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Uncle Sam is about to redefine which Americans are rich — again

Source: https://cnbc.com/2017/08/08/tax-reform-will-help-determine-which-americans-are-considered-rich.html - Aug 8, 2017

Whether to raise taxes on the rich is one of the thorniest issues in tax reform. Underlying that debate is an even more fundamental question: Who exactly qualifies as wealthy?

Everyone can agree that Jeff Bezos and Bill Gates are pretty stinking rich. Those earning at least $1 million in income seem to be a clear-cut case as well. But when does an American start being rich? There is no ceiling on how much money one needs to be rich, but is there a floor?

The answer — at least when it comes to taxes — is entirely political.

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Category: General Business