Taxing the rich - what is the cutoff?

[onlydarksets]

Originally Posted by Schneed10

And may I add that the $250K budget I drew up was for a family living in the DC area, one of the highest cost of living locations in the US.

If you live here in Philly, $250K takes you further. In places like Charlotte NC and other cities all across the land, it takes you much much further.

True, but it also doesn't account for student loans, which can exceed $100k easily for law/medical school. That can add an extra $15k-20k/year.

If you have at most one kid in daycare and no student loans, I agree.

If you have young kids requiring daycare and student loans, this budget goes out the window, and the 3% is going to be felt.

Your budget is a useful discussion point, but you haven't proved the $250k cutoff is optimal.

I still agree that it is affordable, though. The point of the article (and one that I agree with and I think you agree with) is that Obama has labeled this income bracket as "wealthy", which is not likely true for most of the demographic. That's fine to increase it 3% now, but it's not a well you can keep going back to.