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7 Bumps

Have you seen this man's account of his budget?

What do you think?

Do you feel that 250,000 a year is wealthy? Do you see his point? or do you think he's whining?
http://webcache.googleusercontent.com/search?q=cache:kpzaEp0IVw4J:truthonthemarket.com/2010/09/15/we-are-the-super-rich/%20site:truthonthemarket.com/%20Xxxx%20Xxxxxxxxx&cd=1&hl=en&ct=clnk&gl=us&client=safari

Answer Question
 
lovinangels

Asked by lovinangels at 2:44 PM on Sep. 25, 2010 in Politics & Current Events

Level 39 (112,638 Credits)
Answers (31)
  • lovinangels

    Comment by lovinangels (original poster) at 2:44 PM on Sep. 25, 2010

  • No only do I "see his point," but I agree with him.
    sherribeare

    Answer by sherribeare at 2:49 PM on Sep. 25, 2010

  • I think alot of things.
    1. He is lying about some of it, because as a staff physician his wife should enjoy a CPA and tax lawyer as a benefit at little to no cost to him.
    2. He is not managing his money very well
    3.This is kinda his and hers choice, they are living their lives that they chose.
    4.A good portion of it is true, the wealthy do hide money and the government provides the tax laws to enable it. Taking advantage of loopholes and legalities IMO is patriotic. Nobody has to pay what someone else deems is a fair share of taxes.
    5.The last 2 years I averaged 7% tax and the previous 5years around 4%-legally. This couple needs to re evaluate their situation and take advantage of what's legal to avoide Obama pitfalls.
    6 250K IS NOT alot of money.
    jewjewbee

    Answer by jewjewbee at 2:52 PM on Sep. 25, 2010

  • He pays $15,000. a year in Real Estate Taxes??? OMG. His house must be HUGE. I have no idea if he is whining or not....but $250,000. is RICH, wealthy, to me!!! I wonder how his tax bill reached $100,000. He says he pays that each year....wow.
    gertie41

    Answer by gertie41 at 2:52 PM on Sep. 25, 2010

  • What I get from this is a man and his wife who are living within their income after taxes. It shows that those who are in the >$250,000 income level aren't sitting at home with mattresses stuffed with money. They don't have disposable money just waiting for the government to get its greedy hands on. If their taxes go up, I guarantee either the house keeper, grass cutter, and/or the sitter will lose a job. They will have to cut back to pay the increase. So now, you have 1, 2, or 3 people will be filing unemployment. This is trickle down economics. You punish people just for having a better paying job(s), and they will pass that punishment down the line until theirs tax increase effects me and you.
    jesse123456

    Answer by jesse123456 at 2:55 PM on Sep. 25, 2010

  • I see his point- although I disagree on the private school thing, but that is his choice and he pays for it :)

    BUT, 250K is well-off but by no means "super-rich" , its just not.
    soyousay

    Answer by soyousay at 3:00 PM on Sep. 25, 2010

  • Aside from the having someone else do his yard work and clean the house they seem to be the "normal" American family. Whether or not its the real thing it is quite believable. He does have a shock coming though if he thinks being married has dealt him a big blow because there is no marriage penalty (thank you Bush) right now but probably will be next year. (Thanks Obama)
    I don't know where Obama got his numbers but you would think coming from just such a situation as this family that he would know how much it costs to live in the West or East or any number of cities who have about priced themselves out of existence
    Just don't expect our situation to change for the better in the next 2 yrs. Think stagnation.
    itsmesteph11

    Answer by itsmesteph11 at 3:38 PM on Sep. 25, 2010

  • Suck it up and pay your taxes dude and let the people less fortunate keep theirs.

    ***

    And why should he CONTINUE to work at all and pay taxes?! Why can't he decide he's had enough, and "retire?!" And live comfortably off of his savings and no doubt, investments and stock dividends?! Why should he be beholden to the government and pay for someone else, who made the wrong choices in life, or didn't maximize their full potential?!

    My husband just turned 48, and he is planning on retiring at age 57--maybe sooner! WHY should he continue to pay taxes and support those who don;t seem to be all that grateful?! Why should he put off spending time with his family, so that the government can take half of his hard earned income? Why should he continue to employ people? Why should he/we continue to donate to charity?!

    You see there comes a point when those who have made ALL the sacrifice, throw their hands up and say "ENOUGH!!"
    LoriKeet

    Answer by LoriKeet at 4:53 PM on Sep. 25, 2010

  • http://delong.typepad.com/sdj/2010/09/in-which-mr-deling-responds-to-someone-who-might-be-professor-todd-henderson.html


    Calculations seem to show that Mr. Henderson and his wife make about $445,000 per year. That is a decent step above the $250,000 threshhold. This link also is an excellent rebuttal to his argument and I found it amusing. I understand that paying taxes is painful...but to be honest, It is hard for me to fathom that this family is living paycheck to paycheck and couldn't take the tax-cuts ending. If you can dismiss a "few hundred dollars" as negligible expenses, You are Whining. Rich? Not by American Dreaming standards. In the top 1% of the income level? Yes.

    stringtheory

    Answer by stringtheory at 5:31 PM on Sep. 25, 2010

  • Living in Chicagoland, I find his expenses and property taxes well within the norm. I'd tell you mine, but you'd think I live in a mansion, and I assure you I don't. Cook County is insanely expensive, so his COL is expected. Since both of them work, having a housekeeper and lawn service is also reasonable for their neighborhood (two block from BHO, if he is to be believed). And, there is no way on this planet I'd put my children in the Chicago Public Schools (it's one of the reasons we live in Chicagoland), so private schools are a must.

    No, Chicago isn't NYC or LA, but when we moved here from TX two years ago, the COL increase nearly gave me a heart attack. Living here is not cheap. I still shudder at the costs we pay sometimes.

    As far as 'sucking it up', he paid $100,000 in fed and state taxes last year. Just how much more is he supposed to suck up?
    May-20

    Answer by May-20 at 5:42 PM on Sep. 25, 2010

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