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View Diary: Sunday Train: Fighting FUD on the first California HSR segment (76 comments)

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  •  If we define by quintiles ... (4+ / 0-)
    Recommended by:
    Judge Moonbox, BYw, neroden, RunawayRose

    ... the middle three quintiles are $18,000 to $80,000, so $250,000 is over three times any of the eighty percenters make. And that is household income, with a median of two households in the fourth quintile, and a median of one in the second quintile, so the range is more like $18,000 to $45,000 for individual income.

    $150,000 takes you to 95% of all households (and, again, a median of two income earners) ... so $80,000 to $150,000 is a reasonable definition of an "upper middle class" household income.

    $250,000 is more about defending the people who can write max Presidential candidate personal contributions than about defending the Great American Middle Class.

    Support Lesbian Creative Works with Yuri anime and manga from ALC Publishing

    by BruceMcF on Mon May 23, 2011 at 08:43:45 AM PDT

    [ Parent ]

    •  Agreed. Although rich vs. superrich (2+ / 0-)
      Recommended by:
      RunawayRose, Judge Moonbox

      is an important distinction, and I think many of the moderately rich are getting really ticked off that the superrich pay LOWER tax rates than the moderately rich.  

      At this point, given how rich the superrich are, we should fund everything by higher taxes on the superrich, and for convenience and round numbers, I'll define them as people who are raking in a million dollars a year or more.  I say "raking in" because nobody "earns" that much money every year; it's either investment income or self-dealing on the part of CEOs.

      Read pp. 1-7 of Krugman's _The Great Unraveling_ (available from Google Books). NOW.

      by neroden on Mon May 23, 2011 at 12:41:43 PM PDT

      [ Parent ]

      •  Hell, define it based on multiples of ... (1+ / 0-)
        Recommended by:
        Judge Moonbox

        ... the minimum wage, it starts getting insane to cry "but we are so poor"

        $7.25 40hrs/wk, 52 wks a year is $15,080

        52 times that ~ as much in a week as a minimum wage worker can make in a year ~ $784,160.

        So, 52 times the federal minimum wage, 40 hours a week 52 weeks a year as the threshold.

        The rich v super-rich want a higher threshold, they can push for a $10 minimum wage, I won't complain.

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        by BruceMcF on Mon May 23, 2011 at 04:15:40 PM PDT

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