As my screen name implies, I consider myself an independent voter, neither aligned with the dems or repubs. I have been watching the debate of the "bush tax cuts" and the Obama "compromise" from this and other sites, both progressive and conservative as I feel there are two sides to every story.
As my screen name implies, I consider myself an independent voter, neither aligned with the dems or repubs. I have been watching the debate of the "bush tax cuts" and the Obama "compromise" from this and other sites, both progressive and conservative as I feel there are two sides to every story.
What primarily concerns me about the Progressive arguement of eliminating the tax cut for those above of $250k household incomes, as espoused on this and other sites, is there seems to be a mixing of the terms "household incomes above $250k" and "the rich or wealthy" households, those with substantial assets or net worth. There seems to be a general feeling in here that any one making $250k or more is "rich" or on easy street.
Karen Hube, of "The Financial Times" has an article dated 12/7/'10 titled "Down and Out on $ 250,000 a year". In the article Ms. Hube has a mythical family of four residing in Huntington, NY, but could be Naperville, Il. or Glendale, Ca. or a burb in Houston or Dallas, and using "typical" family expenditures such as state and local taxes, food, utilities, loans, etc. shows that after all the expenses are deducted, this mythical family of four is hardly rich or weathy. Does this mythical family live comfortably? Yes, but hardly extravagant, no golf club memberships; no high end stable of cars in the carriage; no fancy vacations "across the pond", hardly the lifestyle of the rich and wealthy.
I site this article as it could, with small variations, be my family. My wife and I are college graduates, which we paid for ourselves, as our families did not qualify for pell grants or other forms of financial aid; we work 45 - 60 hours(at times it seems like more)per week each; instead of college loans to pay for, we have a child attending a private college and another who will be in college next year. We, as many others in my neighborhood and circle of friends do not consider ourselves "wealthy". We do have some savings, and perhaps after we are finished paying for our kids college education, may start to see some accumulation of assets for our retirement (I have no confidence Social Security will be a large part of my retirement or even be there in 15 to 20 years).
My wife and I have worked hard to get where we are. We have had to make many sacrifices. We have a nice income, but we also live within our means. Outside of the mortgage, we have very little debt, and this is by design. I, and others like me, did not cause the budget predicament this country is in. As a matter of fact, according to the Tax Policy Center, those with annual incomes at or above $ 250k, those 2% - 3% top wage earners, were projected to pay nearly 49% of the US income tax revenue in 2009. What we paid in federal and state income taxes, in 2009 would support another family of four very nicely. Add in real estate and other taxes, and one of the incomes in this two income household is almost gone. The transfer of wealth sited by so many on this site has not occurred in my household.
So, after working my way through college on the GI BILL, and part time jobs; advancing through the ranks of the corporate ladder; working 50 plus hours a week on average, why don't I deserve a tax break like the household who makes $ 150k or $100k or $75k or $50k? Some in here say that I don't need it or will not spend it. Believe me, let me join in the tax cut and I promise to spend it, all of it! I will try to convince my neighbors and friends, some of who are in debt up to their eyeballs, to spend it also. No one I hang with is "superich", annual incomes in the $1m or $10m or more range. Some in my neighborhood are the proverbial small business owner. Most, like my wife and myself, are corporate execs, or other professional types, Doctors, Dentist, CPA's, a few lawyers(yuck).
I had a plan early in life to get to where I am today. I am very proud of what I have achieved and accomplished and feel that I have EARNED it! Why should I have to give more than others? I do not mean to come across as smug. I do believe in helping my fellow man. But tell me, why are you picking on me? What did I do that is so dastardly as to not let me join in the fun of tax cuts?
I am interested in hearing from the people on this site. I do ask that responders refrain from:
- blame Bush
- the use of profanity(if you can not construct an arguement without dropping the "f" bomb, you don't have an arguement)
- no name calling, examples: "repugs", "neocons" etc.... childish.
Update #1:
Thanks to all who responded. Your thoughts and comments are appreciated.
- let me say that I wish I could delete the "picked on" comment. I did mean it as a "tongue in cheek" comment.
- I am not asking for pity or sympathy. I readily admit my lifestyle is quite comfortable. Believe me I understand and am appreciative of what I have and the country we live in that has given me the opportunities to succeed.
- To all who make less than I do, yes, I do feel your pain. I came from a lower middle class background myself. Yes I do understand trying to make ends meet on less than $$ (pick your number) annual salary. Growing up, there was one bread winner in my house with five kids and various pets. We did not have everything we wanted. I understand hand me downs.
- The main point I was asking, that maybe got lost in the fog, was, why the arbitrary figure of $ 250k. There have been comments in this site
who equate an annual salary of above $200k as being really really really wealthy. No, we are all not running out buying Bentleys, new yachts, or caribbean islands. I do occasionally buy Grey Poupon mustard, but certainly not at the levels Mr. Grayson suggested more like one jar at a time, when it is on sale.