One of the greatest weapons in the GOP’s arsenal in the battle for the White House is Joe Biden’s mouth.
Biden says he and Democratic presidential candidate Barack Obama want to “take money and put it back in the pocket of middle-class people.”
Under the Democrats’ economic plan, people earning more than $250,000 a year would pay more in taxes while those earning less — the vast majority of American taxpayers — would receive a tax cut.
Biden told ABC’s “Good Morning America” on Thursday that, in his words, “it’s time to be patriotic … time to jump in, time to be part of the deal, time to help get America out of the rut.”
I don’t make it now, but I hope to someday thanks to the Wife’s income. What Joe doesn’t realize is that for many Americans, a quarter of a million a year is imaginable. While our household is nowhere near that number, we can imagine it; it’s not like the CEO salaries we read about where they take home tens and hundreds of millions of dollars a year. Even winning the lottery won’t net you annual salaries like those.
But a quarter of a million could be a combined household of two IT managers, or a vet and a vet tech, or a lawyer and a school teacher, a household that owns a small business or numerous other combinations. Note that at this level we are not talking about the idle rich; even $250k worth of investments will not net you more than $25,000-$50,000 annual income, so $250,000 is income from those working and contributing to society.
$250,000 is within the realm of possibility, and by redefining the wealthy at that level the Democrats prove once again why their message of “socking it to the rich” usually fails. I’m all for punishing those who took no risks and yet received all the rewards before the latest economic meltdown, but not by setting the “wealth” bar at such a low level.
Meanwhile Joe gives a measly $369 a year to charity on his income of $319k. People earning that income average $40,000. I don’t know about the average, but I make far less than Joe and give away roughly 4 times that a year.