Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Some great opinions offered and some not so great ones as well.. As I see it . If you pay income tax on the majority of your "income/earnings" your NOT wealthy. If You are Wealthy you pay Capital Gains on your earnings.. Take The Waltons. They pay very little in Income Taxes.. They pay Capital Gains on the Vast Majority Of Their Earnings.. Geee why is that? Hahahaha well the truly wealthy people of this country stacked the deck against workers for a long time.The Hay Day Didnt last forever, but it lasted long enough... Look how the wealth in the USA shifted and when it made its greatest shifts.. BTW.. Capital Gains can be as low as 10% inspite of the fact that the earnings reported may be in the millions..
Its interesting to me that Joe Blow can Invest $1 on a lotto ticket and if he is a winner he is taxed at the Maxium Rate of Income Tax.. If Robert Snobgrass invest $1000 in Abracadabra Web Host Industries and he gets back $100,000,000 its taxed as Capital Gains . CG Tax under GWB was reduced to 15% no matter the amount. Money Managers pay CG Tax on their earnings even if their earnigs were derived from someone elses investments. So Jim or Susan working theri butt off for some employer 5 and maybe six days a week 8 to maybe 10 hours a day for 51 weeks a year to make $90K may well be taxed at the Maxum tax rate of 38% but some memeber of the lucky sperm club ( aka Waltons) who inherited their wealth pay 15%..Hummm are any of you feeling like the deck needs re-shuffleing??
Agree, completely. One of the perks of being wealthy is having enough capital to hire the best accountant and financial managers so you pay as little in taxes as possible. Taking advantage of loopholes and exceptions the average working class American doesn't even know exist.
According to Obama and the federal govt anybody making over 300k a year if wealthy and needs to be over taxed
People are not taxed. Income is. And in this case, it would only be income ABOVE your $300K threshold that would be subject to any additional tax at all.
And of course, if your own income were at such levels, you would understand that taxes mean very little to wealthy people. You certainly don't go around volunteering for taxation, but the plain fact is that your after-tax income is so high that taxes themselves have no affect on your lifestyle at all.
Im sure this will be wasted on the OP but you can only bench-mark wealth off of yourself and your own wants/desires. There will always be someone wealthier than you, and many less wealthy. Do you want a simple house with 50k in income and to chill on your couch all day watching tv? Then $1 mil is wealthy. Do you want a cottage on the beach? Then $5 Mil is wealthy. Do you want a yacht and a condo in every happening City in the world? Then $50 Mil is wealthy. Get it?
Interesting poll. Because you can look up similar polls that were done randomly with a larger sample size, this poll says more about the people who participate in this C-D forum than what the answer is. You did get a few people posting intellectual flatulence about your word choice, but they knew what you were after.
since every country/region/city have different cost-of-livings, i think living wealthy means being able to afford your expenses and bills without it being necessary to be working longer hours than leisure while you are awake.
Its all about the lifestyle and what happens between the ears. Health...freedom...time to relax. I'm poor when it comes to income. Yet I was feeling somewhat comfortable because of assets and low debt. Then I got robbed....
Average cost of living? I'd say a six figure income is wealthy to me. Wealthy simply meaning that money is not a problem. That one lives comfortably.
Man....you took a beating from the word Nazis here. The poll couldn't be much simpler.
Seriously, what is with people loving to call other Nazis. I've never understood it.
I don't define income as wealthy. Amount of wealth is what defines wealthy. For that I would say above $5m I consider wealthy, below that is well off. As far as a good income, I think $250K and up is a very good income.
Last edited by Tall Traveler; 06-23-2015 at 07:51 AM..
Reason: spelling
The problem about making $250K is they tax the crap out of you so that $250LK becomes $130K and suddenly middle class
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
