)How to know if you're rich -- in your city
http://articles.moneycentral.msn.com/SavingandDebt/LearnToBudget/how-to-know-if-youre-rich-in-your-city.aspx?GT1=33009
Now the article crunched the numbers on the top 5% and top 20% of households as being rich. That makes sense as the top 20% could be considered rich, the middle class as the 21% through 80%, and the poor are the bottom 20%. Of course if it were me I would put the numbers as the top 25% being rich, the middle class at 26% to 75%, and the poor as the bottom 25%. That would make a nicer bell curve.
According to this article (and the Census Bureau) the average U.S. household income of the top 20% of the population is $173,953. For the top 5% it is $311,427.
If you are a couple with no kids, the top 20% = $136,971. For the top 5% = $245,218
Now Obama during the campaign wanted to target his tax cuts at people making $200,000 or less and his tax increases at those pulling in $250,000 or more. After being elected I believe he has dropped his plan on increasing taxes on who he considers rich.
Still with all the money the politicians are giving out in bailouts, the money needs to come from somewhere - and not just China. Of course raising the taxes on just the top 5% won't be enough to support the remaining 95%. Even 20% of the people supporting the remaining 80% is tough, but it is a start. Obama needs to raise the taxes on households making $175,000 and more, or more likely on those households with no kids making $137,000 or more. Those are the rich people.
Write your politician today.
Oh wait... each member of the U.S. House and Senate makes $169,300. Yes, that's right. Each individual member makes almost as much as the top 5% of U.S. households. (http://www.govspot.com/know/congresssalary.htm) No wonder Obama chose $250,000 as the starting point to raise taxes and $200,000 as the point on which to cut taxes.
No comments:
Post a Comment