Democrat definition of "Millionaire"

Discussion in 'Economy' started by Skull Pilot, Apr 7, 2009.

  1. Skull Pilot
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    Skull Pilot Platinum Member

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    Opinion: Tax Plans Redefine 'Rich' - WSJ.com
    See millionaires are made under democratic administrations too.

    The only difference is that to make this happen, Dimocrats simply change the definition of "millionaire"

    But how low will the line between "rich" and poor go?

    Obama promises the line will be drawn at 250K but now that 300K is considered millionaire income, where does the "rich" line settle for its new low?

    read this and tell me you still believe the 250K mark is the cutoff for tax increases.

    Michael Boskin Says Barack Obama's Trillion-Dollar Deficit Budget Will Impede Economic Growth - WSJ.com
     
    Last edited: Apr 7, 2009
  2. Indiana Oracle
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    Indiana Oracle The Truth is Hard to Find

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    There is no question in my mind that if The Prophet's "stimulus" plan goes through with its current four components, the timing, and the adventurous GDP forecast, there is going to be a lot more taxation. Posted an article on an alternative approach yesterday: Indiana Oracle.

    Trump is on the news rattling about moving out of the city. He said that before. I hope he does this time. Bloomberg is on the wrong road. It will come home to roost one way or another.
     
  3. editec
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    editec Mr. Forgot-it-All

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    Last edited: Apr 7, 2009
  4. Annie
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    Annie Diamond Member

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    Editec, if you haven't noticed, the WSJ is usually one of the few papers that even appears somewhat edited nowadays. What used to be a 'standard' has been down the tubes for years.
     
  5. Skull Pilot
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    Skull Pilot Platinum Member

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  6. Ravi
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    Ravi Diamond Member

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    It's interesting how this guy is spinning this. What they are doing is taxing people with high incomes at a higher tax bracket than anyone else. I sure hope, to be consistent, this WSJ oped writer used to pretend that NY defined those making above $40,000 as millionaires.
    New York to Raise Tax Rate on Incomes Above $300,000, NYT Says - Bloomberg.com
     
  7. editec
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    editec Mr. Forgot-it-All

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  8. Epsilon Delta
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    Epsilon Delta Jedi Master

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    $300,000 and above?? You do realize that we're talking about the top richest 1% of Americans, right? How much RICHER and more MILLIONAIRE can one get, Skull Pilot?

    I'm sorry, I know that people are concerned by the oppressive yoke in which these ultra-rich must live... but frankly they're the last we have to be worried about. They're doing ok, trust me.
     
  9. Skull Pilot
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  10. editec
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    editec Mr. Forgot-it-All

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    They are?

    Then why did the authors bother talking about millionaires?

    Plenty of people with million dollars net worths are not rich as most of us understand the term.

    If the authors of WSJ wanted to complain about the changes in tax codes, they really ought to have just siad that, instead of couching their meaning behind all this talk about the rich.


    Statistically speaking when it comes to INCOMES, what income does one have to make to be called rich?

    http://www.census.gov/compendia/statab/tables/09s0673.pdf

    The median income for FAMILIES in the USA in 2006 was $58,407.

    If your family is making TWICE the median income ($118,814) does that make them rich?

    How about three times median family income? ($175,221)

    How about FOUR times median family income? ( $223, 628)

    How about FIVE times median family income? ( $292,035)

    How about SIX times median family income? ( $350,042)

    How about SEVEN times median family income? ( $408,849)

    Ten time? ( $584,070)

    Where, exactly does one draw that line to say that those workers are rich?

    It depends, I suppose, on how much you make, doesn't it?

    Now perhaps my blue collar roots are showing, but I defintiely think that somebody making $250,000 a year is rich.

    Not superrich, but rich enough.

    What's YOUR definition of that term?
     

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