How do you define rich? | Arkansas Blog

Thursday, September 30, 2010

How do you define rich?

Posted By on Thu, Sep 30, 2010 at 7:12 AM

Interesting analysis here of what constitutes rich in terms of tax rates. Does a taxable income of $200,000 for an individual and $250,000 for a family lift one out of the middle class? Should there be more steps in the progressive tax scale, a new step, say, for millionaires? Or fewer tax brackets?

The Republican/Mike Ross view is there is no level of wealth that can afford to pay another dime and that current rates, effectively the lowest in decades, are still too high. (Not so high that they prevented small-town pharmacy owner Mike Ross from making a fortune.)

I think we could agree that, in Arkansas, a family can live pretty comfortably on $250,000 in taxable income (after deductions).

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