Is $250,000/year "middle class?"

If $250K is the Top 2% then it shows this country is full of idiots like you.:clap2:

Yes...I knew the kook would go grab the wiki info.....go show me Department of Labor stats, idiot.

I guess I'm in the Top 10%.:badgrin:

Thanks for showing again the monumental levels of stupidity possessed by those on the far right. :clap2:

WHAT THE TOP 1%, 5%, 10%, 25% and 50% MAKE IN AMERICA

Based on the Internal Revenue Service’s 2010 database below, here’s how much the top Americans make:

Top 1%: $380,354

Top 5%: $159,619

Top 10%: $113,799

Top 25%: $67,280

Top 50%: >$33,048


http://www.financialsamurai.com/2011/04/12/how-much-money-do-the-top-income-earners-make-percent/

That's not wikipedia you fucking moron, it's the federal IRS records.

Though please keep posting, it makes yourself and the rest of the far right look dumber and dumber :clap2:
 
It's upper middle class. You're certainly well off, but not what I consider "rich."

How can someone with two kids in college, a mortgage, car payments, insurance, etc., be "well off" at $250K/year?

I'd like to know what a Liberal how touts this middle class shit has to say, i.e. what's "Middle Class" and what's "Rich?"

If you make $250k a year and you can't make ends meet, you're fucking horrible with your money. People who make a quarter of that can make ends meet.
 
If $250K is the Top 2% then it shows this country is full of idiots like you.:clap2:

Yes...I knew the kook would go grab the wiki info.....go show me Department of Labor stats, idiot.

I guess I'm in the Top 10%.:badgrin:

That's not wikipedia you fucking moron, it's the federal IRS records.

Though please keep posting, it makes yourself and the rest of the far right look dumber and dumber :clap2:

I agree, this country is full of idiots. A quick look at at our elected officials on both sides should have given that away.
 
obamination keeps talking about how he wants to help the "middle class" but he wanted to raise income taxes on people making $250,000 a year.

Are they rich people?

Are people working at Taco Bell but have to pay the obamacare tax....rich people?

All this bullshit about helping the "middle class" when his policies increase healthcare costs, energy costs, gas prices and food prices....while costing middle class jobs.:clap2:

Same old bullshit speech today....

A couple making 250K a year certainly ain't wealthy.
 
It's upper middle class. You're certainly well off, but not what I consider "rich."

How can someone with two kids in college, a mortgage, car payments, insurance, etc., be "well off" at $250K/year?

I'd like to know what a Liberal how touts this middle class shit has to say, i.e. what's "Middle Class" and what's "Rich?"

And Republicans consider themselves fiscally responsible. :lol:
 
People making $45,000 a year go out and buy a $250,000 house and will never be called "rich."

But a person making $250,000 goes out and buys a $700,000 house...they are so-called rich.

Some doctor, lawyer or businessman making $250,000/year probably doesn't consider themselves rich when they have car payments, a house payment, student loans, etc.

When liberals start taxing someone making $250,000 at the same rate as someone making 4x more each year....this country has gone insane. The only reason to do that is to stagnate the middle class from reaching the rich class.
 
What most of you idiots don't understand is that just because one has an AGI of 250K does not mean that person actually made 250K.

The past few years our income has ranged between 250 and 310K

But in all those years we have spent about 60 to 100K a year on capital improvements and reinvestment into our business,

All that money except for a small percentage was counted as income even though we had spent it.

One year our real income was 160K and we paid taxes on 280K

It will take another 5 to 7 years to recoup that money via the long depreciation schedules the government forces us to use.
 
What most of you idiots don't understand is that just because one has an AGI of 250K does not mean that person actually made 250K.

The past few years our income has ranged between 250 and 310K

But in all those years we have spent about 60 to 100K a year on capital improvements and reinvestment into our business,

All that money except for a small percentage was counted as income even though we had spent it.

One year our real income was 160K and we paid taxes on 280K

It will take another 5 to 7 years to recoup that money via the long depreciation schedules the government forces us to use.


One of two things going on here; either you need a new accountant (are you your own accountant?) or you are full of shit.

Now if you made 300k w2 income and spent additional money on another business, yea you paid tax on the full w2 wages. Just like you were supposed to.

But if you are running a corp, an s corp or even a sole proporietor and paid taxes on gross receipts, you need a new accountant.

And for sure, if you can't "get buy" on 15k a month, you don't have an income problem, you have a spending problem. Just like the government you like to hate.
 
What most of you idiots don't understand is that just because one has an AGI of 250K does not mean that person actually made 250K.

The past few years our income has ranged between 250 and 310K

But in all those years we have spent about 60 to 100K a year on capital improvements and reinvestment into our business,

All that money except for a small percentage was counted as income even though we had spent it.

One year our real income was 160K and we paid taxes on 280K

It will take another 5 to 7 years to recoup that money via the long depreciation schedules the government forces us to use.


One of two things going on here; either you need a new accountant (are you your own accountant?) or you are full of shit.

Now if you made 300k w2 income and spent additional money on another business, yea you paid tax on the full w2 wages. Just like you were supposed to.

But if you are running a corp, an s corp or even a sole proporietor and paid taxes on gross receipts, you need a new accountant.

And for sure, if you can't "get buy" on 15k a month, you don't have an income problem, you have a spending problem. Just like the government you like to hate.

An S corp is a pass through so everything shows up on my personal tax return.

You don't know much about depreciation schedules do you? If you spent 100K on capital improvements you can only write off a percentage of that in the year you spent it the rest is counted as income.

And where did I say I couldn't get by? We live well below our means and save about 30% of our gross income for retirement. If the fucking government followed our example we'd have an ongoing annual surplus.
 
You know what dude, I been depreciating rental properties for a long time.

But the fact remains, you passed through all the corporations profits, write offs etc, to your personal tax returns. You did that for a reason. If you drew 300k income from your s corp, of course you paid taxes on that amount. It is what you are supposed to do. But you chose to set your business up that way. You chose to re invest your w2 income back into your business. Why? At todays rates, why not borrow for capital improvement? If your business was running a loss, you would have written that loss off of your personal income as well. Right?

So what are you complaining about? Making big bucks from a corp. that pays no federal tax and still complaining. Why?

Oh and btw, I thouhgt I read where Obama signed a law that allowed an shorter depreciation schedule for capital expenses for small business. Check with your accountant.
 
You know what dude, I been depreciating rental properties for a long time.

But the fact remains, you passed through all the corporations profits, write offs etc, to your personal tax returns. You did that for a reason. If you drew 300k income from your s corp, of course you paid taxes on that amount. It is what you are supposed to do. But you chose to set your business up that way. You chose to re invest your w2 income back into your business. Why? At todays rates, why not borrow for capital improvement? If your business was running a loss, you would have written that loss off of your personal income as well. Right?

So what are you complaining about? Making big bucks from a corp. that pays no federal tax and still complaining. Why?

Oh and btw, I thouhgt I read where Obama signed a law that allowed an shorter depreciation schedule for capital expenses for small business. Check with your accountant.

Depreciating a property is not the same as spending money on capital improvements.

You can spend nothing on a rental property and still depreciate it.

If you spent 50K on a new roof then you'd pay taxes on 47500 of that the first year.

It would take 20 to fully write it off.

And that bill does me no good as most of our capital improvements are done now.

And that still does not invalidate my point about AGI not being a measure of real income.
 
You know what dude, I been depreciating rental properties for a long time.

But the fact remains, you passed through all the corporations profits, write offs etc, to your personal tax returns. You did that for a reason. If you drew 300k income from your s corp, of course you paid taxes on that amount. It is what you are supposed to do. But you chose to set your business up that way. You chose to re invest your w2 income back into your business. Why? At todays rates, why not borrow for capital improvement? If your business was running a loss, you would have written that loss off of your personal income as well. Right?

So what are you complaining about? Making big bucks from a corp. that pays no federal tax and still complaining. Why?

Oh and btw, I thouhgt I read where Obama signed a law that allowed an shorter depreciation schedule for capital expenses for small business. Check with your accountant.

Depreciating a property is not the same as spending money on capital improvements.

You can spend nothing on a rental property and still depreciate it.

If you spent 50K on a new roof then you'd pay taxes on 47500 of that the first year.
It would take 20 to fully write it off.

And that bill does me no good as most of our capital improvements are done now.

And that still does not invalidate my point about AGI not being a measure of real income.


Dude, you are crazy. If I spent 50k on roofs for my properties, that would have nothing to do with my depreciation of those properties.

And I would write every bit of that roof expense off my sch E tax form. *You familiar with sch E? Wonderful tax treatment for rental income and expenses)

And if your capital improvement are done, then you are realizing the income gains brought about by the improvements. Correct? So now your business income will rise and your personal income will rise.

And you are correct. AGI shows income AFTER allowable deductions. That's why they call it Adjusted Gross Income AGI. Thats that amount you pay taxes on. A lower amount than true gross income Why you not like that?

From wiki. You really need an accountant I think.

For United States individual income tax, adjusted gross income (AGI) is total gross income minus specific reductions.[1] Taxable income is adjusted gross income minus allowances for personal exemptions and itemized deductions. For most individual tax purposes, AGI is more relevant than gross income.

Gross income is sales price of goods or property, minus cost of the property sold, plus other income. It includes wages, interest, dividends, business income, rental income, and all other types of income. Adjusted gross income is gross income less deductions from a business or rental activity and 21 other specific items
 
You know what dude, I been depreciating rental properties for a long time.

But the fact remains, you passed through all the corporations profits, write offs etc, to your personal tax returns. You did that for a reason. If you drew 300k income from your s corp, of course you paid taxes on that amount. It is what you are supposed to do. But you chose to set your business up that way. You chose to re invest your w2 income back into your business. Why? At todays rates, why not borrow for capital improvement? If your business was running a loss, you would have written that loss off of your personal income as well. Right?

So what are you complaining about? Making big bucks from a corp. that pays no federal tax and still complaining. Why?

Oh and btw, I thouhgt I read where Obama signed a law that allowed an shorter depreciation schedule for capital expenses for small business. Check with your accountant.

Depreciating a property is not the same as spending money on capital improvements.

You can spend nothing on a rental property and still depreciate it.

If you spent 50K on a new roof then you'd pay taxes on 47500 of that the first year.
It would take 20 to fully write it off.

And that bill does me no good as most of our capital improvements are done now.

And that still does not invalidate my point about AGI not being a measure of real income.


Dude, you are crazy. If I spent 50k on roofs for my properties, that would have nothing to do with my depreciation of those properties.

And I would write every bit of that roof expense off my sch E tax form. *You familiar with sch E? Wonderful tax treatment for rental income and expenses)

And if your capital improvement are done, then you are realizing the income gains brought about by the improvements. Correct? So now your business income will rise and your personal income will rise.

And you are correct. AGI shows income AFTER allowable deductions. That's why they call it Adjusted Gross Income AGI. Thats that amount you pay taxes on. A lower amount than true gross income Why you not like that?

From wiki. You really need an accountant I think.

For United States individual income tax, adjusted gross income (AGI) is total gross income minus specific reductions.[1] Taxable income is adjusted gross income minus allowances for personal exemptions and itemized deductions. For most individual tax purposes, AGI is more relevant than gross income.

Gross income is sales price of goods or property, minus cost of the property sold, plus other income. It includes wages, interest, dividends, business income, rental income, and all other types of income. Adjusted gross income is gross income less deductions from a business or rental activity and 21 other specific items

AGI only reflects one year allowance on depreciation schedules.

In the first year of such a schedule you are paying taxes on money that you spent and that you never received as income.

What the fuck is so hard to understand about that?

So my AGI could be 300K and my actual income much lower.

It really isn't that complicated.
 
It's upper middle class. You're certainly well off, but not what I consider "rich."

How can someone with two kids in college, a mortgage, car payments, insurance, etc., be "well off" at $250K/year?

I'd like to know what a Liberal how touts this middle class shit has to say, i.e. what's "Middle Class" and what's "Rich?"

The average cost for a private, for profit 4 year colleges is about $25k x 2 = $50,000

$500k 30 year home loan at 3.5% = $2245/mo mortgage x 12 = $26,940

2 x 500/mo car payments = $12,000

If you pay health insurance entirely out of your pocket = $20k

You're total tax liability at $250k is about $72k

250,000 - 72,000 - 88,940 - $20,000 = $69,060

Ok so.....You're insured, you're two kids' tuition is paid, the mortgage on your half million dollar home is paid, you have twin nice brand new cars paid for, Uncle Sam is paid, and you have $69,000 (about $20k more than the average American earns in a year) left for food, etc.

Yeah, such a person is pretty well off.
 
It's upper middle class. You're certainly well off, but not what I consider "rich."

How can someone with two kids in college, a mortgage, car payments, insurance, etc., be "well off" at $250K/year?

I'd like to know what a Liberal how touts this middle class shit has to say, i.e. what's "Middle Class" and what's "Rich?"

The average cost for a private, for profit 4 year colleges is about $25k x 2 = $50,000

$500k 30 year home loan at 3.5% = $2245/mo mortgage x 12 = $26,940

2 x 500/mo car payments = $12,000

If you pay health insurance entirely out of your pocket = $20k

You're total tax liability at $250k is about $72k

250,000 - 72,000 - 88,940 - $20,000 = $69,060

Ok so.....You're insured, you're two kids' tuition is paid, the mortgage on your half million dollar home is paid, you have twin nice brand new cars paid for, Uncle Sam is paid, and you have $69,000 (about $20k more than the average American earns in a year) left for food, etc.

Yeah, such a person is pretty well off.

Not wealthy
 

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