Since when has a household making $250,000 been considered a MILLIONAIRE or BILLIONAIRE?
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The IGM Forum is a group of America's most respected economists. When asked the question do tax cuts increase revenues 0% of them said yes. A Tax Cut Won't Increase Revenue - Forbes
The following is a history of federal tax receipts. From 1992-2000 tax receipts greatly increased every year. But in 2001 tax receipts suddenly fell. Historical Federal Receipt and Outlay Summary
it also says that SPENDING increase by TWICE the increase in revenue
the federal defict is 3 times the size under obama than bush
hmm
federal revenue in 2001.....1.991 trillion
federal revenue in 2002.....1.853 trillion (the dot com, 9/11 recession)
federal revenue in 2003.....1.782 trillion
federal revenue in 2004.....1.894 trillion
federal revenue in 2005.....2.153 trillion
federal revenue in 2006.....2.407 trillion
federal revenue in 2007.....2.568 trillion
hmm revenue went up every year since the 2003 tax cuts....hmmm
GW Bush was president from 2001-2009.
Obama became president in 2009.
This is where the whole argument about taxing the rich loses me and other opponents. The actual words used is to allow tax cuts for the RICH to expire. That MILLIONAIRES and BILLIONAIRES can afford to pay a higher percentage in tax. That's a fair statement and I can understand it.
So now let's look at the details...how much does one need to make to be a millionaire or billionaire? According to the White House, it's a single person making $200,000 per year or a households making $250,000 per year.
Please tell me how a family with a combined income of $250,000 should be called a MILLIONAIRE OR BILLIONAIRE?!
I'd support a tax increase if the amount was raised to $1 million, but come on $200,000! The White House for some reason refuses to budge on the 200,000/250,000 number. I'm sure they would get bipartisan agreement if it were raised.
So, somebody who signs a four year contract at $250,000 yr. isn't a millionaire? Hmmm...
Oh, boo hoo! There has to be a cutoff somewhere. Wherever it is set, people making $1 more will complain. Frankly, I'd be happy to make $250K.
In the SF Bay Area, a family of $250K is solidly middle class. It's not as much money as you might think, when 1 bedroom apartments average nearly $4K/month.
The line for the highest tax bracket should be more like $500K+/yr.
In the SF Bay Area, a family of $250K is solidly middle class. It's not as much money as you might think, when 1 bedroom apartments average nearly $4K/month.
The line for the highest tax bracket should be more like $500K+/yr.
My family including myself living together caps out around 100k and we live comfortably. Hell we even live in the heart of Silicon Valley.
Of course we own the duplex we live in but still.
250k being middle class is preposterous.
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