The Soapbox

Joined: 12/07/2002 Posts: 1118
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Not struggling is your definition of "rich"? Factor in two kids in college

and a two bedroom and two bath apartment in a nice neighborhood in NYC and you actually might need to work very hard to make ends meet without going into debt, not too mention saving for retirement.

In other parts of the country, you can live well (thought arguably not "rich") for $450k...but it depends on where.

(In response to this post by tchoo)

Posted: 09/13/2021 at 4:31PM

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Current Thread:

Hiding $3 Trillion in Proposed Tax Increases and Top Marg Tax of 59.7% -- orangenblue 09/13/2021 3:18PM

There’s a lot of good data in there but some of the arguments are so -- 111Balz 09/13/2021 5:52PM

I don't agree with everything in the article, but point of hiding details & -- orangenblue 09/13/2021 6:41PM

How is it being hidden? Obviously that information is available ** -- 111Balz 09/13/2021 6:43PM

Well...according to the article it was leaked...and to quote -- orangenblue 09/13/2021 7:09PM

I really don’t care what Neal says. Remind me to much of Pelosi’s missed qu -- 111Balz 09/13/2021 7:39PM

Seems like it would be a good idea for voters to have an idea, not staffers -- orangenblue 09/14/2021 11:54AM

I agree it’s a lot of money and shouldn’t be committed to lightly -- 111Balz 09/14/2021 12:16PM

Don't worry, There's not a chance in Hell that this blll passes ** -- Hoogle.com 09/13/2021 5:10PM

The married couple “gotcha” seems weak. -- BocaHoo91 09/13/2021 4:19PM

Seems like a strong point to me; will impact a lot of people in SF, NYC, DC -- orangenblue 09/13/2021 4:50PM

We agreed 25 years ago that those folks shall never be impacted. That’s for -- Molina 09/13/2021 5:52PM

That’s a different point. Saying no one making -- BocaHoo91 09/13/2021 4:58PM

It may not be rich in some cities, but it’s very well-off, and the tax kick -- 111Balz 09/13/2021 6:50PM

The proposed top rate on capital gains is 25%, up from the current 20%. -- PBCHoo 09/13/2021 4:31PM

I thought some historical perspective on capital gains would be useful. -- southdenverhoo 09/13/2021 5:57PM

You do have to add on the ACA surtax of 3.8%. So at a 25% LTCG -- BocaHoo91 09/13/2021 7:15PM

Any discussion of taxing carried interest as ordinary? -- tchoo 09/13/2021 4:41PM

Yeah, other than the PE and hedge fund -- BocaHoo91 09/13/2021 4:45PM

Every elected official who solicits donations from the above ** -- Beerman 09/13/2021 4:48PM

I guess. But there are a lot more rich people that aren't in a position -- BocaHoo91 09/13/2021 5:08PM

Also lots of embarrassed millionaires out there -- Beerman 09/13/2021 5:12PM

Good to know. At the same $400k/$450k threshold, -- BocaHoo91 09/13/2021 4:36PM

Same income threshold. -- PBCHoo 09/13/2021 4:47PM

Interesting. Lived in the house from -- BocaHoo91 09/13/2021 4:53PM

Your analysis is correct. See IRC § 121(b)(5). ** -- PBCHoo 09/13/2021 5:00PM

Thanks. The other option is to rent it until the kids go off to -- BocaHoo91 09/13/2021 5:06PM

One other option... -- PBCHoo 09/13/2021 5:11PM

Sounds like responsible leadership to pay for your spending increases vs. -- tchoo 09/13/2021 3:40PM

What about re-allocating spending to most beneficial uses? We waste too -- orangenblue 09/13/2021 4:22PM

Lets do both? -- tchoo 09/13/2021 4:28PM

Agree. ** -- 111Balz 09/13/2021 5:18PM

Silly post -- TomKazanski 09/13/2021 5:00PM

There is a penalty long term to wasting money. Bankruptcy and activist -- orangenblue 09/13/2021 4:36PM

It’s my belief that waste builds over a company lifecycle. -- 111Balz 09/13/2021 5:22PM

Doesn't work. Totally different incentive structure. ** -- Los Angeles Hoo 09/13/2021 4:40PM

What doesn't work? ** -- orangenblue 09/13/2021 4:52PM

Your second paragraph... -- Los Angeles Hoo 09/13/2021 5:19PM

I completely agree with you....but we should recognize the dynamic -- orangenblue 09/13/2021 5:46PM

Agreed, but you are referring to a sane world and not the world in which... -- Los Angeles Hoo 09/13/2021 6:12PM

Unfortunately, I agree ** -- orangenblue 09/13/2021 6:42PM

Yes, tax the rich. That’s good policy that the left supports. ** -- WahooMatt05 09/13/2021 3:33PM

I know they are trying to close the loopholes that the very rich use to -- Wahoos6 09/13/2021 4:28PM

There are some loopholes that absolutely should be closed even -- orangenblue 09/13/2021 4:42PM

Carried interest is the big one that comes to mind for me. If there are -- BocaHoo91 09/13/2021 5:11PM

Carried interest is also what I had in mind.... ** -- orangenblue 09/13/2021 5:44PM

$450K for married filing jointly in NYC doesn't seem "rich" considering COL -- orangenblue 09/13/2021 4:18PM

Oh, please. ** -- DanTheFan 09/13/2021 6:02PM

$450K seems pretty rich to me. -- tchoo 09/13/2021 4:20PM

They're not struggling to pay the bills, but in most of California and in -- BocaHoo91 09/13/2021 5:13PM

If you want to live in the hottest part of town, you don't get much for -- WahooRQ 09/13/2021 7:26PM

Not struggling is your definition of "rich"? Factor in two kids in college -- orangenblue 09/13/2021 4:31PM

I wonder how many people in this country live in a place where -- southdenverhoo 09/13/2021 4:51PM

450K a year is not a "struggle" for anyone anywhere. You may not get to -- WahooRQ 09/13/2021 7:13PM

"Struggle" isn't the right word....but being tight is .... -- orangenblue 09/13/2021 7:05PM

No, every dollar isn’t taxed at 45%, which is what you did to take 450K to -- southdenverhoo 09/14/2021 07:31AM

Those are choices on how to spend your money and where. I fully understand -- 111Balz 09/13/2021 9:05PM

I would have no problem tying the tax hike threshold to regional COL. ** -- SixerHoo 09/13/2021 4:35PM

I love that in theory but can you imagine the games people would -- 81_Hokie 09/13/2021 5:17PM

Yes, problematic in practice. ** -- SixerHoo 09/13/2021 5:20PM

All those rich smokers and hourly laborers? -- Hoodafan 09/13/2021 3:38PM

Frankly, who gives a rip about smokers? If they don’t want to pay the tax… -- SixerHoo 09/13/2021 4:07PM

If deficits are bad, we need to tax someone. Those with the most -- WahooMatt05 09/13/2021 3:41PM

Maybe we should first figure out what is wasted/inefficient and reallocate -- orangenblue 09/13/2021 4:38PM

Military spending should be number one on the chopping block. -- WahooMatt05 09/13/2021 4:48PM

Sounds like you are arguing to pass something that the electorate would -- orangenblue 09/13/2021 4:59PM

Dems are going to lose because of gerrymandering, not based on policies -- WahooMatt05 09/13/2021 5:05PM

Seems like over reach for a party that has 50/50 senate to jam -- orangenblue 09/13/2021 6:46PM

Merrick Garland says hi. ACB says hi. Killing Obamacare says hi.** -- WahooMatt05 09/13/2021 6:53PM

I didn't agree with what happened to Merrick Garland either...though -- orangenblue 09/13/2021 7:13PM

But then ACB was the reverse -- WahooMatt05 09/13/2021 8:23PM

Nooooooooooooooooo!!!!! ** -- Hokieesith 09/13/2021 4:39PM

With regressive nicotine taxes and "hiding" corporate taxes that first and -- Hoodafan 09/13/2021 4:01PM

No one is forced to pay regressive nicotine taxes ** -- NJHoo 09/13/2021 4:11PM

Why didn't they make that taxes on alcohol? Lot more drinkers than smokers. -- Hoodafan 09/13/2021 4:17PM

It’s not a regressive tax, and I’m not sure your assertion about who smokes -- 111Balz 09/13/2021 5:40PM

Why not both? ** -- SixerHoo 09/13/2021 4:41PM

Pssst, there was this pandemic in 2020 and millions of people -- 111Balz 09/13/2021 4:07PM

Bunch more gonna be unemployed due to vaccine mandates ** -- FrankGallagher 09/13/2021 5:00PM

That’s their choice ** -- 111Balz 09/13/2021 5:13PM

The definition of rich is going to change...Good Afternoon Rich People !!! ** -- Tuckahokie 09/13/2021 3:34PM

Yes, it will include upper middle class and with inflation even more. ** -- orangenblue 09/13/2021 4:41PM

Bbbut he's a moderate! ** -- Hoodafan 09/13/2021 3:30PM

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