Who is Rich These Days?

The administration’s definition of who is rich hovers about an annual figure of $250,000. Sounds like a lot. However, if you live in New York City you can cut about half of it for federal, state and local income taxes. Then there’s an enormous cost-of-living hurdle to overcome, if any of you have visited that city.

But the argument for taxation is primarily based on outmoded figures, at a time when families depended on only one of its members working. They may have been the norm twenty years ago. Women have careers, especially after their children are grown. When both husband and wife, and sometimes single youngsters add to household income, it’s easy for s middle class family with costs that add up, to gross $250,000 annually.

Family total income may reach what this administration calls “rich” and get taxed accordingly, only when you add up a total of very modest earnings. These individuals are not after-tax “rich.” (See the Earl J. Weinreb NewsHole(r) Comments.)