Define Rich

[alan1]

I've heard that the Bush tax cuts only benefited the rich.
I've heard that Obama will only raise taxes on the rich.

Can somebody define "Rich" to me?
The Bush tax cuts affected people making less than $250K and Obama's tax increases are only supposed to affect those making more than $250K.
I need somebody to explain this to me.

 

[RodISHI]

Depends on your looking glass. Is it a Dem glass or a Rep glass?

 

[Yukon]

I think most would agree that someione makin 250 K per year is perhaps not rich but is very, very well-off?

Those making over $ 250 K should be taxed at a rate of at least 30 % (flat tax).

 

[WillowTree]

I think most would agree that someione makin 250 K per year is perhaps not rich but is very, very well-off?

Those making over $ 250 K should be taxed at a rate of at least 30 % (flat tax).

dosen't that depend a lot on where you live?

 

[Truthmatters]

Having more money coming in than you need to live and save for your retirement.


If you make over 200,000 a year and cant send your kids to ANY college, live well and have enough saved for a comfortable retirement then you are a complete idiot and someone is paying you more than you are worth.

 

[auditor0007]

I think most would agree that someione makin 250 K per year is perhaps not rich but is very, very well-off?

Those making over $ 250 K should be taxed at a rate of at least 30 % (flat tax).

dosen't that depend a lot on where you live?

Obama's half brother in Kenya thinks anyone receiving welfare in the US is rich.

 

[alan1]

Having more money coming in than you need to live and save for your retirement.


If you make over 200,000 a year and cant send your kids to ANY college, live well and have enough saved for a comfortable retirement then you are a complete idiot and someone is paying you more than you are worth.

Are you saying that anybody paid over $200K is over paid?

 

[WillowTree]

I think most would agree that someione makin 250 K per year is perhaps not rich but is very, very well-off?

Those making over $ 250 K should be taxed at a rate of at least 30 % (flat tax).

dosen't that depend a lot on where you live?

Obama's half brother in Kenya thinks anyone receiving welfare in the US is rich.

well, true,, lesseee, 250 grand with a 30% tax assessment leaves you with 175 grand.. then say you live in Caleeeeefornia or New Yawk,, what is the rate of state income tax??? ten or 20 percent???? so let's say that takes you to 50% you are paying, then add sales tax and gasoline tax,, hhhhhmmmm wouldn't it be easier not to work at all,, just latch onto obamalamas teat??

 

[alan1]

Depends on your looking glass. Is it a Dem glass or a Rep glass?

So, what is your definition of rich?
Where is that line that makes one income rich and another not?

 

[WillowTree]

don't forget the taxes you pay for property,,, cars tags boat tags,, aeroplane rides.. almost anything except food is taxed to death.. so how much of 250 grand to you get to bring home..??

 

[editec]

Rather than looking at incomes, because incomes can easily be manipulated to appear less than they are, I think the definition of wealthy depends on NET WORTH.

I don't know what the NET worth of all assets in the USA are, but here's some data about who owns what. It's even more lopsided now in 2009 than in was in 2001, of course, but this gives you a fairly decent idea of how very wealthy some people are, and how very poor most American are by comparison.

United States, 1983-2001 Total Net WorthTop ​

Year ... top 1%................... Next 19% ...................Bottom 80%

1983 - 33.8% ......................47.5%............................18.7%

1989 - 37.4% ......................46.2% ...........................16.4%

1992 - 37.2% ......................46.6% ...........................16.3%

1995 - 38.5% ......................45.4% ...........................16.1%

1998 - 38.1% ......................45.3% ...........................16.6%

2001 - 33.4% ......................51.0%............................ 15.5%

aprox
Pop 3 M ....................... 57 million........................240 Million

Total assets are defined as the sum of: (1) the gross value of owner-occupied housing; (2) other real estate owned by the household; (3) cash and demand deposits; (4) time and savings deposits, certificates of deposit, and money market accounts; (5) government bonds, corporate bonds, foreign bonds, and other financial securities; (6) the cash surrender value of life insurance plans; (7) the cash surrender value of pension plans, including IRAs, Keogh, and 401(k) plans; (8) corporate stock and mutual funds; (9) net equity in unincorporated businesses; and (10) equity in trust funds.
Total liabilities are the sum of: (1) mortgage debt; (2) consumer debt, including auto loans; and (3) other debt. From Wolff (2004).

source

Judging from the above, I'll declare that:

America's top 1% are very wealthy, (the RICH)

America's real middle class (The well off) is comprised of about 57 million Americans.

Based on that, about 8 out of 10 Americans (about 240 million of us) are basically poor...

IF we use NET WORTH as our guide.

 

[Arthur]

I feel rich.

 

[alan1]

Rather than looking at incomes, because incomes can easily be manipulated to appear less than they are, I think the definition of wealthy depends on NET WORTH.

I don't know what the NET worth of all assets in the USA are, but here's some data about who owns what. It's even more lopsided now in 2009 than in was in 2001, of course, but this gives you a fairly decent idea of how very wealthy some people are, and how very poor most American are by comparison.

United States, 1983-2001 Total Net WorthTop ​

Year ... top 1%................... Next 19% ...................Bottom 80%

1983 - 33.8% ......................47.5%............................18.7%

1989 - 37.4% ......................46.2% ...........................16.4%

1992 - 37.2% ......................46.6% ...........................16.3%

1995 - 38.5% ......................45.4% ...........................16.1%

1998 - 38.1% ......................45.3% ...........................16.6%

2001 - 33.4% ......................51.0%............................ 15.5%

aprox
Pop 3 M ....................... 57 million........................240 Million

Total assets are defined as the sum of: (1) the gross value of owner-occupied housing; (2) other real estate owned by the household; (3) cash and demand deposits; (4) time and savings deposits, certificates of deposit, and money market accounts; (5) government bonds, corporate bonds, foreign bonds, and other financial securities; (6) the cash surrender value of life insurance plans; (7) the cash surrender value of pension plans, including IRAs, Keogh, and 401(k) plans; (8) corporate stock and mutual funds; (9) net equity in unincorporated businesses; and (10) equity in trust funds.
Total liabilities are the sum of: (1) mortgage debt; (2) consumer debt, including auto loans; and (3) other debt. From Wolff (2004).

source

Judging from the above, I'll declare that:

America's top 1% are very wealthy, (the RICH)

America's real middle class (The well off) is comprised of about 57 million Americans.

Based on that, about 8 out of 10 Americans (about 240 million of us) are basically poor...

IF we use NET WORTH as our guide.

That's all good information Mr Editic, but the tax policy by both Mr Bush and Mr Obama are based upon income, not wealth.

 

[toomuchtime_]

I've heard that the Bush tax cuts only benefited the rich.
I've heard that Obama will only raise taxes on the rich.

Can somebody define "Rich" to me?
The Bush tax cuts affected people making less than $250K and Obama's tax increases are only supposed to affect those making more than $250K.
I need somebody to explain this to me.

Well, let's see. Obama is rich and Clinton is rich and Kerry is rich and Carter is rich and LBJ was rich and Kennedy was rich and FDR was rich, so what does that tell us about rich people?

 

[RodISHI]

Net worth is not always actually an accurate determining factor for true wealth.

To many variables in it day to day.

Even the richest man has to concern himself/herself with where to make the deposits/investments/etc.

Rich can also be a state of mind.

If one owns their own home they could be considered rich only if it were fully paid for and they had a steady income of some kind or money in the can.

In that if one does not have an income of some kind in which to sustain themselves they cannot keep up the expenses of owning that home even if it is paid for.

I could call a neighbor rich he has land and cows. A steady SS income from an injury he sustain, a steady income from his wifes job, etc... but he mortgaged it all to buy new truck so he could do a portion of his wifes job (can't make to much on a claimed full permanant disability) and a couple houses down town that they could rent to illegals that work for the wife's employer. They put a mortgage on those places though to buy another place to rent when the first two got full. Then a few expenses here and there, a new tractor, four wheeelers etc.. So I cannot really consider them rich either.

Now the neighbor family that has all of their land paid for (several hundreds acres), no debt, grows their own food, makes enough from vet services they supply to the other locals and no debt on their home. They could be considered rich. They do not live like the ones people call rich or wealthy. They do have a new tractor they paid cash for though a few years ago. No debt. She considers if she had a five gallon bucket of honey she would be rich. The government wants to force them to pay several dollars a piece for their cattle to put RFID in them. That is they will be forced to pay some corporation (verisign) $3 a head at about two hundred and fifty head of livestock animals they own already. (GRGRGRGR) If they refuse their cattle could be rustled and they would not get paid for them if the processor did not see those RFID in their livestock. Even if they mark their animals with tattoos or brands the processor gets the money for their cows.

 

[Shogun]

One can define "rich" as a standard deviation from a mean average on all individual income.

 

[jillian]

Rich is having enough money where you'd never need to wrok again if you didn't want to.

 

[Skull Pilot]

Having more money coming in than you need to live and save for your retirement.


If you make over 200,000 a year and cant send your kids to ANY college, live well and have enough saved for a comfortable retirement then you are a complete idiot and someone is paying you more than you are worth.

of you mean like Joe Biden and his staggering 150K net worth after nearly 40 years of being in the top 5% of earners in the country...that kind of idiot?

But seriously, anyone who can pay their bills without government help is rich. tax them all!

 

[Yukon]

[/QUOTE] Obama's half brother in Kenya thinks anyone receiving welfare in the US is rich.[/QUOTE]

Would that be the "brother" who lives in a tree or the one who lives in a cave ?