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FROM CNN's Jack Cafferty:
The powers-that-be are now duking it out over how much money you have to make to be considered "rich." And, this matters a lot, because as states and the federal government grapple with record deficits, they're planning to tax the wealthy more; and it pretty much all depends on what your definition of 'wealthy is.
Fortune Magazine reports on this debate in a piece called "The government's new definition of rich." President Obama draws the line at those making $250,000 a year; he wants to raise taxes on them, and others - like New York's Governor David Paterson - agree.
It turns out that only about 5 percent of U.S. households have annual incomes over $200,000 - but lots of people in this group probably don't see themselves as rich, especially if they live in a big city where the cost of living is higher.
And this group of upper middle class, or the so-called "working rich," actually pay more taxes proportionately than the super rich. They're also not as good at finding loopholes to avoid paying some taxes like the very rich are.
Meanwhile others have different definitions of rich. The Security and Exchange Commission tells financial companies that a high net-worth individual is someone with at least 750-thousand dollars put away in one place; or a person who the firm reasonably believes has a net worth over $1.5 million.
Here’s my question to you: How much money does it take to be "rich"?
Interested to know which ones made it on air?
Rick writes:
A poll taken a couple of years ago asked people at various levels this same question. The consistent answer was always "twice as much as I make now." At $37k the answer was $75k/yr. At $150k the answer was $300k. I wonder if people's answers have changed this year.
Keren from Lansing, Michigan writes:
I make 22k a year, and can barely make ends meet. I'd love about a 40k raise; that would do me just fine. I'm not greedy!
Anthony from New Jersey writes:
The definition of rich is easy: Being able to hire help so you'll never have to lift a finger for the every day drudgeries we all detest. Going to Europe like we go to the shopping mall. Wondering which summer home we're going to spend the winter in. And treating the help like unfortunate dolts. Being able to afford all the lawyers needed to protect their glutinous lives doesn't hurt either. To these folks taxes are to be avoided like the plague. It's simply pocketbook over patriotism.
Gary writes:
$250,000 seems about right. If you're in the top 5% of incomes, you're rich.
Mike writes:
How much money does it take to be rich? Depends. Where do you live? Philadelphia, Pennsylvania, or Philadelphia, Mississippi?
Susan from Oregon writes:
If you live in the county and have only wood heat, rich is three cords of wood in February.
Anita writes:
Simple answer: If you have surplus income after you pay all your financial necessities, you are well off. But you are really rich if you have good health, as that can’t be bought and isn’t taxable.
Jerry writes:
Rich? What is rich? Is Bernie Madoff really rich?
Cedric from Canada writes:
$237 and a case of Moosehead.