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401k's don't guarantee an 8% return. The problem with the unions' defined benefit pensions is that when that 8% return doesn't exist, the money to PAY those pensions isn't there, either.
And 5% raises each year? What planet are YOU living on?
8% returns are well below the long-term average of the stock market and I don't think it's an unreasonable number over a 40 year time span.
And if you change my numbers to have an average 1% annual raise and run it from age 20 to 65, you still have over $1 million.
Well, you can just keep your little secrets to yourself, this way you can pump up your self image and be the only smart one in the room.
We do not live in a caste system, there is no freaking middle class. In my own family i have siblings doing everything from teaching, nursing, engineer, architects and medical doctors, some earn $40,000 a year, and others are making well over $200,000 a year. We grew up in a single parent family where my mother earned minimum wage jobs. So go stuff your Marxist ideology and your attempts to label us all.
- Reducing the income tax on top earners is one of the most inefficient ways to grow the economy according to the non-partisan Congressional Budget Office
- 44% of Congress people are millionaires
- The tax cuts were never meant to be permanent
- Letting tax cuts for the top 2% expire as scheduled would pay down the debt by $700 billion over the next 10 years
With 44% of Congress being millionaires, no wonder they fight so hard to go against what the majority of Americans believe is the right and fair thing to do to help our country in this time of economic crisis.
POTUS was probably talking about percentage of income earned paid for federal income tax , in that case he's probably right.
Now "The One" cannot say what he really means? What a surprise that the 0-bamaphhiles have to try to translate.
Pure spin.
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