Why the Rich Don’t Feel Rich!!!

Why the Rich Don’t Feel Rich

Is $350,000 considered rich? Individuals who earn this type of money are self-employed business owners or in a profession that doesn’t have set hours. Like 40 hrs. a week! These people could be working 50 – 60 hrs. a week  to maintain this level of income! Also most will have college degrees, advanced degrees such as MBA, or let’s throw in Doctor or Lawyer! So these individuals paid the price financially and mentally to prepare themselves to be a high earner! Statistics also show that individuals who become millionaires by starting their own business or creating a product will have failed and lost everything at least 3 times! Let’s also note that small business owners and Doctors and Lawyers create jobs that generate more taxes for the country through the payroll taxes and all other taxes their employees will pay. Now let’s look at that $350,000! Let’s assume we are talking about a person who is married with one child! (Please note that all of these taxes will increase significantly under the new taxes on the rich kick in!) $350,000 – 89,000 (fed taxes) – 6,621 (SS) – 5,000 (Medicare) – 21,000 (6% Sate taxes) now = $228379. This family will not qualify for any type of government assistance so every expense will have to come out of their pockets! $228,379 – 30,000 (Medical) – 30,000 (Collage) – 25,000 (Property Taxes) - 12,000 (Misc) = $131,379! Let’s assume they will now use this money to buy cars, boats and maybe even a large RV. All of that will generate more jobs and taxes! So in review we have an individual(s) who spent the time and money to prepare themselves for their future either by obtaining an advanced degree or becoming a Doctor or Lawyer (which requires working many years with long hours and small pay!) Just ask an intern in law offices and interns or residents at hospitals! Once they become successful after paying their dues (see above!), they then generate taxes, (146,000) directly out of their pockets and all the payroll taxes that their employees will pay! This creates a snowball effect when these employees become consumers which generate more jobs and taxes!  More jobs and taxes will be generated as I mentioned above when the disposal income of $132,379 is used to buy cars, big screen TV’s, boats or even a large RV! How about even the gardeners and people who take care of their pool! Instead of begrudging the rich we need to look at them in new light, or the way we used to look at the rich before people wanted to start class warfare!  The rich are generally tax, and job generators! The rich are generally contributors to or society and help keep it going for everyone! One thing I failed to mention, most of the so called rich people I know are very thankful for their success and give back through religious or civic charities! This is usually done anonymously for many reasons! So let’s get off the back of the so called rich for a while because they do contribute to our society on many levels and will have to contribute more in the future!