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View Diary: Ways & Means chief David Camp wants to return to 1931 tax rate (110 comments)

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  •  I can sort of understand that actually... (0+ / 0-)

    Having a million dollars isn't what it once was.  I still think people should be satisfied with it, but the reality is your life won't be that different.  You can't buy everything you want.  You can't waste money that frivolously or go on mega expensive vacations.  A million dollars will dwindle very fast if you do that.  

    With a million dollars if you just live off of the income/capital gains then you can have a lifestyle of someone making maybe $30,000 per year if you want to keep up with inflation.  If you do well you can maybe exceed that, however that assumes you know what you're doing and many people with a lot of money sadly don't.  Now if you don't care if it slowly dwindles I suppose you can live higher on the hog than that, but it won't last forever in that case.  

    So, they may not be as divorced from reality as you may think.  There is some truth to back up their viewpoint in terms of being able to act like how a rich person is portrayed in movies.  However, they are greedy.  

    I don't know why the guys think they need 7 million though.  I think at about 2 million you're set for a good life style and at about 3.5 you're able to live pretty extravagantly.  

    Don't get me wrong, a million is nothing to sneeze at, but if you live off of it responsibly you won't end up with much more than a middle class lifestyle.  It's more of a "millionaire next door style" lifestyle than a conspicuous consumption rich lifestyle.  However, personally I don't think anyone needs more than a U.S. middle class sort of lifestyle anyway.  

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