Taxing the rich - what is the cutoff?

[onlydarksets]

Originally Posted by 724Skinsfan

1) If you offer me and my wife a 250k income, I guarantee we can live comfortably in any city with our two boys. Some housing areas of certain cities may be off-limits, of course.

2) I agree with Slingin' Sammy: you can't keep taxing the well-to-do just because they have the money. {Pssst...sounds like someone likes the Fair Tax idea}

3) On the other hand, since they're are already hard-working, entrepreneurially spirited individuals, if you do tax them more they'll just work that much harder to make up the difference. It's a win-win situation.

I'm sure you could - most people could. The point is that it's a comfortable lifestyle, not an extravagant lifestyle. Bumping up the tax rate is not simply forcing these people right at the margin to cut back from three butlers to two. It's going to have an impact on something that, for the most part, they worked hard to achieve.

Now, on the flip side, the 2000 tax rates are doable. It's just not wise to think this is a well you can go back to too often.

That said, what is a reasonable cutoff these days? $500k?