After hearing President Barack Obama repeatedly call as rich individuals who earn more than $200,000 or couples who earn $250,000, I wondered what that translated into for my parents in 1966, when I graduated from high school.
Using http://www.usinflationcalculator.com, those incomes equaled $28,000 and $35,000. Wow! my parents were rich! Back then, Dad earned $18,500 and Mom $16,500 (together, equal to to $250,000 today), but our family was not rich.
Our middle class neighborhood wasn't lined with big homes, nor did anyone drive a fancy car. Those richer people lived in Indian Hills or the upper Avenues not where we lived.
Back then, wealthy people then earned $70,000 to $100,000, which today is $500,000 to $715,000.
So when talking about Obama's tax plan, let's define wealthy correctly.
Douglas L. Webb
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