Comments on: $300,000 Is Rich: Don’t Deny It

By: Polly

Polly — Sat, 11 Oct 2008 00:12:05 +0000

I have to say $300,000 is not rich it is relative to each person’s circumstance and choices. I was let go from a good job after a medical leave and hit the streets and my job was trying to find a job and no one would hire unless it was commission only so I had to make a choice going on welfare to pay my bills or get a loan to start a business. I have worked 12 hours plus everyday for the last three years up until recently. I started my own business in 2005 and the first two years I lost money and because I am a business broker in a long sales cycle and the bad economy I have worked on closing the same accounts for several years. All the sudden this year all of them are closing which happens to add up to $300k and as a business owner I am throwing away $100k or more on taxes. If that $300k was spread out over the last four years my life would have been easier, bu I am very Grateful. I am also sick about it. I went temporarily blind last year from the stress but decided to hang in there. I have a business loan, no health insurance, my prescriptions run $600 a month, don’t own a home and after three years of sacrificing I am going to give it a way because the last couple of years of hard work’s income is falling into 2008 and 2009 will be another story. Do you know how I could help my family with that kind of money? Instead I have to pay business expenses and put some back and hope my business will continue to grow.

By: » Writing Elsewhere | Kate Says

» Writing Elsewhere | Kate Says — Tue, 24 Jun 2008 20:09:23 +0000

[...] I wrote a guest post on Tax Girl last week for their blog-off titled “$300,000 is Rich – Don’t Deny It!” where I give my oh-so-humble opinions on some political and societal tax news and [...]

By: b5media - Best of the Biz Channel Blog Off

b5media - Best of the Biz Channel Blog Off — Mon, 23 Jun 2008 14:11:11 +0000

[...] 2, Taxgirl. Wow, telling you which post I like best from among the ones that I wrote would be like my great-grandmother telling which great-grandchild she liked best. She always said she might have one, but she’d never tell. So, instead, I’m choosing this great guest post from the always fun Kate Olson – are folks who make $300,000 really rich? [...]

By: Kelly

Kelly — Fri, 20 Jun 2008 22:06:16 +0000

Another Tax Geek,

You make an excellent point re the tax brackets. They clearly don’t take into account economic reality.

By: Another Tax Geek

Another Tax Geek — Fri, 20 Jun 2008 21:25:54 +0000

The problem isn’t with households in that range paying ‘more’ per se, it’s that they pay more (as in more income subject to tax) AND are then subject to a higher rate. It’s the latter that is a slap in the face to success. My household is approaching this range (with both of us working, busting our tails), and we’re hardly wealthy. In fact, in our area, being able to afford decent housing at our income is still an issue.

IMO, many of the objections people, including myself, have with the progressive system we have could be alleviated if the brackets were simply moved up. It seems wrong that a household in the 250K range has the same marginal rates as Bill Gates, when they’re clearly not even in the same economic stratosphere.

By: TexasEd

TexasEd — Fri, 20 Jun 2008 17:35:31 +0000

Rich is a relative term, i.e., it means different things in different cultures, societies, neighborhoods, etc. So, I object to the continued use of “tax breaks for the rich” and other volatile terms. I understand what she was saying in the article, but the broader point, on a tax blog, should be whether people should pay different tax rates because thay earn more money. As others above have noted, our progressive tax system is nothing but socialism. Look at which taxpayers pay the most, and consider that some non-taxpayers get tax refunds (earned income credit). How can you justify that in the tax code? The flat tax would be a solution, but I don’t see it ever happening unless there’s a major upheaval in Washington. (LOL)!

By: Michael Gowin’s Blog » Friday Quicklinks

Michael Gowin’s Blog » Friday Quicklinks — Fri, 20 Jun 2008 16:59:43 +0000

[...] $300,000 is Rich: Don’t Deny It @ taxgirl. My family’s income falls right around the national average (read the article to find out what it is). I don’t like taxes any more than the next guy, but $300,000–annually–is a lot of money. [...]

By: Robert Muzingo

Robert Muzingo — Fri, 20 Jun 2008 16:37:45 +0000

I’m truly sorry you’er having a hard time in these economic times. That your life style has gone down really fast. I have’nt a clue what your tax is. On $300,000 a year. Nor do I know weather or not you should pay more tax on it, aka RICH… I do know the things that the people in the houses , I drive by, Have. I do not believe that 2500 sq. ft. house with all that goes with is called POOR. There is so many going up too. I don’t know personely , any one that has one or is close to getting one. That price is out of this world. To be able to buy one, I would call Rich. I grewup in a small town, we rented most of the time. My father finilly bought one in 1962 for $12000. I personelly have not bought a house yet. Mobil Home. Yes it paid for. An yes it’s 26 years old. Can I afford one now, NO. Do you have health insurance? Yes you do. Do I have heath insurance ? No … Can you afford Rice and Beans? Yes … I can too. When My wife need Insulin, aka diabetic. I have to decide, whats more important. $300 a month. I’m sure your a hard worker, aka $300,000 a year an all that. Your much smarter than me. I work 10 hours a day, at a hot manufaturing plant all day, I bring in 26,000 a year. But most of all this is not to blame you for what you have. It’s just to let you know where , I’m coming from. This is the best Blessing , God The most High ,Has ever could give me, That is to walk with me ever step of the way.

By: Chris Masters

Chris Masters — Fri, 20 Jun 2008 16:06:50 +0000

If taxing the rich would help anything I would be more for it. the only reason people want to tax the rich is because they are envious and want to punish the rich for their success. It doesn’t matter to them that by doing this, they are actually going to hurt the economy and themselves in the process. the American people are their own worst enemies sometimes.

By: Alan H.

Alan H. — Fri, 20 Jun 2008 13:57:40 +0000

This wouldn’t be an issue if the United States would adopt a flat income tax. It seems odd that we use the term “progressive” to describe a tax system that punishes success.