The 250,000 dollar family

[Bindare_Dundat]

http://money.cnn.com/galleries/2008/fortune/0810/gallery.tully_henrys.fortune/index.html

Aspiring HENRYs played by the rules: They won the best grades in high school, got accepted at good colleges and grad schools, and worked daunting schedules as medical interns or associates in law firms.

Now this group of superachievers is being targeted as a cash machine. Barack Obama has pledged to pay for middle-class tax cuts and credits by raising taxes on the HENRYs. Obama and the congressional Democrats frequently refer to households earning over $250,000 as the "rich." But whether the HENRYs are truly "rich," or ever will be, is debatable.

The reason the HENRYs are strapped for both lifestyle and nest egg is twofold: First, they already face a large and rising burden for federal, state, and property taxes plus the knife of the AMT. Second, they invest heavily in their kids: saving for private colleges, paying for day care - and providing dance, tennis, or gymnastics lessons. They have little left over for either extravagant living or, in many cases, saving for an affluent retirement.
By Shawn Tully.

[Bindare_Dundat]

"Raising taxes for people at my level is like punishing success." - Bill Kwon

Peoria, Ill.
Household income: $375,000
Financial advisor; freelance photographer

"I try to save 25% to 30% of my income every year," says Bill. "I'm a financial advisor, so I practice what I preach." At that rate, Kwon is among the few people in his income bracket heading for an affluent retirement. Kwon lives frugally, buying cars on eBay and shopping for discount airfares online.

"When I was young, I thought the well-to-do in Peoria had perfect lives," says Kwon. "Now I know they're just hard-working people supporting their families."

[Bindare_Dundat]

"If I blew my money like other people, I'd feel rich" - Kelly Lynch

Redondo Beach, Calif.
Household income: $400,000
CEO, maintenance company; chemical engineer

Like most people in her bracket, Kelly Lynch doesn't feel rich. "Making $400,000 sounded like a lot of money coming out of high school," she says. "Now I feel more like we're making $100,000 instead of $400,000." The couple pays about $100,000 a year in taxes, saves $800 a month for the kids' college funds, and puts $4,000 a month toward retirement. "If I were rich," she jokes, "I'd have an ocean view and take longer vacations."

[Bindare_Dundat]

"We're not wealthy at all. We're well off and successful" -- Lee Pfannmuller

Minneapolis
Household income: $275,000
Biomedical engineer; manager, state agency

College costs are a huge item for them. Gary and Lee paid $50,000 a year to put daughter Kristen through Cornell. Now they face another four years of college bills: Their second daughter, Gretchen - whose high school cost $15,000 a year - is a Cornell freshman. The couple pay around 30% of their income, or $83,000, in federal, state, and local taxes.

[Benny B]

Somehow, I think these families will find a way to survive paying a little more in taxes.  People making $250K or more hardly had to reign in their spending during the Clinton years. From what I recall, lot's of people were doing quite well under Clinton.

[Bindare_Dundat]

Somehow, I think these families will find a way to survive paying a little more in taxes.  People making $250K or more hardly had to reign in their spending during the Clinton years. From what I recall, lot's of people were doing quite well under Clinton.

Are you in the 30% taxation range?

[George Whorewell]

Great idea Benny. Why dont we all aspire to earn less money so we pay less taxes. That will really encourage people to better themselves. And bravo on your other brilliant idea-- Because 10 years ago people earning 250k didnt pay a lot of taxes, they should now be penalized? lol

Imagine someone who goes to school for half their life and works their ass off to get a JD or MBA or medical license ,who now in addition to paying off student loans, has to fork over the highest amount of taxes in the entire country. Talk about penalizing someone for their success. I suppose having the government steal my money because poor people are poor and rich people are rich will really help the middle class. 

[Decker]

The average household income in the US is $50,000.  That's household income meaning everyone's income in that house.

Throw in a 401k plan, 125 cafeteria plan for health costs, health insurance premiums, life insurance premiums, property taxes, income taxes, payroll taxes, auto insurance, food, clothing, education and all the other costs to living and I think we can see what a whiny bunch of rich people we have in this country.

If joe lunchbucket with his $50k a year household income can get by, then these pussies making 250- million should shut the fuck up and pay their taxes like everyone else b/c they got whole lot more than everyone else.

[George Whorewell]

I agree, but those people arent making 250 million. Look at the chart above. the bulk of income tax comes from those making 50k- 100k, 100k- 200k and 250k- 500k!!!! How is that fair?

[Decker]

I agree, but those people arent making 250 million. Look at the chart above. the bulk of income tax comes from those making 50k- 100k, 100k- 200k and 250k- 500k!!!! How is that fair?

Factor in the 12.4% flat payroll tax that everybody pays and that the government spends like income tax revenue and then you'll get a more accurate portrayl of who pays what in this country.

[Fury]

Punishing those who are hard working and successful while rewarding those who are content with mediocrity is amusing.

[Grape Ape]

Somehow, I think these families will find a way to survive paying a little more in taxes. 

What people who make this comment fail to understand is that "little more" in taxes can be the difference between saving a little in the bank and saving nothing.

Try getting hit with AMT and see if you think paying "a little more" won't make a difference.

[shootfighter1]

See, they already pay "a little more", they shouldn't be penalyzed more.  If we close some tax loopholes and everyone reported tax correctly, we wouldn't have to raise taxes more.

Again...some of these people sacrificed 5-15yrs in schooling while others were partying or whatever...only to find that now they can finally make good money in their 30s, they are going to be taxed at much higher rates for the same goods & services.  Anyone giving them breaks on their $50-100,000 loans?  And if they aren't a minority or very low income, anyone pay for middle income student loans?  Nope.

[Decker]

See, they already pay "a little more", they shouldn't be penalyzed more.  If we close some tax loopholes and everyone reported tax correctly, we wouldn't have to raise taxes more.

Again...some of these people sacrificed 5-15yrs in schooling while others were partying or whatever...only to find that now they can finally make good money in their 30s, they are going to be taxed at much higher rates for the same goods & services.  Anyone giving them breaks on their $50-100,000 loans?  And if they aren't a minority or very low income, anyone pay for middle income student loans?  Nope.

I agree with your loophole argument.  Have a straight grade income tax.  Drop the tax rates as low as we can go.

[Benny B]

See, they already pay "a little more", they shouldn't be penalyzed more.  If we close some tax loopholes and everyone reported tax correctly, we wouldn't have to raise taxes more.

Again...some of these people sacrificed 5-15yrs in schooling while others were partying or whatever...only to find that now they can finally make good money in their 30s, they are going to be taxed at much higher rates for the same goods & services.  Anyone giving them breaks on their $50-100,000 loans?  And if they aren't a minority or very low income, anyone pay for middle income student loans?  Nope.

They are not being "penalized" by paying the same amount in taxes that were paid under the Clinton administration. Wealthy Americans did not ask for Bush's irresponsible tax cuts that have given us the highest budget deficit in history.

[Busted]

"If I blew my money like other people, I'd feel rich" - Kelly Lynch

Redondo Beach, Calif.
Household income: $400,000
CEO, maintenance company; chemical engineer

Like most people in her bracket, Kelly Lynch doesn't feel rich. "Making $400,000 sounded like a lot of money coming out of high school," she says. "Now I feel more like we're making $100,000 instead of $400,000." The couple pays about $100,000 a year in taxes, saves $800 a month for the kids' college funds, and puts $4,000 a month toward retirement. "If I were rich," she jokes, "I'd have an ocean view and take longer vacations."

hmmm so so roughtly 240,000 to live on after taxes is.....  thats 20,000 a month... AFTER TAXES...

So with Obamas plan... they would pay 4500 more in taxes, but would get 7500 in health care tax credit.  SOOOOOOOOOOOOOO... Do ya need to be a Harvard PHD to figure out the math?  Coach still cant...  (they will overall pay 3500 less in taxes under obama)

Now lets not forget they get tax credits for each kid.... 

Im sorry im tired of these fuckers complaining when people who work 1000 times as hard as them and make 40,000 a year for their family to survive on....

[Busted]

"We're not wealthy at all. We're well off and successful" -- Lee Pfannmuller

Minneapolis
Household income: $275,000
Biomedical engineer; manager, state agency

College costs are a huge item for them. Gary and Lee paid $50,000 a year to put daughter Kristen through Cornell. Now they face another four years of college bills: Their second daughter, Gretchen - whose high school cost $15,000 a year - is a Cornell freshman. The couple pay around 30% of their income, or $83,000, in federal, state, and local taxes.

Cornell 50,000 a year???  Sorry Cornell doesnt cost that much for a year of school..

Sending their kid to a HS that costs 15,000???  LOL

These fuckers deserve to be broke... And Id GUARANTEE YOU their accountant finds loopholes

[Grape Ape]

Cornell 50,000 a year???  Sorry Cornell doesnt cost that much for a year of school..

http://www.news.cornell.edu/stories/Jan08/tuition08-09.html

The Cornell Board of Trustees has approved a 4.9 percent tuition increase for undergraduate students in the university's endowed colleges. But tuition for the university's Graduate School research students will drop by 10.1 percent.
 
Overall, the cost of room and board, tuition and mandatory fees for undergraduate students in Cornell's endowed colleges will rise by 4.7 percent, to $48,194 from $46,021[\quote]

[shootfighter1]

"They are not being "penalized" by paying the same amount in taxes that were paid under the Clinton administration. Wealthy Americans did not ask for Bush's irresponsible tax cuts that have given us the highest budget deficit in history."

I understand this argument, makes some sense.  However, I see all kinds of taxes going up...not just income tax for people in the upper middle income brackets.

[Busted]

Tuition for Cornell's endowed undergraduate students is being set at $36,300, up from the current $34,600.

[liberalismo]

Rich people whining about higher taxes?

[George Whorewell]

The point is that these people arent rich moron. 250k per year with student loans, children, the cost of living and everything that everyone has to pay for on top of being taxed more heavily than anyone else  isn't a winfall by any means. I suppose people who make money should be taxed until they are as broke as everyone else. That way things will be more "equal" right?

[The Coach]

http://money.cnn.com/galleries/2008/fortune/0810/gallery.tully_henrys.fortune/index.html

Aspiring HENRYs played by the rules: They won the best grades in high school, got accepted at good colleges and grad schools, and worked daunting schedules as medical interns or associates in law firms.

Now this group of superachievers is being targeted as a cash machine. Barack Obama has pledged to pay for middle-class tax cuts and credits by raising taxes on the HENRYs. Obama and the congressional Democrats frequently refer to households earning over $250,000 as the "rich." But whether the HENRYs are truly "rich," or ever will be, is debatable.

The reason the HENRYs are strapped for both lifestyle and nest egg is twofold: First, they already face a large and rising burden for federal, state, and property taxes plus the knife of the AMT. Second, they invest heavily in their kids: saving for private colleges, paying for day care - and providing dance, tennis, or gymnastics lessons. They have little left over for either extravagant living or, in many cases, saving for an affluent retirement.
By Shawn Tully.

Pretty funny since just last year he wanted to raise taxes on anyone making just $42k. Just want I want to do, grow my business so I can give what I make to someone else.......yep, makes sense too me

[IFBBwannaB]

Tuition for Cornell's endowed undergraduate students is being set at $36,300, up from the current $34,600.

Books, dorms , food and more cost money too you know....

[Benny B]

I suppose people who make money should be taxed until they are as broke as everyone else. That way things will be more "equal" right?

IDIOT