As our nation’s elected officials debate over future taxation, much discussion has occurred regarding higher taxes for the rich. A recent Gallup poll from Nov. 28 to Dec. 1 reveals an interesting mixed opinion of Americans as to who is “rich.” The results, as seen here indicate Americans’ perception that a median annual income of $150,000 is considered rich. These perceptions are notably different from the publicized discussions to increase taxes for [rich] taxpayers earning more than $250,000. A similar Gallup poll from 2003 revealed Americans’ opinion that a median of only $120,000 would define someone as rich.
This recent poll also concluded that someone with a median net worth of $1 million (no change from the 2003 poll results) is considered rich.
Do you wonder how your household income and/or wealth compares with other taxpayers? A fun calculator can be found on the Wall Street Journal’s website. Click here.