Onion, Obama agrees that 250,000k income should not be considered rich. Thats why he calls for the marginal rate only above 250k to be adusted back to what it was before bush brought in stupid republican malfeasance.
$250K is only a downpayment on a combine. Some of us write checks $500k for ONE piece of equipment. And why you ask was corn over $8 bushel very recently -- if you're a John Deere stockholder you already know the answer to that question.
"Expenses rise to meet income." I am married , 2 kids , 1 in state university, 1 in high school.
4 smart phones, 4 cars, cable TV , I go out to eat once a month(maybe). live in a 3000sq ft home.
My son and I both brown bag our lunch.
You have made a lot of very useful post on this board and I value your experience and insights greatly. However, I would not use you as my tax man.
A person with a wife and kid who makes $250K per year would have a lot of deductions which would bring his taxable income significantly below $250K. But for the sake of example lets say his deductions come to $30K so his taxable income is $220K. The following are the tax rates and brackets.
A decent tax accountant could get that down even further. If this person had his own business and his total income was $250K there would be even more deduction and ways to shelter his income so that his taxes would be closer to $25K. I'm not an accountant, but I was a small business owner and job creator and the small business owner has significant tax benefits over the average employee. Just saying.