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While I agree there's a big distinction between someone earning $250k/year and $10m/year, are you aware that if your family is earning that much then you're ear
by eftpotrm 15y ago
While I agree there's a big distinction between someone earning $250k/year and $10m/year, are you aware that if your family is earning that much then you're earning over eight times the median household income?
- callmeed 15y agoYou're wrong. First, the median income in the US is now at or slightly above $50K per year. Second, assuming earned income (which is fair even for $250k earners), a median income household will be in either a 15% or 25% tax bracket (depending on if married). A $250k household will be in a 33% tax bracket.
- eftpotrm 15y agoMy statistic was showing $31k, but if we say $50k, fine - it's now merely five times the median, not eight. That's still a comfortable situation by almost anyone's standards. Now, if your $50k household is in a 25% tax bracket, they're paying $12.5k so leaving a net income of $37.5k. Your $250k household at 33% are paying $83k, net income $167k, 4.4 times the net income of the $50k household. So what was your point exactly?