What annual income do YOU consider "wealthy"?

People always talk about "the wealthy" as in they don't pay their share of taxes, Control how the country is run, only for themselves. Etc.

What net worth and/ or annual income do YOU consider wealthy & why?
Just curious how much money makes people think someone is wealthy.
Try to leave political views out of it because all sides seem to have "wealthy people ".

Dirtrider said:

People always talk about "the wealthy" as in they don't pay their share of taxes, Control how the country is run, only for themselves. Etc.

What net worth and/ or annual income do YOU consider wealthy & why?
Just curious how much money makes people think someone is wealthy.
Try to leave political views out of it because all sides seem to have "wealthy people ".

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Seems to be a large number of Democrats feel anyone with a taxable income of over $400,000 a year is wealthy enough to be required to pay the same or higher tax rates than they do as most have profited because of our country’s prosperity by using money to make money. I imagine most of those making over $400,000 a year own their own home if not several properties and do not have many liabilities other than health costs as our country’s heath system’s ability to price gouge could bankrupt almost anyone! I think many of the people making much less can live a happy life by living simply unless they have families and again medical expenses. Housing, food, transportation and medical expenses plus educational expenses as public schools go to voucher systems means families need much more. It is different for different age groups as well but in general if you can live healthy, have transportation to enable work which supplies food and shelter while being able to save and retire if you need to you are doing good in my opinion. That some people are able to on Social Security is great but not all can. Until then probably most would require at least enough for reliable transportation and means to get the additional living requirements. That alone is probably most of what many get for Social Security if not much more. My guess for wealthy would be at least 20 times that, so yes if you have $400,000 in usable income every year you are wealthy beyond my wildest dreams. Net worth would be most likely much higher than 2 million dollars at that income. Problem is there aren’t many that can get above a million a year and not many in between. There are less than what 1,000 billionaires and probably 100,000 millionaires. Three ultra rich have as much wealth as the bottom 60% or roughly 200,000,000 people in this country? The American dream of becoming what anyone considers wealthy is being consolidated by the already “wealthy in my opinion limiting opportunity for those wanting to be what they consider “wealthy”. Politics really don’t matter as we have allowed our government to be corrupted, bought and paid for in my opinion. I consider myself to be wealthy until the next medical problem pops up then I’ll be bankrupt or dead.

2.5 million is considered wealthy. Gen Zs claim to need $600k per year to live.

Anyone who is wealthy enough to adopt me give me the luxury travel llifestyle I so richly deserve. A fully staffed in the South of France will do for starters

Wealth to me is a state of mind. One might have a net worth of 2 million, but most of that is tied up in your home or retirement funds. These funds are not readily available to use, thus you have no "wealth". My uncle owned a farm valued at 1.2 million, but his "income" was so low he could apply for food stamps. I could be making $100K a year and live in rural Nebraska and be considered wealthy, but that income in New York would be considered the working poor. I consider someone as wealthy when he has funds to take of all his financial obligations, established a good retirement fun, and has money to have fun with.

bullfrog ! said:

There are less than what 1,000 billionaires and probably 100,000 millionaires.

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22M millionaires in the US.

I agree with Tony, that wealth is more a state of mind than a dollar amount.

It has to do with expenses in relation to money coming in, and one can feel wealthy at very modest income if your output is well within those means.

WanderingRose said:

I agree with Tony, that wealth is more a state of mind than a dollar amount.

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The OP isn't being philosophical though... he wants to know about taxation. Income, estates, capital gains, etc.

Back when "America was great" all these taxes were much higher on the wealthy. Oddly, MAGA never mentions this.

rruff said:

The OP isn't being philosophical though... he wants to know about taxation. Income, estates, capital gains, etc.

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You must have Xray glasses as OP Dirtrrider posted "net worth and/ or annual income"

Dirtrider said:

People always talk about "the wealthy" as in they don't pay their share of taxes, Control how the country is run, only for themselves. Etc.

What net worth and/ or annual income do YOU consider wealthy & why?
Just curious how much money makes people think someone is wealthy.
Try to leave political views out of it because all sides seem to have "wealthy people ".

Click to expand...

I consider wealthy as having a comfortable lifestyle & what you need. The bible doesn't say money is the root of all evil. The LOVE of money is the root of all evil. Money is just grease for the wheel so what good is having way more than needed unless you help others with it?
Contentment is the main thing, I've seen people who'd we'd consider dirt pour & they were probably happier than most billionaires

Sky King said:

2.5 million is considered wealthy. Gen Zs claim to need $600k per year to live.

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Is that 2.5 M total net worth including all assets or money in either stocks/IRAS/401K?

WanderingRose said:

I agree with Tony, that wealth is more a state of mind than a dollar amount.

It has to do with expenses in relation to money coming in, and one can feel wealthy at very modest income if your output is well within those means.

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I wasn't thinking of state of mind but I do understand the mindset. Just wondering about people (mostly elected tax money wasters & the media) are talking about the wealthy but they never seem to place a dollar amount on it.

The main reason for the question is figuring out why people say "the rich" don't pay their fair share which I personally find offensive. I get paid every 2 weeks and once a month receive a commission check. My taxes are averaging 43.8% of every check so if I made $500K GROSS, I would place about 281K in the bank and out of the kindness of my heart would donate 219K for all the BS they waste money on. So, the more you make, the more they take. Not to mention just about any tax break/rebate/ Government program out there, you wouldn't qualify for because you make too much money in their eyes.
750K= 328500 in taxes
1M= 438K in taxes
The average person that works for a company doesn't have the write offs & loop holes that corporations might be able to use. I don't think they are cheating the system but working with the laws in place to get breaks (if being totally honest with their accounting)

Dirtrider said:

The main reason for the question is figuring out why people say "the rich" don't pay their fair share which I personally find offensive. I get paid every 2 weeks and once a month receive a commission check. My taxes are averaging 43.8% of every check so if I made $500K GROSS, I would place about 281K in the bank and out of the kindness of my heart would donate 219K for all the BS they waste money on. So, the more you make, the more they take. Not to mention just about any tax break/rebate/ Government program out there, you wouldn't qualify for because you make too much money in their eyes.
750K= 328500 in taxes
1M= 438K in taxes
The average person that works for a company doesn't have the write offs & loop holes that corporations might be able to use. I don't think they are cheating the system but working with the laws in place to get breaks (if being totally honest with their accounting)

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Not exactly most use property to build equity then use loans against the equity to live on. Loan interest rates are much lower than tax rates and in addition interest is deductible lowering the cost even more. There are several ways marketed to increase wealth while decreasing tax liability, it’s a whole industry in its self. Accountants make good money for a reason.

Dirtrider said:

My taxes are averaging 43.8% of every check so if I made $500K GROSS, I would place about 281K in the bank and out of the kindness of my heart would donate 219K for all the BS they waste money on.

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That's in the top 1%, but I wouldn't call anyone who works for a living (especially for someone else) a member of "the rich".

Typically the rich make money from owning assets. There are many ways to shelter this type of income and wealth accumulation from taxes. Often it isn't classified as income at all, even though their net worth increases by millions or billions per year.

One very common "scheme" to keep the money they spend from being taxed, is to take out a loan on their assets.

Dirtrider said:

Is that 2.5 M total net worth including all assets or money in either stocks/IRAS/401K?

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According to a recent Charles Schwab survey, the average American considers a net worth of $2.5 million to be "wealthy".
https://www.investopedia.com/how-mu... Boomers (1948 to 1964,to 2002): $1.2 million

Dirtrider said:

I don't think they are cheating the system but working with the laws in place to get breaks (if being totally honest with their accounting)

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As any of us would.
That's why I think a national sales tax is the answer. You only pay when you buy things. It would encourage saving, tax all illegal, drug & all untaxed money, eliminate loopholes, cheating & the IRS. Anything you buy you pay the 10% or 15% tax if you're a person or business. Fair, easy, clean & simple.

rruff said:

One very common "scheme" to keep the money they spend from being taxed, is to take out a loan on their assets.

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How does borrowing on what you already own keep you from being taxed? It frees up capital but adds closing costs, fees & debt you pay interest on. You don't own anything till it's paid for.

I don't think there's any way to leave political views out of this thread, since the original question is essentially political.
Maybe it's time to move it to its natural home?

Sky King said:

How does borrowing on what you already own keep you from being taxed? It frees up capital but adds closing costs, fees & debt you pay interest on. You don't own anything till it's paid for.

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Check with an accountant or simply watch some of those videos you like so much. I’m sure a liberal senator could explain it to you! Lol!!! Same with a “flat tax” as it doesn’t make sense to tax people living in poverty.

Morgana said:

I don't think there's any way to leave political views out of this thread, since the original question is essentially political.
Maybe it's time to move it to its natural home?

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It's not political for me at all or intended to be. I've paid taxes and heard the terms for over 50 years by all parties