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It's not like they get all of that money. The more you make the more you get taxed.
Many are cash poor because they have to invest it in order not to get taxed to death.
It's been asked at what salary level is someone considered rich, and there has been some very interesting insight.
My question is, if a family has a combined income of $300,000 a year, are they considered "rich". Of course everything is relative, but in most parts of the US is this considered wealthy?
While this figure is clearly a large sum, I think it depends how old one is when they earn this kind of money which determines whether or not they are rich. If it's someone in their 30's or even 40's, I would argue that they are affluent (not rich).
But if it's someone in their 50's or 60's (who has yet to pay off their mortgage, drives luxury automobiles, travels extensively, dresses to the nines, enjoys fine wine and food) I would say they are not.
Even though a salary of $300,000 puts one in the top .9% of US income earners, I still do not consider this figure to be "rich". Do you?
Are you talking net income, or gross income.
Employees do not understand someone in business where $300,000 gross means nothing. It is what you have left from the gross, called the net profit that matters.
When you consider that the average American household makes approx $45k/year, obviously $300k/year is "rich" using that standard. People who earn $300k a year are easily in the top 5% of wage earners.
Last edited by okccowboy; 01-09-2010 at 01:41 PM..
When you consider that the average American household makes approx $45k/year, obviously $300k/year is "rich" using that standard. People who earn $300k a year are easily in the top 5% of wage earners.
Yes it's rich. If someone making $300,000 and feels they aren't well off because (it's relevant) they spend it on cars, houses and vacations then they are rich fools who don't know how to manage their money.
I agree, someone who makes $300,000/year is definitely considered rich.
"The average income for a tax return in the top 0.1 percent is $7.4 million, while the average amount of income tax paid is $1.6 million, indicating an average effective individual income tax rate of 21.5 percent. This very top income group actually has a lower average effective tax rate than the rest of the top 1 percent of returns because these extremely high-income returns are more likely to have income from capital gains and dividends, which are typically taxed at lower rates."
It's not like they get all of that money. The more you make the more you get taxed.
Many are cash poor because they have to invest it in order not to get taxed to death.
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the richest of the rich
