich and poor. That, however, doesn't mean we have any desire to narrow the divide between the poor and the middle-class. When we narrow the gap between the rich and the poor, we must also narrow the gap between the rich and the upper-middle class. We must maintain the differential between middle-class and poor (just as unions of the 1970s sought to maintain the income differential between unionized workers and those working for minimum wage). Middle-class people depend on that divide for their physical safety.