Is $250,000 a year income considered “rich”?
Under Barak Obama’s self-described tax plan, the “rich” would pay more taxes. And he says that $250,000 a year in income is rich.
Let’s say you are a baby boomer with a small business – not a C-corp. If your business is an S-Corp, an LLC, or a sole proprietorship, your business income is included in your personal 1040 and taxed right along with other income (like a pension or spouse’s salary).
If your business profit is, say, $150,000 for the year, and you and your spouse also make $100,000 from other sources, you’re considered “rich” and you’ll pay more tax.
Back to my question: Is $250,000 a year RICH?
3 Comments
$250k is not rich. But its well off.
An average salary needed in london for a family in London is £ 425k to call them self rich.
I would say 250,000 a year is rich if your assets were worth at least 5 million. i think when you don’t have to show up to work everyday to make 250,000 your rich. ?
Well I’ve been poor and homeless and part of the upper “middle class”. After experiencing both ends I will have to say that yes $250,000 is materialistically rich. At one point my family of 4 was living on $1000 per month from my minimum wage full time job. When we start to make more money we add more needless things and bigger homes. If you are still not sure if this is considered rich challenge yourself. Go down and spend some time volunteering at a homeless shelter or just look at all of the things you buy, all the trips you take and the size of your home. Pretend you were a person that lived 100 years ago and have time traveled right into your body, how would that person feel?
Please don’t take my comments wrong. I don’t like ANY of the comments that come out of Obama’s mouth but I try to keep myself in line and try to remember how God looks at me.