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If an income of $250,000 a year isn't "wealthy"...?

Why not just raise the income level and extend the tax cut?

I raise this compromise in the face of the arguement that after paying for college tuition and blah blah blah $250,000 isn't actually that much money, so extending the tax cut is unfair.

 
UpSheRises

Asked by UpSheRises at 1:50 PM on Nov. 10, 2010 in Politics & Current Events

Level 31 (48,798 Credits)
This question is closed.
Answers (52)
  • Personally, I don't understand why ANYONE should get a tax cut simply because they make MORE money than someone else... Taxes should work the same for everyone, it shouldn't matter if you earn $20K or $20MlL a year...
    SabrinaMBowen

    Answer by SabrinaMBowen at 1:54 PM on Nov. 10, 2010

  • I wish I was that "unwealthy" Lol
    arenad

    Answer by arenad at 2:02 PM on Nov. 10, 2010

  • Well said jewjew.... I find it funny that people are saying the "wish" they made that much money... My question to them~ What are THEY doing to change their life to make their "wish" a reality? What choices did they make in their life up to this point~that stopped them from achieving this "wish"? Who is to blame? I have seen more people come from "nothing" and work their way up to something because they seized opportunity and didn't wait and "wish" it would be handed to them. People work hard, make sacrifices to reach $250,000++ Many are small business owners who started with little to nothing. So, others feel they want to punish those who worked for the opportunity because they reached "x" amount of dollars. An amount set by bureaucrats. "US vs. Them mentality", indeed. What happens when bureaucrats decide $100,000 is worthy of more taxes? $75,000? $50,000?

    grlygrlz2

    Answer by grlygrlz2 at 2:51 PM on Nov. 10, 2010

  • What choices did they make in their life up to this point~that stopped them from achieving this "wish"? Who is to blame?

    Reminds me of my reply to someone who once said, "I am waiting for my ship to come in". I asked them if they had sent one out. To many people with no ambition, just sitting waiting for everything to to be handed to them. Raising taxes on anyone will not offset the deficit. It will just take money out of the economy and into gov waste.
    Carpy

    Answer by Carpy at 4:34 PM on Nov. 10, 2010

  • Every time you hear the outcry about how the rich ought to "pay their fair share", remind people that the bottom 50% (those who earn less than$33,000 a year) account for 13% of all income, but only pay 2% of all the taxes collected. And a significant number of those "bottom earners" pay NO taxes at all.
    I get that there is a break-even point where people's income is just covering their food and shelter expenses, but "fair share" is not a good rallying cry to adopt.

    The top 1% of taxpayers take in 20% of the total income, yet they pay about 40% of the total tax revenue - even after all the loopholes and deductions they have paid accountants to find. How is that "fair"?

    People ought to examine how they are being manipulated to accept the idea that rich people's $$ belongs to the State. If they stand by approving while the State comes after OTHER citizens' property, who will stand up for them when THEY are targetted !
    waldorfmom

    Answer by waldorfmom at 4:25 PM on Nov. 10, 2010

  • I guess to some (extremely wealthy) people 250k a year isnt considered wealthy, lol.. But I would definitely consider someone who makes that per year to be wealthy. Seeing as my husband only makes like 25k per year if that..
    xxMasonsMommaxx

    Answer by xxMasonsMommaxx at 1:56 PM on Nov. 10, 2010

  • USR, policians had to come up with a magic number or income level that they could convince the most Americans to agree with. It's not so much that 250K is " wealthy" it's that so many Americans perceive it to be. A number if you will, they will never reach. Raising or lowering the cutoff will do nothing as far as revenue increases or decreases. JMHO
    jewjewbee

    Answer by jewjewbee at 2:08 PM on Nov. 10, 2010

  • Here's the thing to me. I'd actually like to know how they determine what's wealthy and what's not. If you are single making that much money more than likely you have plenty. If you have 8 kids, it's a different story. The details I understand are single over $200 and families over $250. Mind you back in the 90's when CLinton did his tax increase the number was 100,000. That's our income and I can assure you we are not wealthy. Picking numbers and cementing them will affect everyone over time. Unless you have that number increase over time eventually it will hit the middle class because eventually 250,000 will be the middle class.
    sopranomommy

    Answer by sopranomommy at 2:14 PM on Nov. 10, 2010

  • exactly soprano, at some point the middle class will be at 250K

    You really have to consider what " income" are we speaking of when we pay federal taxes. Adjusted gross income? Taxable income?
    which politicians are going to be the ones to make the changes in what is no longer tax deductible? If we keep it at 250K and add a bunch of loopholes and deductions, less will pay. If we remove a bunch of deduction-more will pay. If we go after evaders-more will pay more. And you also have to be aware that the government taxes income, not wealth. The wealthy do not have to have an income to survive-thus paying No Tax. In my mind, taxes are not so much the issue or is who pays how much. It is an issue of how effective has the government been with rates as high as 39.6% in the past? Not any more effective than when the rates topped out at 28%
    jewjewbee

    Answer by jewjewbee at 2:25 PM on Nov. 10, 2010

  • I understand the whole wealthy vs not wealthy argument. And that is not only what was expected by the current administration, but that's what they want your focus to be on. There are more voters in the less than 250K category and everyone wants to keep their own money.
    1. class warfare
    2. me vs them mentality
    3. distractions from the fact that all other taxes are going up as well. stealth taxes, sales taxes, gas taxes, sin taxes.
    Obama mastered all 3 of these points with the Bush tax cut issue, along with throwing the name bush out there over and over again.
    jewjewbee

    Answer by jewjewbee at 2:38 PM on Nov. 10, 2010

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