Ask Dave and Luke: Does $250,000 make you rich?
Jul 10, 2012, 5:39 PM | Updated: Oct 11, 2024, 1:23 pm
Judy in Seattle writes…
Dave & Luke: I do not consider $250,000 per year as
rich, unless the person receiving that doesn’t have to
work
to get it. Anyone that lives off investments or
inheritances
I would consider rich. If someone receives that as salary
for a real job, I would not consider that person as rich,
but
as middle class. For someone working for a living,
$1,000,000 would be considered actual wealth.
Luke says: Judy, you’re my new best friend. Sounds
like things are
going well. Maybe she’s just speculating. If that’s your
life, Judy, let’s get lunch.
Without action by lawmakers, wide-ranging tax cuts enacted
a decade ago under President George W. Bush will expire on
New Year’s Day. That’s an outcome that economists say
would be a blow to the already weak economy.
Obama would exclude families earning over $250,000 a year
from the renewed tax cuts, saying they should contribute
to deficit reduction.
Republicans say by excluding those people, the plan would
in effect raise taxes on many business people and stifle
job creation.
The Associated Press contributed to this report.
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