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What is the sum of money that puts you into the "rich" or "wealthy" category?

Is there a sum of money that puts you into either of these two categories and after taxes are taken from that amount what do these same people have left to live on...There seems to be so much bashing on here against the rich and wealthy that I am trying to get a better understanding of who everyone is talking about...celebrities, professional athletes, franchise owners, lawyers, doctors, business owners, double income earners...who?

Answer Question
 
Anonymous

Asked by Anonymous at 12:19 AM on Oct. 30, 2008 in Politics & Current Events

Answers (17)
  • i think it's $250,000...lol definitely NOT what i get...
    armywife43

    Answer by armywife43 at 12:22 AM on Oct. 30, 2008

  • it's all in personal opinion IMO

    many consider me well off because my house is paid, my car is paid. My bills are basics like power, phone, cable, water, food, & gas. The thing most don't care to understand is that my husband collects disability which is $632 a month. My mom lives with us, she makes roughly $1400 a month. so if you go on just #s, that's less than $25,000 a year.
    Anonymous

    Answer by Anonymous at 12:24 AM on Oct. 30, 2008

  • According to tax bracket I am considered rich. My husband is C level and I earn C level wage from my own business. The dollar amount that puts me over the edge is $392k. However, contrary to popular belief and ignorance in the tax laws - I am voting democratic.
    Anonymous

    Answer by Anonymous at 12:24 AM on Oct. 30, 2008

  • i think that when you have enough money to where it doesnt matter what you buy you are wealthy and when you have enough money for the moment to splurge you are rich..
    Anonymous

    Answer by Anonymous at 12:25 AM on Oct. 30, 2008

  • You can be in fact appear to be "rich" but if your debt to income ratio is higher than what you make. Then I don't consider you Rich. If you don't have the cash I don't consider you rich by any means.

    And I agree, its all personal opinion.
    For example I can be rich with 50,000 b/c, I don't have any debt. But, lets say you make 70,000 but owe more than you're worth and barely pay your bills on time. You're not rich, just foolish.

    McCainPalin

    Answer by McCainPalin at 12:33 AM on Oct. 30, 2008

  • Actually, you aren't correct because a person at 50k wouldn't be taxed at the level of the "rich" so really it isn't based upon opinion, but in the actual fact of the IRS.
    Anonymous

    Answer by Anonymous at 12:38 AM on Oct. 30, 2008

  • anon 12:38 - the OP didn't mention Taxes and IRS.
    Anonymous

    Answer by Anonymous at 12:42 AM on Oct. 30, 2008

  • My husband and I own our own business and on paper we are. What Obama considers rich, we are far from it though we struggle like everyone else, what really bothers me is we have worked our asses off for our business, why should
    I have to "spread our money around"? That is something that really pisses me off. Just my thoughts though. We put everything on the line for our business and if Obama gets in I have to to be taxed to help someone who us what he considers less fortunate, how is that fair??
    Anonymous

    Answer by Anonymous at 1:18 AM on Oct. 30, 2008

  • Social sciences define wealthy as having money, property, investments, etc that create revenue. To give you an idea.. the top 1% of our population owns 33% of the "wealth"... What will really blow your mind is that the top 20% owns 84% of the wealth in our country. A good article to understand how skewed the wealth distribution is is here.


    http://sociology.ucsc.edu/whorulesamerica/power/wealth.html


    80% of the population only has 16% of the countries "wealth"....

    Serafyna

    Answer by Serafyna at 1:32 AM on Oct. 30, 2008

  • i think the ones with millions and billions of dollars should be taxed they like to rub it in are faces
    Anonymous

    Answer by Anonymous at 3:20 AM on Oct. 30, 2008

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