What is the minimal amount of money do you need to be considered rich?

[auditor0007]

According to Obama rich is 250K.. I on the other hand think you need a net worth over 1 million to be considered rich and that is not even that rich.

If you earn $1 million per year, then you are either rich or very stupid for not being rich. On the other hand, having a net worth of $1 million does not, in my book, qualify you for being rich. You are well off, but definitely not rich.

And no, people should not be taxed on their wealth, but the should be taxed at a reasonable rate on their earnings.

 

[rdean]

A flat tax is necessary. 10% on EVERYONE. No deductions.

Funny, when Eisenhower was president, taxes on the wealthy were 90%. Everyone had a job and a house and they could go to school. There was no deficit. He balanced the budget. The rich only worked harder. No wonder conservatives think of those as the "good old days".

Nobody who was rich paid anywhere near those rates due to there being so many deductions. I would side with the flat taxers if they included reasonable standard deductions for everyone and all income was taxed at the flat rate, including capital gains.

But they did pay more than the 15 to 18% they pay now. Not something that can be argued. In fact, the rich are paying much less than anytime since Eisenhower. How's that working out for the economy?

 

[Mr Natural]

"Rich" is having enough money socked away so that working becomes optional.

 

[rdean]

"Rich" is having enough money socked away so that working becomes optional.

Actually, the super rich are the group most likely unscathed if Teabirthers bring down the US and World Economy.

 

[LordBrownTrout]

I'm gonna about 500billion because a loaf of bread is gonna cost a million real soon.

 

[Missourian]

You are rich if you have more than your liberal neighbor.

 

[BoycottTheday]

Rich means having a roof over your head, a full stomach and a bed to sleep in.

 

[txlonghorn]

I think we're confusing rich with wealthy...

I know tons of people who are rich and don't have any money. Besides, what difference does it make what we consider "wealthy"? The libs have already taken it upon themselves to define it. And they won't stop until they are taking more from the wealthy and handing it to those who don't think they should have to earn a single dime. They expect the handouts to sustain them. They want their houses paid for, their food paid for, their meds paid for, their gas paid for and whatever else they can bilk out of the system. They are having babies to increase their monthly benefits. All you jackasses who think the wealthy owes the lazy something should get off the crack pipe. Or move to a socialist country... wait, you might just want to hold that thought. You may be able to stay here and get that socialist thing afterall.