Sunday, September 19, 2010

Tension between Obama & Congress over tax cuts puts middle class in spotlight

As tension between President Obama and Congress mounts over whether to allow Bush-era tax cuts to expire as scheduled at the end of the year, and if so, for whom, I found myself drawn into an amazing debate this week (on a friend’s Facebook page, of course) about whether individuals making $200,000 and married couples making $250,000 – the tax cut threshold for the middle class – should be considered wealthy.

I’ve been hearing from folk – especially married couples with children – that $250,000 certainly does not make a household wealthy. My response is simple: That is absolutely correct. But if you don’t feel wealthy bringing home that kind of income that just means you have a warped sense of money.

While I cannot say with certainty that particular income makes one wealthy or rich – both are nebulous terms determined by one’s net worth and not one’s earnings – I can say that it does make one a high-earner. Yet it’s amazing that many of these same people in the high-income bracket really do believe they don’t have enough money to fund a middle class lifestyle. 

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