America’s Rich Claim They Aren’t Rich Enough

August 25, 2011  |  

By J. Smith

The Daily Finance’s article titled, “How Rich is Rich? Where America Draws the Wealth Line,” reveals one thing: everyone, including the wealthy, is insecure about their financial status. But the title question – how much money actually makes you rich – remains murky.

Earlier in the nation’s history, $1 million was the deciding factor, but today, being a millionaire is not so special (to some folks, anyway). There are 8.4 millionaires in America. Having a billion would make you one of 400. So in a not-so-far-fetched version of America’s future, being a millionaire will make you middle class.  But the main indication of someone’s financial fortitude is not surprising for those who follow politics: taxes – the trigger that will spring America’s upper-class to action.

“One way of dividing the rich from the middle class is through the top tax rate,” the Daily Finance reports. “There are a few problems with the highest tax bracket as a wealth line, the biggest of which is that the top rate often has more to do with political maneuvering than any measure of wealth.” When President Obama tried to lower the qualifications of the top tax bracket from $373,651 to $250,000, the trigger was again pulled.

“Some of the loudest complaints about Obama’s attempt to set the rich line at $250,000 have come from Northeastern cities,” Daily Finance reports. “According to these critics, the high cost of living in urban centers means that a quarter of a million dollars barely buys a middle-class existence.” So, $250,000 annually is apparently still not rich enough. According to a study of America’s wealthiest 1%, there will never be such a thing as rich enough. “Even the country’s richest people are worried about their finances. When a survey by PNC Advisors asked how much money it would take to make them feel secure, most answered that they would need around twice as much money as they currently had,” Finance Reports.

So in the end, wealth is relative, and the country’s non-millionaires are screwed.

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