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.
EFFING BREAK! Sure it's not "rich" but $250K in America will still earn you a very comfortable standard of living considering most Americans make FAR less than that. I agree that these people should not be taxed unfairly and the government needs to go after the celebs, athletes, and rich fooks like Bill Gates and CEO of companies who are making millions of millions hand over fist but don't sit there and act like we should feel sorry for those people making $250K when poverty is going up in America. This country is fast becoming a banana republic. Even the rich are too stupid to realize that it seems like.
Even in the third world state of Kaifornia $250K will provide you with an above average standard of living.
Wealth is not just determinted by yearly income. There are many other variables involved. Wealthy is more determinted by what you have saved rather than what you make. People that live in Hawaii, San Francisco, or NYC would be hard pressed to live a "wealthy life style" on 250k a year. While someone in Arkansas could have a pretty nice life style on this same amount. But depends on debt etc.
I have a friend who makes over 250k a year has, 3 sons in college in out of state schools and they live above their means. Their home was almost foreclosed this year. I make a lot less, my home and car are payed for, take pretty nice vacations each year. I woudn't trade place with them. They are not wealthy! It is all relative.
well, $250,000 isn't what you take home. you figure, 50% of that is automatically gobbled up in taxes, between fed, social security, state, property, sales, ect. so let's say you take home $10k per month. now let's say, you have an ex wife, who "takes care" of your two kids. we're down to $5k now. now let's say you live in NY, where rents can be upwards of $4k per month. $1k per month in spending money. that's uber rich!
Quote:
Originally Posted by DrJoey
LMAO at people who think that a household income of $250k isn't wealthy. Mostly since I'm guessing none of them earn anywhere close to it.
What's the size of your town? Where do those who make under the average live - subsidized/project housing? Are they section-8s? Who are they? Single moms? Single Dads? Dual-income households? The elderly?
What does a condo cost? A townhouse? A house?
Who are the people who earn $50K per year and do they qualify for state programs (low-income housing, subsidized utilities, food stamps, etc.) or are they living "comfortably"?
No. I'm really disagreeing with .. not missing your point. And those numbers don't tell a very accurate story, and the proof is demonstrated by the drop in net worth of middle income earners as their debt has increased significantly, while earnings have declined relative to inflation.
By most measurable data points, the middle income class has been dying a very slow, incremental death for 4 decades because the costs on high ticket items have increased more rapidly than the either the inflation rate or rates of increases in income. To further compound the problem, average income levels have failed to keep pace with the inflation rate itself. Much of this goes unnoticed because of it's slow incremental nature (like growing old). But if you are old enough, and still maintain your mental faculties, you can't be bull $hted into believing what you are trying to say here.
As just one example, in 1977, I bought a brand new Pontiac Trans Am for $5200. And since it was my first car purchase, I suspect I was clubbed like a baby seal (paid full MSRP), as I simply asked how much, and said OK (later I learned the error of this way to purchase automobiles )
Now today, that car is no longer available, but a comparable car "Chevy Camero SS" is. And a similarly configured model is around $35,000 MSRP. Which is almost double the adjusted for inflation number of $18,700 that Camero should cost relative to the $5200 Trans Am of 1977.
My income back then was 14,000 or just shy of 3 times what the car cost ... if you apply that same formula to the $35,000 Camero today, I'd have to earn roughly $100,000 per year to maintain the same standard (drive the same car) as my $14,000 income provided then. I was not wealthy then .. I was a 20 year old working in a warehouse driving a forklift. And I don't think there are many 6 figure forklift drivers around today ... I would say, the 40-50K range would be the upper limit ... or roughly the same as my $14,000 would be, adjusted for inflation.
This is one example, and almost any big item ... car, house, etc. works out to be the same. Some other items like Healthcare have dramatically exceeded those rates exponentially compared to 1977 where mine was absolutely free and first rate, including dental.
Now, add to this the higher taxes, social security withholding, and medicare ... all of which have exceeded the inflation rate (and don't let anyone BS you into believing it hasn't), means that the net spending power of your income has declined dramatically over the past 30+ years.
Now around about that same time frame, my step father worked for one of the US Government agencies earning roughly in the 50-60K range, and at the time, that was very good money, but not even close to RICH & Wealthy .... but adjusted for inflation, that comes out to around $200+K now. The house he purchased then at $50,000 appraised for $480,000 in 2004-5 even though the adjusted for inflation value would have only dictated a $155,000 figure ... 3 times the inflation rate!! By the time he retired in the late 90's, his income may have doubled, yet his house increased by 6-8 fold. What does that tell you?
Now if you are following me here ... this is where it gets real hairy ... if you take a Quarter ... 25 cents ... from say 1964 (the last 90% silver Quarter) that 25 cents equates to $1.76 in 2010 value. But guess what? Today's melt value of that sliver quarter is about $3.70 which is again more than double the published inflation rate ....
So what does that all mean? It means very simply, that the value of your money is worth about half of what it's claimed to be worth, even after being adjusted for inflation .... and all it takes is to actually look at the historical costs of items like cars, and houses and health care costs from the late 60's to today, and also the median incomes. You see that the purchasing power has indeed declined. And this is a result of the devaluation of the currency (a hidden tax).
So when it comes to buying power, there has been a continuous decline that doubles the the inflation rates admitted .. which is why the middle class really doesn't exist for all practical purposes today.
There are the ultra wealthy, and the rest. The $250kers are just at the higher end of that rest of us, and they are the last of the upper middle class, and the next in line to fall ... apparently, much to delight of many who think that they are members of the Wealthy Club, and must fall for the sake of everyone.
I suppose this proves that indeed, misery loves company.
well said...they just dont get it,,,back in the 50-60's when "RICH" were taxed at 70-90% the rich was classified as 300k and up....in today's dollars that would be 1.5 million
if they want to say 1.5 mil, or even 1 mill is rich, I could see that..but to say 250k is rich...is just BS
It's irrelevant. The Bush tax cuts were principled cuts. I don't care how rich you are, or how poor you are, or how much you need the money, you don't tax the dead, you don't take away people's inheritance. You don't call other people's money your money. This isn't a socialist state. It's not as if Bush robbed you. And why do you care about what other people make? If you want to tax the rich at a higher rate, I don't have a problem with that.
well, $250,000 isn't what you take home. you figure, 50% of that is automatically gobbled up in taxes, between fed, social security, state, property, sales, ect. so let's say you take home $10k per month. now let's say, you have an ex wife, who "takes care" of your two kids. we're down to $5k now. now let's say you live in NY, where rents can be upwards of $4k per month. $1k per month in spending money. that's uber rich!
That can be said about a 50K income as well. My heart does not bleed for these "poor" people making 250K. Sorry.
I don't think anyone classified them as "poor." I just didn't classify them as "rich" because I don't play the class warfare game. I also showed how $250k can become a heaping pile of crap. your heart shouldn't bleed for them, but it should hold no ill will, or jealousy.
Quote:
Originally Posted by Katiana
That can be said about a 50K income as well. My heart does not bleed for these "poor" people making 250K. Sorry.
EFFING BREAK! Sure it's not "rich" but $250K in America will still earn you a very comfortable standard of living considering most Americans make FAR less than that. I agree that these people should not be taxed unfairly and the government needs to go after the celebs, athletes, and rich fooks like Bill Gates and CEO of companies who are making millions of millions hand over fist but don't sit there and act like we should feel sorry for those people making $250K when poverty is going up in America. This country is fast becoming a banana republic. Even the rich are too stupid to realize that it seems like.
Even in the third world state of Kaifornia $250K will provide you with an above average standard of living.
So what if it is? Are you saying that people who earn their money shouldn't be allowed to keep it? I say end welfare, except for the disabled who can't work, and give those people an opportunity to be rich. They never will be just sitting there collecting a check off someone else's work.
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.
) 
