Posted on 10/28/2008 3:39:41 PM PDT by quesney
The American dream - on hold Meet the HENRYs (high earners, not rich yet). They make $250,000-plus and get taxed to high heaven. And they're about to be socked again.
Aspiring HENRYs played by the rules: They won the best grades in high school, got accepted at good colleges and grad schools, and worked daunting schedules as medical interns or associates in law firms.
Now this group of superachievers is being targeted as a cash machine. Barack Obama has pledged to pay for middle-class tax cuts and credits by raising taxes on the HENRYs. Obama and the congressional Democrats frequently refer to households earning over $250,000 as the "rich." But whether the HENRYs are truly "rich," or ever will be, is debatable.
The reason the HENRYs are strapped for both lifestyle and nest egg is twofold: First, they already face a large and rising burden for federal, state, and property taxes plus the knife of the AMT. Second, they invest heavily in their kids: saving for private colleges, paying for day care - and providing dance, tennis, or gymnastics lessons. They have little left over for either extravagant living or, in many cases, saving for an affluent retirement.
More (case studies):
http://money.cnn.com/galleries/2008/fortune/0810/gallery.tully_henrys.fortune/index.html
(Excerpt) Read more at money.cnn.com ...
These are the kind of hard-working role models Obama wants to milk?
Hey, HENRY. Good news. You now qualify for the simplified IRS tax form with only one question.
How much did you make?
Send it in.
We are the forgotten class, not millionaires but not poor. We get soaked the worse. We have 6 kids and it’s tough. We got nothing when there was an economic stimulus, not that I wanted it, but with 6 kids it would come in handy, we don’t qualify, we just pay for everyone else’s kids.
The only place where $250K is really rich is next door to Obama's half-brother.
I've got two kids in college, so the term "positive cash flow" is a fleeting memory. And no, our combined HH income is nowhere near $250K (but I'm not complaining).
I posted this on other threads: Look for a wealth tax under Obama. He won’t be able to raise enough just from income. He needs to confiscate wealth, although tax sounds much kinder.
UH...as of today...RICh has been lowered to $150,000....
It will be down to $25k when it’s all said and done.
I earn between $110 - $150 depending on bonus. I’m single, no kids and own no property - just a renter...guess what, I’m NOT rich. For my job and to make the money I make I must work in either LA or NYC - and what I make does NOT make you a rich person, or even close. I’m a Demo’s wet dream - tax the crap out of me and give the majority of my income to the boondoggle B.S. programs crappy politcos to continue to feed at the public trough. I detest what Demos have become......this entire election sickens me.
I heard Biden say today that it was $150,000, so I think the “rich meter” is flexible.
Question, this article mentions the AMT...didn’t they get rid of that with the bailout bill? It was my understanding that was one of the concessions the Dems made to get the Republicans on board.
That’s outrageous. This is absurd.
I am the Henry’s.
It is not a matter of how much one makes but how they manage opportunity. I know a lady who qualifies for food stamps according to income, but actually does quite well materially via a thrift store she runs. To survive Obama, we will all have to become opportunity managers.
Yes, I agree with that. It has been in my case not how much I make, nut how much I keep. Taxes on business owners is
astronomical. I have always been thrifty no matter how high
my income goes, however what is the point of working so hard
if 0bama is going to waste it and give it to people who
don’t even work hard.
Obama doesn’t want to spread the wealth around. He wants to spread the poverty around.
While not rich, I'd consider $250,000/year 'well off'. That includes family to raise and college. A great deal really depends on how much of this income is 'earned' (in legal terms). I wouldn't call a $250,000/year wage earner or businessman rich, but I would call being able to receive $250,000/year (probably less) with no need to work for it rich. (BTW, I live in San Diego, CA.)
Not to mention that they also want to confiscate your 401(k), replace it with US Bonds @ 3% and spread the wealth of your former tax deferral to those that don’t pay any taxes.
Biden? That could have meant anything.
Wealth is relative anyway. By taking more from those with it he creates more that have it. Soon everyone will be rich. Ingenious. :)
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