But the reasons for choosing $400,000 as a line demarcating the rich from lower and middle earners aren't entirely clear, since the number doesn't precisely match household tax statistics, experts said.
Spokespeople for the White House and House Ways and Means Committee didn't return requests for comment.IRS data is somewhat fuzzy on the matter. The agency reports tax data using a $500,000 breakpoint, not $400,000. However, these figures don't represent all American households; they only include people who filed a tax return.
Including this large swath of lower earners in estimates means a $400,000 income most likely falls closer to the top 1% of total U.S. households, Watson said.Tax pledges pegged to income levels aren't new. For example, Democratic presidential contenders like John Kerry and Barack Obama used incomes of $200,000 and $250,000, respectively, for key elements of their tax plans during their campaigns, Watson said.
Because it’s more than what Congress makes.
We talk about the rich and taxes, but can we talk about single people with no children and taxes? If you are single with no children and make 80K a year, the IRS treats you like Bill Gates. We need to talk about how we are taxing single people with no children. It’s not right.
All that doesn’t mean anything if the loopholes are still there. 10–15% tax on everyone and everything. No write offs , no 1031 exchanges, etc.
Because, 99% ofDemocrats make less than $400,000.
It's simple math really. The average American doesn't and won't make no where near that amount on an annual basis. $400K per annum means you're doing well and can afford the hike in taxes without breaking the bank. Because, this right here: 👇🏾
Isn't the presidential salary $400,000 ? Hmmm !
Top 1% starts at around $400k income.
good
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