+
Business

A guy asked if $400k a year makes you rich, sparking off a great debate on wealth in America

A guy asked if $400k a year makes you rich, sparking off a great debate on wealth in America

President Biden has drawn a pretty clear-cut line at the amount of money he believes makes someone rich. In numerous speeches, he's said that those making $400,000 or more should pay a higher tax rate because "they can afford to pay a little more."

Biden has proposed a tax increase on high-income earners to help pay for the social spending the country has done to offset economic problems caused by the pandemic.

In a joint interview with Vice President Harris, Biden said, "I will raise taxes for anybody making over $400,000," and anyone making less than that would face "no new taxes."


A breakdown by CNBC found that for the most part, Biden has been honest about his plan, and the only people who make less than $400,000 a year who would see a hike in their taxes are those who had a windfall event that put them over the threshold.

It's worth noting that Biden's idea of who is wealthy is a bit different than the man he served under as vice president. When Barack Obama was president he sought to raise taxes on the wealthy who he saw as those making $250,000 or more.


On the surface level, $400,00 does seem like a lot of money in comparison to the average American. Those making $400,000 and above represent the top 1.8% of taxpayers, earning about 25% of the nation's income.

Some people make the point that $400,000 isn't that much money for someone who lives in an expensive area such as Manhattan or San Francisco. However, the average household income in Manhattan is $138,000 so you're doing pretty well if you're making $400,000 or more.

That is assuming that you're not wasting your money living extravagantly.

Twitter user Chief Resistance Officer asked his 30,000-plus Twitter followers if making $400,000 a year is considered "rich" and he got some thoughtful responses. The overwhelming opinion seems to be that if you make that much you are probably rich. If you're making $400,000 or more and living paycheck-to-paycheck, you're probably being irresponsible with your money.

Yes, $400k is rich.



If you don't think making $400k a year makes you rich, you're probably woefully out of touch.



It's pretty easy to blow $400k a year if you live extravagantly in a big city.




On $400k a year, you're probably rich, but not wealthy.



Some say that it matters where you live.




It's all about how you manage your money.



WARNING TRUTH BOMBS AHEAD.



So what did we learn? The original poster says that $400K makes you "rich" but not "wealthy."



in the end, it's not what you make, but what you keep. There are a lot of people who can't make ends meet making six figures and others who can do a lot with very little. It seems that the difference between both people is a sense of gratitude. Those who are grateful for what they have seemed to take better care of their money because they appreciate it. Whereas those who don't appreciate what they have feel compelled to spend and spend until they think they'll reach some mythical point of material happiness.

So, in the end, to be grateful is to be rich.

Oh yes, and be sure to tax the wealthy, whoever they may be.


Pedro Pascal and Bowen Yang can't keep a straight face as Ego Nwodim tries to cut her steak.

Most episodes of “Saturday Night Live” are scheduled so the funnier bits go first and the riskier, oddball sketches appear towards the end, in case they have to be cut for time. But on the February 4 episode featuring host Pedro Pascal (“The Mandalorian,” “The Last of Us”), the final sketch, “Lisa from Temecula,” was probably the most memorable of the night.

That’s high praise because it was a strong episode, with a funny “Last of Us” parody featuring the Super Mario Brothers and a sketch where Pascal played a protective mother.

Keep ReadingShow less
AMC Theaters/Youtube, Variety/Twitter

AMC announced that it would be implementing a new three-tier ticketing system.

AMC Theaters, America’s largest movie theater chain, announced on Feb 6 that it will be adopting different ticket prices based on seat location.

Moviegoers will have three tiers to choose from based on sightline of the movie screen—Preferred Sightline, set in the middle at the highest price point, Value Sightline, set in the front of the auditorium at the lowest price, and Standard Sightline, which is basically everything else (including the back seats, which are perhaps the most commonly picked) set at the traditional cost of a ticket.

In other words…heartbreak will feel more expensive in a place like this…or less, depending on where you sit



The company’s announcement was met with both criticism and approval. While some feel the move follows a well-established business model, others have found it to be taking away a valued aspect of the moviegoing experience.

Keep ReadingShow less
Photo by alevision.co on Unsplash/ @camerconstewart_uk/Instagram

"Sometimes it pays to learn a language!"

It feels safe to assume that if money were no object, people would always choose to travel business class over economy. After all, who doesn’t want a fast check-in, fancy food and drink choices and more of that sweet, spacious legroom?

However, at anywhere between four to ten times the price of a regular economy ticket, this style of traveling remains a fantasy for many who simply can’t afford it.

Luckily, thanks to one man’s clever travel hack, that fantasy might be more achievable than we realize.

Cameron Stewart, a British photojournalist and camera operator, recently shared how he was able to score business class tickets at a fraction of the price, simply by switching the website language from English to Spanish.
Keep ReadingShow less
via Pexels

A mother puts a fresh diaper on her baby.

Scientists at Penn State University have devised a “smart diaper” that alerts parents when their baby is wet. The diaper is made of paper, treated with sodium chloride (salt) and has a circuit board drawn with a pencil.

When the humidity level rises in the diaper, the graphite and the urine are absorbed by the paper and it turns on a sensor powered by a small lithium battery. The sensor then sets the alarm on an app that parents download onto their phones.

“The hydration sensor is highly sensitive to changes in humidity and provides accurate readings over a wide range of relative humidity levels, from 5.6% to 90%,” the researchers at Penn State said in a statement.

Keep ReadingShow less
Pop Culture

Kelly Clarkson and Pink's gorgeous unplugged 'What About Us?' duet came with a timely​ message

"We're not listening to each other right now. And it's so loud, and so gross, and so angry…"

Pink and Kelly Clarkson teamed up for a sweet acoustic version of "What About Us?"

Pink and Kelly Clarkson are both known for having powerhouse voices that can belt at incredible ranges but also soften for a sweet ballad. Put the two of them together, and…well, dang.

On Feb 6, Clarkson featured Pink on her daytime talk show, in which she often sings with musical guests. The two superstars sang several acoustic duets with pitch-perfect harmonies, prompting fans of both artists to clamor for a collaborative album.

One song they sang together was Pink's "What About Us?" Pink previously described the song to The Sun in 2017: "The world in general is a really scary place full of beautiful people. Humans are resilient and there's a lot of wonderful—like I said in the song—'billions of beautiful hearts' and there are bad eggs in every group. And they make it really hard for the rest of us."

In the intro to their duet, Clarkson asked Pink about the impetus behind her writing the song.

"We're not listening to each other right now. And it's so loud, and so gross, and so angry and people are being forgotten," Pink shared. "People are being counted out and their rights are being trampled on just because a group of people doesn't believe in them."

"Like, I don't understand how so many people in this world are discounted because one group of people decided they don't like that," she continued. "And I won't—I won't have it. One of the most beautiful things that my dad taught me was that my voice matters and I can make a difference, and I will."

The lyrics of the song seem to address the political leaders and decision-makers who hold people's lives in their hands as they pull the levers of power. It's a beautiful song with an important message wrapped up in gorgeous two-part harmony.

Enjoy:

Pop Culture

Keanu Reeves shocks a small-town pub by stopping in for a pint and taking photos with the staff

“So today we had a surprise visitor for lunch. What a lovely man he was, too."

Keanu Reeves in São Paulo, Brazil, 2019.

Keanu Reeves has a reputation as one of Hollywood’s nicest celebrities. Recently, he cheered up an 80-year-old fan who had a crush on him by calling her on the phone. He’s also bought an ice cream cone for a fan to give an autograph on the receipt and crashed a wedding to take photos with the bride and groom.

He’s also an incredible humanitarian who gave up a big chunk of his money from "The Matrix" to a cancer charity.

The “John Wick” star was his usual gracious self over the weekend when on Saturday, February 4, he and a friend walked into The Robin Hood pub in Tring, Hertfordshire, about 30 miles outside of London.

Keep ReadingShow less