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(NPR)   If you thought pigs would fly before you saw a well-written article about how tax increases will impact the wealthy, then get ready for airborne bacon   ( npr.org) divider line
    More: Interesting, progressive taxes, personal income taxes, Palm Beach Gardens, Tax Foundation, media proprietor, land trust, Boehner  
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4406 clicks; posted to Politics » on 14 Dec 2012 at 12:42 PM (5 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»

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2012-12-15 10:41:12 AM  

quatchi: But he adds that he thinks Obama and other Democrats make being rich "sound like a bad thing," which he says is a mistake.

Spot the FOX viewer in this sentence.

I don't watch Fox. I don't even have cable! I voted for Obama twice and would go for a third term if the constitution allowed. The problem is that I feel like Obama has allowed himself to walk right into a Republican trap. My quote was in a larger context where I explained that Obama has allowed the Republicans to propagate this class warfare garbage by not adopting a more nuanced tone toward the upper 2%. Most of us didn't get a bailout. Most of us don't have access to fancy loopholes in the tax code. In fact, AMT pretty well ensures that I simply DO NOT qualify for some deductions that most everyone else gets. But I'm not complaining about taxes. Of course Obama has more important things to worry about and I don't blame him too much for his tone toward the upper middle class and rich. But I was asked my opinion on this narrow subject and gave a much longer, nuanced argument than what the two quotes capture in the article. Oh well - clearly not a huge deal.
2012-12-15 11:14:24 AM  

Pincy: theknuckler_33: Testiclaw: The next motherfarker who makes some multiple of the average household income and still complains they're living paycheck to paycheck is getting a swift kick in the slats.

My household income is a little more than 2X the average household income and my family lives paycheck to paycheck unless you want to consider being able to contribute to my 401K via pre-tax payroll deductions as not being 'paycheck to paycheck'. You are more than welcome to attempt to deliver a swift kick in the slats to me, mr. ITG.

Well, my wife and I max out our contributions each year and we don't make 2x the average household income and we don't live paycheck to paycheck. Did you buy too much house? A few too many cars? Do you have ten kids? There must be something else to this story you aren't telling us.

I find that hard to believe. Do you live in a basement apartment somewhere or live in north dakota? I'm not going to run down all of my finances for you, but my understanding is that the average is in the mid 40s, making 2X about 90K. I don't know if that is gross income or 'taxable' income. If it is the latter, then we don't make that much, but if it is the former, my wife and I combined would normally exceed that. She is a real estate agent and her income varies wildly. I'd say in 2008 through 2010, we didn't make 2X, but this year we will.

We bought my house in 2000 for $167K with 18K down and I refinanced in 2003 to a 20-year mortgage, so that is half-way to being paid off. I don't think that is 'too much house'. Both of our cars were bought used. One is a paid-off 2004 Pontiac Grand Prix that we bought in 2007 and now has over 100K miles on it. The other is a 2009 Dodge Grand Caravan that we bought in 2011 and owe about $6K on and it has over 70K miles on it. I have one kid and two dogs. I put 10% to my 401K and $6000/yr toward health care premiums, not to mention taxes. If my wife makes a sale and has a commission check, we're fine that month. If she doesn't, we may or may not be able to cover all our expenses that month. 2008-2010 were not fun years and we took on home equity debt to get by. If she were making HALF of what she was making at her full time job that she had when we bought our house (and quit in 2005 to become a real estate agent), we'd be on easy street.

I consider that paycheck to paycheck.
2012-12-15 11:26:52 AM  
One of the problems with this article is that my quote about people living paycheck to paycheck on $250k/year was NOT about me. It also was not meant to garner sympathy from anyone for someone in this position of financial irresponsibility. The point was simply that income does not equal wealth. In my profession, I come across relatively wealthy folks earning much, much less than $250,000. They save and in general spend their money wisely. On the other end of the spectrum, I think it might shock people just how much money the self-assured rich can spend over and above what they actually make. I don't feel sympathy here but perhaps it highlights the motives of those in my income category who seem so dead set against any 'tax increases' (back to the rates we had during the most financially successful decade of our economy in recent memory).
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