Reply to Harris tax plan - raising taxes on high earners

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Their idea of high earners isn't location specific (COL is vastly diff in diff locations) or adjusted for inflation or considers 1 income households vs 2 income households (childcare exp. etc).  It's simply stupid to consider 2 income household in a VHCOL area earning 400K to be "rich" or high earner anything.  Likewise their poverty line is absolutely ridiculous and out of touch.  I have no issue with slamming more brackets at HHI over 1 mil or taxing capital gains beyond a certain amount (like 1 mil in passive capital gains) at higher rate. But their limits on what they consider any type of "wealth" or excess are absolutely ridiculous. [/quote]

It’s $400k in taxable income. So probably $600k or so in actual income. That is a high earner even in a VHCOL area. [/quote]

Is it the epitome of wealth really? Come on now. It's 2 professional incomes plus $$$ non tax deductible childcare, plus sky high housing costs and costs of everything else needed to maintain any home (repairs, landscaping, any type of remodel), etc.  It's essentially upper middle class at most.  But we are defining this as wealth when sky is the limit when it comes to people with many millions and hundreds of millions who are much more successful in dodging taxes as their "income" is not even hours-worked type of income but more investment income or pure interest?[/quote]

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