[TheSpottedOwl]

Over the years I have had to explain to high-income workers ( doctors, lawyers, etc. ) that WORKING to earn $ 200K is qualitatively different from having enough RETURN ON CAPITAL to earn $ 200K. You show me a family that has that kind of assets and any decent accountant can deploy those assets so as to minimize taxes. However, if you work and earn the money, you better get ready to pay the tax man. That's one reason why jfk's proposal to tax people earning over $ 200K is so asinine - it won't apply to him or that nut he's married to.

Excellent reply, especially the last sentence. Kerry is pandering to the lower income voters who maybe clear 25k a year. They think earning 200k+ makes you rich. Of course we know it's asinine, but poor people might not.

[RipSawyer]

"They think earning 200k+ makes you rich. Of course we know it's asinine, but poor people might not."

Rich is relative, 200K certainly won't buy yachts and jets but it allows a lifestyle that is, in some ways, rich beyond the means of the most wealthy of a few generations ago. At the same time certain things which were easily available a hundred years ago are almost unattainable to anyone of today. I don't have time or space to elaborate but a little reflection will show you what I mean.