Quote Originally Posted by doggin94it View Post
You think so? Pre-divorce (when my income went to one household, instead of being divided to two), I counted as a 1%er per that chart. Between student loans (which I needed to get me where I am) and mortgage, my retail spending was almost nil, because my "1%" salary, after taxes, was barely enough to cover expenses. Granted, my expenses - like most orthodox jews - are unusually high because of the high cost of religious education and kosher food, so I'm not complaining. Just pointing out that you are completely wrong. More money in my pocket would be very helpful to me, and would free me to do some spending that I've been avoiding the past few years in order to make ends meet.
People don't get that there is a difference between a multimillionaire and a person making 250K per year. Lets take your situation. Your making a nice living and living somewhat comfortably. You pay for private school. That money goes to support teachers and principals and administrators etc. You also kick in cash for the public schools that you don't use. You may have a nice suburban house. You pay for landscaping, likely employ a handy man or plumber, maybe you repave your driveway helping support a paving business. As a divorced man you likely go out on dates regularly, maybe buy some jewelry or flowers. Pay for the kids to go to summer camp. Most of the dollars you spend supports a local business or service.

Here is the point. Families making between 100K to 300K are the bulk of the consumers in this country. They are the ones hiring contractors to fix their kitchens, hiring plumbers to fix their pipes, buying new cars, private schools, camp etc. They start businesses, hire employees etc. These folks make a good living but they spend their money and keep the economy moving. They are the last group that should be slammed with new taxes. Economically it just doesn't make sense because taking dollars from these folks harms economic activity.