Monday, June 11, 2012

Beware the American Dream...

As you know President Obama and a number of Democrats want to increase taxes on individuals earning more than $200,000 annually and households earning more than $250,000 annually. Politicians refer to these individuals and households "the affluent."

In my latest edition of Tax Watch, a publication put out by the Tax Foundation, a non-profit, non-partisan organization, I found some interesting data.  The data is on the  so-called "affluent" people in our society. According to the IRS, which is where the Foundation acquires its numbers, this is the basic profile for households with incomes over $200,000:

  • 83 percent are married-couple families
  • 56 percent are between the ages of 45 and 65
  • 73 percent of these families have two or more earners
  • 78 percent have a bachelor's degree or higher
  • 61 percent have children
  • 91 percent own their own home.
  • They earn 55 percent of all private business income which includes  S corporations, LLC's and sole proprietorships.

As Americans we pride ourselves in the "American Dream" and for generations we have been encouraged to work hard to be successful, productive members of society.  An important part of this is marriage and family, education, home ownership, and stable employment, and not just jobs either, but careers.

As the IRS numbers clearly show, a large percentage of the households earning over $200,000 per year in this country are in fact, representative of the "American Dream". These households are an example of what we encourage Americans to strive towards, right?

So why are they seen as the enemy?   If they are the enemy, then it means the "American Dream" is also the enemy. Think about that.

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