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Well $56K/yr is the median.
Minimum wage adjusted for inflation would be around $36K for one worker, working full time year round; most working class households have both spouses working.
$500K a year is above the 99th percentile.
So? A reproted income of $500K actually represents a much higher income; people in that bracket have all kinds of deductions and deferments working class people have no hope of ever taking advantage of.
500K a year might get you $5 mil by retirement.
So? That isn't rich. Adjusted for real inflation it's less than $400K in 1972 dollars.
What do you consider rich and where is the line between middle class and rich?
Well over $20 million, probably around $50 million to qualify as 'barely rich'.
Well $56K/yr is the median.
Minimum wage adjusted for inflation would be around $36K for one worker, working full time year round; most working class households have both spouses working.
$500K a year is above the 99th percentile.
So? A reproted income of $500K actually represents a much higher income; people in that bracket have all kinds of deductions and deferments working class people have no hope of ever taking advantage of.
500K a year might get you $5 mil by retirement.
So? That isn't rich. Adjusted for real inflation it's less than $400K in 1972 dollars.
What do you consider rich and where is the line between middle class and rich?
Well over $20 million, probably around $50 million to qualify as 'barely rich'.
You must be a kid.
$500K in today's dollars is $500K.You don't adjust anything.
At $500K/yr you make more than 99.5% of Americans. Not in the middle in any way.
People who make $500K pay the most in taxes. They don't qualify for hardly any deductions and don't make enough to have substantial tax shelters.
You are a little clueless.
Well $56K/yr is the median.
Minimum wage adjusted for inflation would be around $36K for one worker, working full time year round; most working class households have both spouses working.
$500K a year is above the 99th percentile.
So? A reproted income of $500K actually represents a much higher income; people in that bracket have all kinds of deductions and deferments working class people have no hope of ever taking advantage of.
500K a year might get you $5 mil by retirement.
So? That isn't rich. Adjusted for real inflation it's less than $400K in 1972 dollars.
What do you consider rich and where is the line between middle class and rich?
Well over $20 million, probably around $50 million to qualify as 'barely rich'.
You must be a kid.
$500K in today's dollars is $500K.You don't adjust anything.
At $500K/yr you make more than 99.5% of Americans. Not in the middle in any way.
People who make $500K pay the most in taxes. They don't qualify for hardly any deductions and don't make enough to have substantial tax shelters.
You are a little clueless.
You must be an idiot, completely unaware of American standards of wealth, and inflation effects. You've also obviously never filled out tax forms or done financial planning. you also have no idea what I said. Maybe you just don't get how low most incomes have fallen since the 1970's, and have nothing to compare modern incomes to.
Why are you comparing today's wages to the 70's? Why is that significant to you?
$500K/yr in 2016 is the same as making
$118K/yr in 1976. $118K was well above middle class in '76 just as $500k is today.
Check it out.
CPI Inflation Calculator
Dude you know nothing about me.
It makes no difference what we consider wealthy. The plan is to pass the law. Reducing the amount you have to make to be taxed at 65% is as easy as getting Congress to lower it. Much in the same way they raised the age at which you can draw full Social Security. When they have robbed all they can from the wealthy, they will move on to the middle class.
But while we are at it, just because a person in the United States does well, should not be a reason for the government to waltz in and help themselves to over half of the person's income. They are not entitled to free money because they feel the person is making too much. We do not live in socialist country.
Hitlery wants to raise the death tax to a whopping 65%. As always we are told that the taxes would only effect the rich. That is a lie. Just like the search/seizure laws were suppose to only effect the Mexican drug cartels.
It will force the heirs of our farmland to sell their farms to pay for Hitlery's Asian project. And will cause huge food shortages and skyrocketing food prices.
Germany/Bayer will own our midwest along with what Obamb/Clinton have already sold to Russia, Saudi Arabia and Nestles. If you plan on leaving anything to your children, rethink your plan. Out of control government spending is where your life's work will be going. Not to your children. They will get the bill for all of your hard work.
Trump wants to end the death tax. Let him. You'll be rewarded by being able to afford to feed your family something other than cereal.
Can you explain that further, death tax or inheritance tax, and how much would one have to get to have to pay that tax? Is it progressive?
Where it kicks in is higher than most Americans will be worth when they die, but low enough to hit middle class types.
How does what I posted affect middle class citizens.
$5 mil + isn't considered rich; hasn't been for a few decades now. Well, unless you live down the holler from where the Clampetts used to live before they hit oil.
It's wealthy, it's considered rich. The top 1% starts at around 8 million.
No, it isn't considered 'rich'. We've had massive inflation since 1972; $8 million isn't much; it just looks like a lot because people have bought the idea that $50K a year is 'middle class'.
Where it kicks in is higher than most Americans will be worth when they die, but low enough to hit middle class types.
How does what I posted affect middle class citizens.
$5 mil + isn't considered rich; hasn't been for a few decades now. Well, unless you live down the holler from where the Clampetts used to live before they hit oil.
It's wealthy, it's considered rich. The top 1% starts at around 8 million.
No, it isn't considered 'rich'. We've had massive inflation since 1972; $8 million isn't much; it just looks like a lot because people have bought the idea that $50K a year is 'middle class'.
Well $56K/yr is the median.
$500K a year is above the 99th percentile.
500K a year might get you $5 mil by retirement.
What do you consider rich and where is the line between middle class and rich?
lolHitlery wants to raise the death tax to a whopping 65%. As always we are told that the taxes would only effect the rich. That is a lie. Just like the search/seizure laws were suppose to only effect the Mexican drug cartels.
It will force the heirs of our farmland to sell their farms to pay for Hitlery's Asian project. And will cause huge food shortages and skyrocketing food prices.
Germany/Bayer will own our midwest along with what Obamb/Clinton have already sold to Russia, Saudi Arabia and Nestles. If you plan on leaving anything to your children, rethink your plan. Out of control government spending is where your life's work will be going. Not to your children. They will get the bill for all of your hard work.
Trump wants to end the death tax. Let him. You'll be rewarded by being able to afford to feed your family something other than cereal.
He must be a conservative.Well $56K/yr is the median.
Minimum wage adjusted for inflation would be around $36K for one worker, working full time year round; most working class households have both spouses working.
$500K a year is above the 99th percentile.
So? A reproted income of $500K actually represents a much higher income; people in that bracket have all kinds of deductions and deferments working class people have no hope of ever taking advantage of.
500K a year might get you $5 mil by retirement.
So? That isn't rich. Adjusted for real inflation it's less than $400K in 1972 dollars.
What do you consider rich and where is the line between middle class and rich?
Well over $20 million, probably around $50 million to qualify as 'barely rich'.
You must be a kid.
$500K in today's dollars is $500K.You don't adjust anything.
At $500K/yr you make more than 99.5% of Americans. Not in the middle in any way.
People who make $500K pay the most in taxes. They don't qualify for hardly any deductions and don't make enough to have substantial tax shelters.
You are a little clueless.
It makes no difference what we consider wealthy. The plan is to pass the law. Reducing the amount you have to make to be taxed at 65% is as easy as getting Congress to lower it. Much in the same way they raised the age at which you can draw full Social Security. When they have robbed all they can from the wealthy, they will move on to the middle class.
But while we are at it, just because a person in the United States does well, should not be a reason for the government to waltz in and help themselves to over half of the person's income. They are not entitled to free money because they feel the person is making too much. We do not live in socialist country.
It makes no difference what we consider wealthy. The plan is to pass the law. Reducing the amount you have to make to be taxed at 65% is as easy as getting Congress to lower it. Much in the same way they raised the age at which you can draw full Social Security. When they have robbed all they can from the wealthy, they will move on to the middle class.
But while we are at it, just because a person in the United States does well, should not be a reason for the government to waltz in and help themselves to over half of the person's income. They are not entitled to free money because they feel the person is making too much. We do not live in socialist country.
Who is they? What do they do with the money? Its called taxes.
It makes no difference what we consider wealthy. The plan is to pass the law. Reducing the amount you have to make to be taxed at 65% is as easy as getting Congress to lower it. Much in the same way they raised the age at which you can draw full Social Security. When they have robbed all they can from the wealthy, they will move on to the middle class.
But while we are at it, just because a person in the United States does well, should not be a reason for the government to waltz in and help themselves to over half of the person's income. They are not entitled to free money because they feel the person is making too much. We do not live in socialist country.
I'm quite sure its the Republicans agenda to keep raising the SS age.
Why are you comparing today's wages to the 70's? Why is that significant to you?
$500K/yr in 2016 is the same as making
$118K/yr in 1976. $118K was well above middle class in '76 just as $500k is today.
Check it out.
CPI Inflation Calculator
It's significant as a measure of how far the standard of living has fallen, and very relevant. whether it makes you feel good or not is what isn't significant. If you think the CPI calculator is based on real life numbers you are indeed completely clueless.
Dude you know nothing about me.
Yes I do; your posts tell me all I need to know about what you know. And, 1976 is after the first oil shocks hit, while 1972 is the year before the global food shortages and oil shocks sent inflation skyrocketing, while still containing the inflation from the Vietnam police action spending in prices. Inflation since 1972 is far higher than a mere 5 times 1976 price levels to boot.
How does what I posted affect middle class citizens.
$5 mil + isn't considered rich; hasn't been for a few decades now. Well, unless you live down the holler from where the Clampetts used to live before they hit oil.
It's wealthy, it's considered rich. The top 1% starts at around 8 million.
No, it isn't considered 'rich'. We've had massive inflation since 1972; $8 million isn't much; it just looks like a lot because people have bought the idea that $50K a year is 'middle class'.
Well $56K/yr is the median.
$500K a year is above the 99th percentile.
500K a year might get you $5 mil by retirement.
What do you consider rich and where is the line between middle class and rich?
$500k will get you 5 million in less than 10 if you invest anything at all.
$5 mil + isn't considered rich; hasn't been for a few decades now. Well, unless you live down the holler from where the Clampetts used to live before they hit oil.
It's wealthy, it's considered rich. The top 1% starts at around 8 million.
No, it isn't considered 'rich'. We've had massive inflation since 1972; $8 million isn't much; it just looks like a lot because people have bought the idea that $50K a year is 'middle class'.
Well $56K/yr is the median.
$500K a year is above the 99th percentile.
500K a year might get you $5 mil by retirement.
What do you consider rich and where is the line between middle class and rich?
$500k will get you 5 million in less than 10 if you invest anything at all.
A person who makes $500K anually does not invest $500K anually.
The federal pre-tax limit for retirement is only $18k.
It's wealthy, it's considered rich. The top 1% starts at around 8 million.
No, it isn't considered 'rich'. We've had massive inflation since 1972; $8 million isn't much; it just looks like a lot because people have bought the idea that $50K a year is 'middle class'.
Well $56K/yr is the median.
$500K a year is above the 99th percentile.
500K a year might get you $5 mil by retirement.
What do you consider rich and where is the line between middle class and rich?
$500k will get you 5 million in less than 10 if you invest anything at all.
A person who makes $500K anually does not invest $500K anually.
The federal pre-tax limit for retirement is only $18k.
Your investments earn interest and you can invest as much of your money as you want, only so much is sheltered from taxes.
But yeah, let's call it 15 years.
No, it isn't considered 'rich'. We've had massive inflation since 1972; $8 million isn't much; it just looks like a lot because people have bought the idea that $50K a year is 'middle class'.
Well $56K/yr is the median.
$500K a year is above the 99th percentile.
500K a year might get you $5 mil by retirement.
What do you consider rich and where is the line between middle class and rich?
$500k will get you 5 million in less than 10 if you invest anything at all.
A person who makes $500K anually does not invest $500K anually.
The federal pre-tax limit for retirement is only $18k.
Your investments earn interest and you can invest as much of your money as you want, only so much is sheltered from taxes.
But yeah, let's call it 15 years.
You mean to say you can invest as much as you can afford to. Most people don't make this kind of money until they're less than10 years from retirement.
40% off the top goes to federal, state and local income taxes. That's $200K. Just some perspective.
My point with all of this was to show that the inheritance tax does not affect middle class people as was stated earlier. Putting together an estate that is beyond the $5.45 mil exemption is difficult for someone even at the $500K level.
