I guess a number is just that, a number. But the president has to get over the $250,000 number that he says represents wealthy Americans.
On the one hand, with the cost of living in NY, $250,000 does not a wealthy American make.
On the other hand, and even more important from a Jobs Creation point of view, if you have a small business owner that's making $250,000 - would that money be better off taxed at a higher rate and spent by big government or invested back into the business for growth? Hint, it is an either or kind of question and there is only one correct answer. A small business in NY, lets say a sub chapter S corp netting through as income of $250,000 on a federal return does not a wealthy American make.
I have said repeatedly that tax certainty is what I want to see, even if it means that some or all of the Bush Tax Cuts are to be repealed. I just want to know now so that I can move forward, plan and make decisions based on what money I will have to work with when investing in a business. There is enough risk running a business, no one wants the government to be the reason their business is put at financial risk. Washington behavior and indecision is exactly what worries many with both policy and financial uncertainty. I am sure many others are of the same mind.
Let's find an income number (or index one) that perhaps makes sense without preventing the people that provide the majority of job growth from investing in themselves, from investing in America.