Sunday, December 9, 2012

What Does "Rich" Mean?

"Of course, one can argue that these changes follow the precepts of social justice: Rich people and rich regions should pay more. Yet being "rich" means different things in different places, due to vast differences in costs of living. The cost of living in New York and Los Angeles, for example, is so high that the adjusted value of salaries rank in the bottom fifth in the nation. In other words, a couple with two children with a $150,000 income in Austin or Raleigh may be, in terms of housing and personal consumption, far "richer" than one making twice that in New York or Los Angeles."
http://www.forbes.com/sites/joelkotkin/2012/12/04/the-blue-state-suicide-pact/

Taxing the "rich" isn't as easy to do as it is to say.

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