zebraman wrote:At a certain point we do believe that you've made enough money.
Who decides what is "enough money"?Barrack wants everyone to think that you are uber-rich if you are a married couple (with children) who earn in excess of $250K/year.
Yes $250K is a lot... and to a couple with the same number of kids who earn $17K, or $45K, or even $80K... that number seems big.
Part of this is regional... if you live in Greater Boston and both husband and wife work $250K does not make one rich. You pay high taxes... you probably want to spend $10-$20K per year per child to send your kids to private school... if you both work there are non-deductible expenses associated with that (clothing, dry cleaning, cars, etc.)... you can contribute to 401K's but you are NOT ALLOWED to contribute to IRA's, so you have to save for retirement with the benefit of tax shelters available to people who earn less. I could go on and on.
The difference between a couple with 2 kids earning $80K and one earnign $250K.
-> One couple has 2 cars that are less than 5yrs old; the other has a couple older (but not old) cars in the driveway.
-> One lives in a nice downtown condo or in a 'burb with an acre of land; the other lives in a slightly less-nice condo or lives in a house with a 1/3rd acre.
-> One rents movies on occassion... the other buys DVD's and/or has HBO.
-> One eats Ribeye's on a regular basis... the other enjoys steak-tips as a treat.
-> etc. etc.
They both work 40+ hours a week... both pay bills... both wonder how they will send their kids to college. etc.etc.
another question...What is a "rich" person supposed to do once they have made "enough money"?I guess you would want that person to retire and spend their money. I would prefer the have incentive to keep innovating... keep employing people.
Let's take Mr. Bill Gates... what should he do? He does donate money (a lot)... and a good chunk of his time is dedicated to spending the money he has accumulated.
In your world he shouldn't be able to earn anymore... right? So then he has no incentive to work. Perhaps he should just close Microsoft?