John McCain has suggested [1] that you’re not rich unless you make $5,000,000 per year. This sets the stage for all of those non-rich (less than $5M per year) folks to step up and demand tax relief.
Here’s a recent Newsweek article [2], though, that shows that if your household income is more than even $250,000 per year, you are . . . well . . . rich.
$250,000 puts you in pretty fancy company. The Census Bureau earlier this week reported that the median household income was $50,223 in 2007—up slightly from the last year but still below the 1999 peak. So a household that earned $250,000 made five times the median. In fact, as this chart shows, only 2.245 million U.S. households, the top 1.9 percent, had income greater than $250,000 in 2007. (About 20 percent of households make more than $100,000.)
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