250k is not a lot of money! ***UPDATE****

[I_Do_It_All]

Of course this depends on where you live. Im talking about the Bush Era tax cuts and the fact that Obama will refuse to extend them for people making min. $250k a year. But a 250k income goes much further in some areas than in others and state tax brackets vary. So for instance in Iowa people making that much pay more than 9% while in Missouri its more like 4%. Plus those in the midwest can do more with 250k than, say, people in Boston or LA. My question is this... Where do you live? Is someone with a 250k income considered rich? How much state tax would someone with this income have to pay in your state? Thx!

********MY POINT IS THAT STL RICH IS A LOT DIFFERENT THAN NYC RICH. Im not asking what you could do with that money or if you YOU think its rich. Im just questioning if its fair for, say, someone in Hawaii who makes 250k to pay the same "rich" taxes as someone who makes the same amount in the Midwest whos BASIC COST OF LIVING is nearly a third of other places. Think about it...

A man in missouri makes 250k and can afford a range rover, private school and a 500k house and only pays 3.50 for a gallon of milk and 4% state tax. I think he can pay more taxes. Another man who lives in nyc shouldnt have to pay "rich" tax because his cost of living is much higher.

That is all im saying.
*******************************************

[ColieO]

250k would be well off here. Utah.

I don't know the taxes. We make under $60k though and pay around 20% in taxes.

[mrsbrimer]

250k would be rich here. we are living comfortably with 48k right now.. but im going to school right now, which will increase to 78k when i get my first job.. then DH will go to school for his masters, so by the time we are 30 we should be in the triple digits, which is well off

[christina0607]

There is no where in the US that someoen isn't living very well on $250k a year.

[peanutsmommy1]

yea, 250k is about 5 years worth of DH's and my combined income, so that is good money

[momswag]

I absolutely agree. 

Quoting christina0607:

There is no where in the US that someoen isn't living very well on $250k a year.

[notjstasocermom]

Quoting christina0607:

There is no where in the US that someoen isn't living very well on $250k a year.

[alwayskk]

Texas. Yes. We do not have a state tax.

[Greenstone920]

In Annapolis MD, $250k isn't considered rich, but can certainly get you a comfortable middle-class lifestyle. Where we just moved to in upstate/central NY, you would be living a cushy life.

[rosaleeandtwo]

$250k a year is living decently pretty much anywhere in the US. Yes there are high cost cities where it may not go as far, but those cities are also usually surrounded by more affordable 'burbs.

Hell my friend even managed to make it on a military salary in Hawaii which is notorious for having a very high COL.

[bmw29]

259k would get you pretty far in NC/SC area.