Reply to Study shows that 350k/year is barely scrapping by as middle class

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[quote=Anonymous][b][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]

I thunk the PP got it right and is defining middle class as you still need a huge paycheck to support your life. Rich would be having large investments that produce enough income on their own to pay for your lifestyle.[/quote]
That's ridiculous. You mean someone who earns $1mil, but has a $700K lifestyle (less taxes), so has little in investments, is not considered rich?[/quote]

No. Because said person would be dirt poor tomorrow if they lost their income. [/quote]

No.  That person *might* have to downsize and would have change spending habits but they wouldn’t be dirt poor.  [/quote]

Both sides debating this are idiotic. Yes, its fun to come up with wacky hypothetical to test principles.  But you are all wasting your time. Some rich billionaire has paid alot to incite class warfare and you guys are falling for it.

Here is the truth: Everyone who has to work for a living lives a very, very different lifestyle from those that don't. Some make more and some make less. Maybe some are rich. As long as the capital gains tax rate is less than the maximal income tax rate, and as long as the Warren Buffets of the world pay a lower tax rates than their secretaries, we are all losing. [/quote]

Here is the proof- the 2017 Tax Act. The estate tax exemption doubled in size. This law already only applied to only .1% of the population. Why did the new law update this limit, which already affected such small number of people every year? Because rich people run this country and they want their children to be rich too. They want to pass on their investments to their kids without EVER paying taxes on it. EVER.

[url]https://www.cbpp.org/research/federal-tax/2017-tax-law-weakens-estate-tax-benefiting-wealthiest-and-expanding-avoidance[/url]

A family making $50k, $100k, $200k, [/b]$300k, $400k, $500k a year has no chance of ever saving enough to run into the limits estate tax exemption.  [b]But there are people out there that have tens of millions of dollars that they pass from generation to generation without ever paying taxes and ever working. There might be a small number of them, but yet somehow THEY are the ones deciding how our laws are written and how much you will pay in taxes each year. They are the owners. You are the employees. Argue over which employee is making the most if you want. You are just the hired help and they pull the strings.[/quote] definitely a chance with the $300k-$500k.  We are ten years away from retirement and have ~$4M in assets.  Our income has never exceed $225k and for the past 15 years has been around $180k, before that it was lower.  By the time we retire, it should be $7-9M- so it is conceivable that someone with HHI 50% + could hit the federal limits.  Plus, many state limits are much lower. [/quote]

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