Michael Steele: "Trust me, after taxes, a million dollars is not a lot of money,"

[Modbert]

Steele, Ford spar on issues during Ark. appearance -- Page 1 -- Times Union - Albany NY

The two often traded jokes, especially when Steele panned President Barack Obama's long-stated plan to let income tax rates return to higher levels for families making more than $250,000 a year.

"Trust me, after taxes, a million dollars is not a lot of money," Steele said.

Ford later asked the audience of mostly college students, "Who in here makes a million dollars a year?"

"How many of you want to make a million dollars a year?" Steele quickly responded when no hands were raised.

Interesting, it's still $672,000, assuming you are single and have no deductions at all.

Of course:

USA QuickFacts from the US Census Bureau

Median household income, 2007 $50,740

I mean, making almost roughly twenty times the average median household income isn't a lot of money at all.

But wait! What about minimum wage?

Well, a minimum wage worker in my state for example would make $15,392 a year if you are to consider a 40 hour work week, 52 weeks a year. (That's right, no vacations.)

I mean, almost 65 years to make 1 million isn't that bad.

And even better news! It only takes about 44 years to make $642,000! And that's before taxes on any minimum wage employee too though.

But there's also this:

Richest Americans See Their Income Share Grow - WSJ.com

In a new sign of increasing inequality in the U.S., the richest 1% of Americans in 2006 garnered the highest share of the nation's adjusted gross income for two decades, and possibly the highest since 1929, according to Internal Revenue Service data.

Meanwhile, the average tax rate of the wealthiest 1% fell to its lowest level in at least 18 years. The group's share of the tax burden has risen, though not as quickly as its share of income.

Note: Obviously none of this considers inflation, however these numbers are accurate as of this moment.

I understand it's French so the GOP probably wouldn't like the following as a new motto: "Qu'ils mangent de la brioche".

But they can always use the english translation!

"Let them eat cake."

Thoughts USMB?

 

[VaYank5150]

Steele, Ford spar on issues during Ark. appearance -- Page 1 -- Times Union - Albany NY

The two often traded jokes, especially when Steele panned President Barack Obama's long-stated plan to let income tax rates return to higher levels for families making more than $250,000 a year.

"Trust me, after taxes, a million dollars is not a lot of money," Steele said.

Ford later asked the audience of mostly college students, "Who in here makes a million dollars a year?"

"How many of you want to make a million dollars a year?" Steele quickly responded when no hands were raised.

Interesting, it's still $672,000, assuming you are single and have no deductions at all.

Of course:

USA QuickFacts from the US Census Bureau

Median household income, 2007 $50,740

I mean, making almost roughly twenty times the average median household income isn't a lot of money at all.

But wait! What about minimum wage?

Well, a minimum wage worker in my state for example would make $15,392 a year if you are to consider a 40 hour work week, 52 weeks a year. (That's right, no vacations.)

I mean, almost 65 years to make 1 million isn't that bad.

And even better news! It only takes about 44 years to make $642,000! And that's before taxes on any minimum wage employee too though.

But there's also this:

Richest Americans See Their Income Share Grow - WSJ.com

In a new sign of increasing inequality in the U.S., the richest 1% of Americans in 2006 garnered the highest share of the nation's adjusted gross income for two decades, and possibly the highest since 1929, according to Internal Revenue Service data.

Meanwhile, the average tax rate of the wealthiest 1% fell to its lowest level in at least 18 years. The group's share of the tax burden has risen, though not as quickly as its share of income.

View attachment 9406

Note: Obviously none of this considers inflation, however these numbers are accurate as of this moment.

I understand it's French so the GOP probably wouldn't like the following as a new motto: "Qu'ils mangent de la brioche".

But they can always use the english translation!

"Let them eat cake."

Thoughts USMB?

I want to chime in, but am a little confused as to what point you are trying to make with this post, Dogbert?

 

[Oddball]

Thoughts USMB?

I think that envy and covetousness are vastly overrated.

 

[Modbert]

I want to chime in, but am a little confused as to what point you are trying to make with this post, Dogbert?

Well obviously I was being a bit sarcastic (post may drip). A million dollars is a fuckton of money if you look at it from a realistic standpoint.

I'm pointing out also how once again, Michael Steele is out-of-touch with the average American as Chairman of the RNC.

 

[Oddball]

A million dollars is a fuckton of money if you look at it from a realistic standpoint.

No...When you look at it from the standpoint of a covetous college boy, who has done nothing to earn that money.

I'm pointing out also how once again, Michael Steele is out-of-touch with the average American as Chairman of the RNC.

True as that may be insofar as Steele is concerned, how 'bout you go out and jump through all the statutory and regulatory hoops it takes to earn that million bucks, pay ALL the taxes on it (federal, state, excise, sales, OASI, license and permit fees, etcetera), and come back with your report about how "fair" the system is.

 

[VaYank5150]

A million dollars is a fuckton of money if you look at it from a realistic standpoint.

No...When you look at it from the standpoint of a covetous college boy, who has done nothing to earn that money.

I'm pointing out also how once again, Michael Steele is out-of-touch with the average American as Chairman of the RNC.

True as that may be insofar as Steele is concerned, how 'bout you go out and jump through all the statutory and regulatory hoops it takes to earn that million bucks, pay ALL the taxes on it (federal, state, excise, sales, OASI, license and permit fees, etcetera), and come back with your report about how "fair" the system is.

Are you trying to say Steele has "jumped through statutory and regulatory hoops" to earn his million bucks?

 

[Modbert]

No...When you look at it from the standpoint of a covetous college boy, who has done nothing to earn that money.

True as that may be insofar as Steele is concerned, how 'bout you go out and jump through all the statutory and regulatory hoops it takes to earn that million bucks, pay ALL the taxes on it (federal, state, excise, sales, OASI, license and permit fees, etcetera), and come back with your report about how "fair" the system is.

Because you don't consider making 20 times the average median income to be a lot of money?

And you seem to be assuming that all people who make a million are business owners.

Let me ask you Dude, what do you consider to be well-off in this country then? 50 times the average median income?

 

[beowolfe]

It shows how disconnected the GOP leadership is when in comes to economic matters. If you think that $672,000 a year isn't much money, you are more than likely to think that people in that income bracket need assistance from the government.

In the end, the Democrats and the Republicans both seek to use government to benefit those that they think need and/or deserve help.

 

[Article 15]

He's a dumbass but he's right.

 

[Modbert]

He's a dumbass but he's right.

Right how though?

I mean, if we're talking lifetime then a million is not a lot of money. But we're talking yearly income. I think most people on this board would be quite happy to make even half of that a year, never mind $1,000,000.

Maybe I'm not getting it, I dunno.

 

[Oddball]

No...When you look at it from the standpoint of a covetous college boy, who has done nothing to earn that money.

True as that may be insofar as Steele is concerned, how 'bout you go out and jump through all the statutory and regulatory hoops it takes to earn that million bucks, pay ALL the taxes on it (federal, state, excise, sales, OASI, license and permit fees, etcetera), and come back with your report about how "fair" the system is.

Because you don't consider making 20 times the average median income to be a lot of money?

And you seem to be assuming that all people who make a million are business owners.

Let me ask you Dude, what do you consider to be well-off in this country then? 50 times the average median income?

When you earn the money, then you can be the one to make the judgment.

Until then, you got nothin'.

 

[Modbert]

When you earn the money, then you can be the one to make the judgment.

Until then, you got nothin'.

So instead of answering any of my questions, you just insult me. Alright, I get it.

 

[Oddball]

He's a dumbass but he's right.

Right how though?

I mean, if we're talking lifetime then a million is a lot of money. But we're talking yearly income. I think most people on this board would be quite happy to make even half of that a year, never mind $1,000,000.

Maybe I'm not getting it, I dunno.

No, you're feeling.

Do you really believe that having half of what you've earned taken from you by force is any less onerous, just because the raw number seems inordinately large to you?

Here's an idea...Start burglarizing "rich homes" based upon that premise....G'head, they don't "need" the stuff.

 

[Cold Fusion38]

He's a dumbass but he's right.

HE'S RIGHT!!!??? Yeah maybe if you are wearing a Celtics jersy he's right. ONE MILLION DOLLARS is a LOT of money I don't care how you or he tries to spin it!!!

 

[Cold Fusion38]

Yeah them POOR fing RICH people I'm all broken up about their STRUGGLES!

 

[Article 15]

He's a dumbass but he's right.

Right how though?

I mean, if we're talking lifetime then a million is a lot of money. But we're talking yearly income. I think most people on this board would be quite happy to make even half of that a year, never mind $1,000,000.

Maybe I'm not getting it, I dunno.

It depends on your perspective, I guess. I mean, sure, just winning a million dollars would change the life of the average American.

But when you take a step back and take a look at the grand scheme of things it's peanuts.

What's 20x the median really?

 

[Modbert]

No, you're feeling.

Do you really believe that having half of what you've earned taken from you by force is any less onerous, just because the raw number seems inordinately large to you?

Here's an idea...Start burglarizing "rich homes" based upon that premise....G'head, they don't "need" the stuff.

You're playing semantics now when you word it that way. Again, you make 20 times the median income. And you don't think that means you're not well off?

If you have a problem with the tax system, that's one thing. However, to say that you're not in good shape financially is bullshit.

 

[beowolfe]

He's a dumbass but he's right.

Right how though?

I mean, if we're talking lifetime then a million is a lot of money. But we're talking yearly income. I think most people on this board would be quite happy to make even half of that a year, never mind $1,000,000.

Maybe I'm not getting it, I dunno.

It depends on your perspective, I guess. I mean, sure, just winning a million dollars would change the life of the average American.

But when you take a step back and take a look at the grand scheme of things it's peanuts.

What's 20x the median really?

That's a littlet more than a million. And to get it, they have to spend half of their adult working life. So, what he's saying is not a lot of money, to a median income family, it's enough to start out, raise their kids, and get their kids out of the house.

 

[Cold Fusion38]

And Dude before you RIP on me consider HOW MANY MILLIONAIRES never worked a DAY IN THEIR LIVES. I guess when 99% of the wealth is controlled by .1% of the populace you will be HAPPY! We will basically have a ROYAL family of EXTREMELY WEALTHY who hand down their fortunes from GENERATION to GENERATION NEVER having worked a DAY IN THEIR LIVES, is THAT what you WANT!!!???

 

[Modbert]

It depends on your perspective, I guess. I mean, sure, just winning a million dollars would change the life of the average American.

But when you take a step back and take a look at the grand scheme of things it's peanuts.

What's 20x the median really?

Well yes, it is all depending how you look at it. I mean, if you look at the way you do then it is peanuts. But I mean when you compare it to someone who makes minimum wage, it's a helluva lot of money either way.