Quote:
Originally posted by dmcummins
It's just interesting that you hear these terms daily but they still have different meaning to different people. Don't most people that are retired, are living on investments or pension, but would not be considered rich. And are the top .5% really there because they "work the system" , or do they do that once they are "rich".
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The question is does it really matter?
I would say an older retired person living on a pension is not necessarily rich. They had to pay into the system in their early life to obtain the payback later in life. Their livelihood is still dependent on someone else.
I never implied the 0.5% got there because they work the system. I am saying that the truly rich know how to make their money work for them-- in essence, work the system. They are able to project wealth with good sense. VP candidate Edwards uses a S corp. to reduce Medicare/Medicaid payments. That's smart. That's rich. Guy Smalley, owner of We Gotcha Repo Service, takes in $170k/yr. He doesn't use creative or smart tax and wealth planning, and subsequently pays a huge percentage in taxes. Someone might say Guy is rich, but he's a dupe, compared to Edwards. Edwards = rich. Smalley = middle-class. In my opinion, rich is not about income.
In the end, does it really matter? If you're not in the echelon, and you're not destitute, you're one of the guys and gals in the middle. The country needs us to stay afloat.