Interesting historical data

[fionn320]

http://www.nytimes.com/2008/08/31/business/31view.html?_r=2&em&oref=slogin&oref=slogin

Please note what the income cutoff for the 95th percentile is. $180K. This means that if your family makes over $180K a year, you make more than the other 95 percent of us. Think about that the next time you hear that Obama wants to raise taxes on the middle class

Comments

Taxes

[anonymous]

It's not the income tax that bothers me so much as the other taxes.

Just about everyone in the middle class has investment accounts, increasing taxes on capitol gains and dividends directly affects the middle class, far more so than the "rich" who can shelter their assets.

Just about everyone who owns their own business is solidly middle class. The death tax directly destroys businesses (and small farms).

Re: Taxes

[fionn320]

"Just about everyone in the middle class has investment accounts" Usually in the form of a 401K, IRA or other tax advantaged investment vehicle. I would place postal carriers and teachers in the middle class and, of the several dozen I personally deal with, I know of TWO members of that group who have an investment account outside of retirement plans. Certainly not "just about everyone."

Businesses and farms: the Estate Tax currently has credits for the first $2 Million of an estate. Very few small businesses that are owned by a single person are worth anywhere close to $2M. Any business, including a farm, that is worth that much can and should set things up so that the death of any one owner won't set up the business for dissolution. If you are smart enough to build and run a $2M business, you're smart enough to do your homework.