Rich and Sort of Rich

How did $250,000 become the magic number?

In the debate over how to close the budget deficit, President Obama talks often about raising taxes on ?millionaires and billionaires,? but his policy prescription is a bit different. He says that federal income taxes should be increased on families making more than $250,000. That seems to be the threshold. Under $250,000, you?re middle class; over it and you?re wealthy.

Where did this number come from? Is it based on a statistical metric of wealth in America ? a true dividing line?

Empirically, these households are surely not middle income. Only 2 percent of households in the nation make more than $250,000, according to the Internal Revenue Service. But some...

Related Topics: Barack Obama, USD, Obama, President

Source: http://www.realclearpolitics.com/2011/05/15/rich_and_sort_of_rich_255491.html

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