What exactly is "rich?

Question

Since Bush's tax cuts are only for the rich, then I mus be rich, because they have helped me.

Why do people feel that "rich" people do not pay any taxes?

Fasc, even if a millionare did get more, he makes more, you wouldnt expect to get 50K for maybe only making 60K a year would you?

I make over 40K, not bad, but definityl not rich and I used to OWE every year, now I am up and getting a return which has increased every year for the past 4 years.

Answer 1

No one is rich. It's always that other guy who is rich. Ask around: "Are you rich?" See how many yes and no answers you get. I'll wager you wont get 2 yeses for every 100 questions you ask. Go ask in the nice neighborhood. Same thing.

No one thinks they are rich. That guy driving around his $65,000 SUV isn't rich. Ask him. No way, he's just barely making it. He's got to pay a mortgage on that 3500 sq ft 6 bedroom house. And the car payments for the H3 and the Lexus ain't cheap. Not to mention the 20K for tuition his kid needs for the University. His $150,000 a year salary is barely getting him by. He's not rich.

Everything is relative. Many people in third world underdeveloped countries would consider all but the poorest among us "rich".

Your definition is probably different than mine, which is different than the other hundreds of millions of people in the US. That's why it is so easy to demagogue. The politicians can use the word "rich" and it illicits just about the same response from everyone, including those whom *you* think are rich.

Answer 2

I make an OK salary and I am FAR from rich, but I also pay more in than those who don't make as much as I. I contribute a sizeable portion of my salary to my 401K plan (over $300/month), plus pay over $230/month toward my health and dental insurance, which leaves me with about the same take-home pay as people who make A LOT less than I do. So yeah, I like my tax cut and also my tax-free deferral on my 401K money and I don't want rich, elitist, socialist politicians like Hillary Clinton anywhere near it. I don't want to be punished for being responsible and saving for my retirement which is 26 years away.

To answer your question, the top 50% of rich Americans (that is, the top wage earners) pay over 96% of ALL income taxes, and and the bottom 50% only account for a little over 3%. These are the numbers the liberals don't want you to know about.

see this link: http://www.wpri.org/Commentary/2006/Oct06/NiTR10.16.06.pdf

And the Democrats LOVE the rich--that is where they get most of their campaign money!

Answer 3

Rich is at least $500,000 a year with a net worth of over $2.5 million (the starting point for estate taxes). Rich people and corporations get such tax breaks that they do not come close to paying the proportion of disposable income that you or I pay. The rich control 99.5% of the wealth in this country but pay less than 90% of the taxes. I paid more for the raises in the cost of my health insurance premiums than the few hundred I saved in the "tax cuts" in the last six years. So the rich are still profiting off the rest of our "tax cuts". When we get done paying off the Bush deficit we won't have made a thing off "tax cuts".

Answer 4

Here is the proof that politicians are evil lying scumbags, and that ~50% of our population are as sharp as a bowling ball:

In the 2004 campaign, John Kerry proposed a tax on the "rich", which he defined as anyone making more than $200,000 per year. John Kerry himself is a multi-millionaire, rich by anyone's definition. However, his wealth comes from his marriage, his only income is from being a senator. His salary as a senator is $168,000 per year. So even though he is massively rich, he would be exempt from his own tax on the "rich" because his income is less than $200,000 per year. It doesn't get any more hypocritical, sleazy, and evil than that.

What does the future of our country look like when almost 50% will vote for somebody like that?

Answer 5

People who tend to make more money have more 'loopholes' in which to operate, thus getting bigger tax 'breaks' that those who do not meet the qualifications. If we really wanted to solve tax problems, there would be a flat tax - everyone pays a fixed, flat percentage with no breaks, no perks, etc. You make 50k per year, you pay 15% (or whatever). You make 5k per year, you pay 15% (or whatever). How hard is that?

Answer 6

once you've a lot money you ought to attempt to spend all of it. once you've 10,000,000 you're for efficient wealthy. a 5% pastime price factors 500,000 a twelve months for purely preserving it and doing no longer some thing. SO, Yeah, a million million isn't sufficient, nicely 10 is a lengthy way more beneficial than sufficient. each and every thing receives fuzzy in existence, there is no set quantity. a pair million is sufficient purely with pastime. Now, when you're an fool and choose each and every thing, you could't in any respect be wealthy.

Answer 7

Rich is healthy children and happy relationships. The tax issues cannot impact on that except to prevent our children from getting necessary healthcare and causing ordinary people to be so worried and overworked they have no energy left to focus on happy relationships. I'd be happy to pay more tax if I got higher quality health and human service benefits.

Answer 8

I don't know, but I'm too poor to pay taxes. That's why I get a refund every year. When you only make $6,000 a year like me and no one can claim you, it makes sense to not have to pay.

Answer 9

We feel the rich warp the political process to evade paying their fair share. "A man of great wealth owes a special obligation to government, since he derives a special benefit from the existence of government". --Theodore Roosevelt.

Yeah, the tax cuts helped me too. A punk $400, while a millionaire got $50,000, and we got more deficits to pay off. You sure can be bought cheaply.

Answer 10

Rich is relative unless you're talking millions of dollars ie independently wealthy