What is "rich"?

[Sbane]

"Tax the rich"

"Income tax breaks for rich americans"

Blah blah blah........what is rich? 

Let's keep it simple......Mrs. M3 and I both work and our 1 child is grown and gone so it's just the two of us..........how much per year would we need to make to be classified as "rich"?

It really depends. If you lived in NY or SF you would be middle class even if you made 200-300k a year. In a place with lower costs I might consider you to be rich. Regardless I want to create a new income bracket over $500,000 and tax them at an even higher rate. That is what I would call "taxing the rich".

[Sbane]

"Tax the rich"

"Income tax breaks for rich americans"

Blah blah blah........what is rich? 

Let's keep it simple......Mrs. M3 and I both work and our 1 child is grown and gone so it's just the two of us..........how much per year would we need to make to be classified as "rich"?

It really depends. If you lived in NY or SF you would be middle class even if you made 200-300k a year. In a place with lower costs I might consider you to be rich. Regardless I want to create a new income bracket over $500,000 and tax them at an even higher rate. That is what I would call "taxing the rich".

I'd say over $1 million, but no higher than 42%.  I do agree with the Laffer curve to some extent.  I think a poll was done and most of the super rich even said they SHOULD be taxed higher.

Would the optimum level of taxation increase with increases in spending as we have witnessed under Bush and are again seeing under Obama?