Ever notice that Congress wants to raise taxes on everyone that makes more than $200K, and they make $190K?
Its a little hypocritical. Just like Kennedy pushing increased taxes on big oil and breaks for small oil producers. The Kennedys own a small oil company.
You haven't been paying attention, the threshold has slippped down from $250K (pre-election) to $200K now
Don't confuse wealth with taxable income. I could earn $200K a year, have a multimillion dollar trust fund, and loads of tax free bonds earning millions. I would be a millionaire, but my income would only be $200K.
- 1 decade agoFavorite Answer
They are considered part time employees, most have working spouses so the combined income would likely exceed $200,000 annually. They likely also have investment incomes. Few are financially cash strapped. Consider John McCain who had so many more residences spread across the States that he could not remember how many there were. Turned out that he owned 7 Residences.
U.S. Congress salaries and benefits have been the source of taxpayer unhappiness and myths over the years. Here are some facts for your consideration.
The current salary (2009) for rank-and-file members of the House and Senate is $174,000 per year
Congress: Leadership Members' Salary (2009)
Leaders of the House and Senate are paid a higher salary than rank-and-file members.
Majority Party Leader - $193,400
Minority Party Leader - $193,400
Speaker of the House - $223,500
Majority Leader - $193,400
Minority Leader - $193,400
- socratesLv 61 decade ago
I agree with answer #1, but even if what you said were completely accurate and true, the situation would be acceptable to me despite the obvious hypocrisy on the part of the Congress. Having a tax hike starting at $250,000 might serve as a soft cap on income. Those who didn't want to pay the higher tax rate wouldn't want to make any more than 250k. Something tells me we still wouldn't be short of millionaires. My own favorite tax reform would include a much more progressive tax bracket structure with a top bracket of anyone making more than $1,000,000 per year paying combined State and Federal taxes of 70% on income, capital gains, estate and pretty much everything else. My dreams, however crazy, keep me alive.
- KmanLv 61 decade ago
It's 250k, but these days you have to be independently wealthy to afford to run for office - the salary they receive in office is small potatoes.
- Rebecca1023Lv 61 decade ago
The people should force those weasels to be paid nothing till they balance the budget.
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- Anonymous1 decade ago
It's $250,000, and many of them are millionaires.
- Anonymous1 decade ago
No, it is over 250K.