Rich is not having to eat powdered peanut butter. I dismiss monetary values as I have found that simply the feeling of being grounded and worry free are priceless. A bank full of disposable income brings on it's own pain in many ways. Objects can be replaced, decreasing their own value, friends cannot. But a bitchin cruise through the Med should never be taken for granted. :wave: NEVER fruit the beer.
What starts the highest income bracket? That is how the government defines rich. Personally, I consider rich to be a combined family income of at least $300k. $100 - $200k is living well, and $200 - $300 is living very well.
Relative to your situation, of course. Take a family of 4 in New Jersey with a $750K mortgage, $12K in annual property taxes, 3 cars, a teenager in private school and a daughter in college who's planning a wedding, and you have a $300,000 salary that's stretched to the max and cannot absorb a tax increase.
Relative to the cost of living in most of the country. New York City, Los Angelos, etc would be a difference story. I feel no sorrow for a family of 4 in New Jersey making $300k with a $750k house. They should've bought a smaller house. They can put their kid in public school. No matter how much money you have, you can make it seem tough to get bye if you spend it all.
They wouldn't be looking for your sympathy. That's not the point. They earn $300K a year so they are entitled to have the big house and to pay for a good education for their children. They should not have to scale back just because they have been arbitrarily placed into a category based upon a capricious standard. That's what's wrong with Socialism.
I think you can be rich if you make 250k or better. However I don't think making 250k per year makes you rich. Realistically to be rich no matter what, I think you need 150k of income for each member of the family. ex. if you are married with two kids, you need 600k per year of income. Unless you are a drug head or an idiot you should never have to much to worry about with that ratio of income to family members.
Okay, so your argument is for a flat tax rate - as opposed to one where the richest pay a higher %, correct? Even though that is not what this thread is about...
It's all subjective. I have relatives who think I'm rich. I have relatives who I think are rich. I think the middle class range is broader than most folks think. It's probably fair to say that the top 10% are rich and have no worries about their security while the bottom 10% are poor who have no security at all. The other 80% range from just getting by to living comfortably. Personally, I think: If you make >$250K annually or have a net worth of 8 figures . . . you are rich. If you make <$25K and have a net worth of 5 figures, you are poor. If you earn minimum wage ($13K) and have a net worth of 4 figures, you are impoverished. The rest of us are the middle class.
