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Why $250k does not equate to rich [2010]
- antidaily 15y agoOnly richer than 98% of everyone else.
- dollar 15y ago98% of everyone else where exactly? In Manhattan, NY the average household income is $121,000, while in Cullman, AL it is $41,000. Sorry, $250k in a major US city is "just making it" for the average family. Meanwhile: 47% of Federal tax filers pay none, ZERO, taxes. In 1988 the burden shared by the bottom quantile that actually paid taxes was 8.7%, while it was 4.3% by 2006. The two quantiles, one that pays no taxes, and one that pays minimal taxes, consume >95% of Federal entitlement programs. (Sources Non-Partisan Tax Policy Center http://www.taxpolicycenter.org/ http://www.taxpolicycenter.org/)
- dollar 15y agoThe mystical $250k first became "rich" back in 1993, when it became the top Federal income tax bracket, while $200k became "rich" way back in 1943 for the same reason. $250k 1993 dollars in 2011 $370,000 $200k 1943 dollars in 2011 $2,500,000