New definition of "rich"

POSTED BY: Niki2
UPDATED: Tuesday, January 1, 2013 20:22
VIEWED: 569
PAGE 1 of 1

NIKI2

Tuesday, January 1, 2013 6:01 PM (P)

Quote:
Being "rich" could become a whole lot tougher. Under the current fiscal cliff deal passed by the Senate and awaiting a vote in the House, taxes would rise only on couples making more than $450,000.

That's a lot higher than the $250,000 threshold that policy makers had long marked as the dividing line between the middle class and the rich. Just under 2% of filers, or 2.85 million, have adjusted gross incomes above $250,000.

By contrast, only 0.6% of joint filers, or 965,000 households, have incomes above $500,000, according to the closest estimate the Tax Policy Center has done to the fiscal cliff deal.

Raising the bar cuts out about 28% of the income that would have been subject to higher tax rates, bringing in less revenue overall. http://www.cnbc.com/id/49807529/Is_250000_a_Year_Rich_Let039s_Break_It
_Down]
But even then, many won't pay because of deductions:
Quote:
When policy makers talk about income, however, they do not mean the amount of money a family earns; they mean the portion subject to taxes. For those who itemize their tax deductions, the government does not tax interest payments on mortgages or charitable donations, among other things, up to certain limits. As a result, two families with the same incomes will most likely have different taxable incomes. http://www.nytimes.com/2012/12/07/business/obamas-tax-plan-would-spare
-many-affluent-families.html?_r=0

Yup, that's gonna result in LOTS of revenue. You betcha...

CHRISISALL

Tuesday, January 1, 2013 8:22 PM (P)

Hahahahahaha, that's rich.