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15%  
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  • Keeping It Real: Obama's $250,000 Fallacy

    09/06/2010 1:23:04 PM PDT · by NaturalBornConservative · 11 replies
    Natural Born Conservative Blog ^ | 09/06/2010 | Larry Walker, Jr.
    Legalized RobberyCollecting more taxes than is absolutely necessary is legalized robbery. ~ Calvin Coolidge By: Larry Walker The question of the day: Why is making $250,000 a year suddenly considered wealthy? The Obama's made $5.5 million last year. Is that wealthy?Contrary to popular belief, $250,000 in 2010 had the same buying power as $20,722 in 1926. Annual inflation over this period was 3.01%. An income of $250,000, adjusted for inflation, would have placed a taxpayer in an 11% tax bracket in 1926. In order to have been considered in the top tax bracket back then, in today's dollars, would have...