LINK Billionaire Leon Cooperman Says $400,000 Income Doesn’t Make You Rich
Billionaire investor Leon Cooperman said he doesn’t consider someone earning $400,000 a year rich after that figure was proposed by President Joe Biden and House Democrats in plans to raise taxes on wealthy households.
(I guess if you are a billionaire, it seems like a pretty small income.)
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I have one friend who makes well over that and doesn't consider themselves to be rich. Nor do I but they are able to indulge most of their whims. Eats out a lot (but tips well so that works out) and his wife is a Dem. Wealthy folks can be decent humans and poor folks can suck as humans so it's not really about how much one makes. Dahmer was a working man. They should pay their taxes and support the economics of their stated nation but Progressives don't like Capitalism so also fight the nation's economics. Of course, MC/poor are being hurt by it far more than the wealthy but the end result is still the same (seems to me).
rainmanjr
Level 8
Nov 11, 2021
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Anybody who makes six figures is rich, if they don't have anything to show for it, they're extravagant and self indulgent. Either way, someone who makes $400K/year should pay taxes out the ass.
@barjoe They should pay taxes and those taxes should be of equal fairness to ability. They should not be penalized for making it, however. I pay none, outside sales tax, because I remain unemployed and won't play this game outside what I have to. It can be said that I have no right to speak at all except that I have served the nation and paid taxes in the past.
It would be a graduated tax, so while those making $400k might see a slight increase, the larger and more fair increases and loophole closures will come dot those making $1 mil and on up.
@barjoe I agree with both of those thoughts. That does not mean they are "Rich" so much as just making a significant sum for self-sustenance. The public infrastructure no doubt contributes to that economic level, as does the national defense and debts, so appropriate taxes need be charged to pay them. Poor people aren't going to pay it. Even with no IRS cuts we have nothing to pay with. MC have that distinction largely because they are not saving a dime so on the verge of being poor at any moment. That leaves those making enough to buy RV's.
@Barnie2years Whatever increase it is it would be to pay for the society which made them successful. Now exactly how we do the graduation of income (can't charge someone making $400K the same as what someone making a million pays because they don't have it) is up to the Rep's and elections. That's the system we had before RR and what we should bring back. It was obviously working outside of their butt-hurt.
@rainmanjr graduation of percentage according to income is what I was getting at. As you said, before the Reagan and Trump very generous reductions.
What is/are MC?
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