I was going to write something about the rich at $250,000 income, but I see there is more serious stuff on the net concerning it.
(Todd Henderson of Chicago broke down his families income and outgo and decided he didn’t want to see his taxes go up even though others say he is rich. His family has now been threatened and the blogosphere has lost a blogger. ht Instapundit)
What I was going to say is that I have a steady and good income. I have no children and not many expenses. However, I use my income.
I seem to gather pets. I buy recreational stuff [yay new kayak]. I go out to eat and to see shows. I drive places. I put money into improving my house and my yard. Did I mention the horses? [Yes, I know I am incredibly blessed and I do not take this for granted.]
Those who make $250,000 a year do the same. They often have kids. Who want to go to college. Or are in private schools. Or need xtra insurance. They’ll drive decent cars and buy organic groceries. They go out to eat. They have pets with vet bills. They have big houses with mortgages and heating bills and bigger home improvement costs. They dress better and pay nannies and maybe household help.
Let’s say the Bush tax cuts go away. What’s going to happen?
I can’t speak for others, but I’ll keep the house, but quit improving on it. I’ll keep the horses, but wait a bit longer before calling the vet. I’ll forgo the restaurants and the live music and the recreational stuff. I’ll drive less.
And what’s the government going to do? Find yet a new way to “stimulate me” to spend more money on things that I’ve just quit spending money on because they’ve taken it away.
I suspect the same goes for those who make $250,000 and greater.
Tell me this makes sense?
UPDATE: Apparently a new law just passed to help small businesses with taxes and loans. ?
Also Ann Althouse writes on the rich guy and his post. I hope I don’t sound like I’m whining, like she seems to think he is, [I never read his post] because I’m not. I’m just saying that when taxes go up, I’ll stop the recreational spending. That’s not going to help the economy.
AND if a true leader stepped up and said, “lets pay off this debt before our kids are grown”, I’d be happy too. He/She hasn’t stepped up.