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Wednesday, February 22, 2012

What's the best way to restore some balance between rich and poor?

What's the best way to restore some balance between rich and poor?
How much money does it take to make you rich? Depends on who you ask.
A new Gallup poll shows more than half of Americans - 53% - say they'd consider themselves rich if they made $150,000 a year or less. At the other end of the spectrum, 15% of those polled say they would need to earn at least $1 million a year before thinking of themselves as rich.
The poll also finds higher estimates for what makes you rich among men, younger Americans, college graduates, people living in urban and suburban areas and parents of minor children.
In a separate question, half of Americans say at least $1 million in net worth would make them rich. That includes savings, real estate, investments, etc. But it's a far cry from what most people have in the bank.
According to the U.S. Census Bureau, the median annual household income in the U.S. is about $50,000 a year. Income inequality is skyrocketing. It's estimated that between 1979 and 2007, the incomes of the poorest Americans grew by only 20%. The incomes of the richest 1% of Americans jumped up by 275%.
It’s no coincidence that the Occupy Wall Street movement is targeting this top 1%.
Most Americans agree that the rich - including those who make more than $250,000 a year - should be taxed more. But are higher taxes the only answer to growing income inequality?
Here’s my question to you: What's the best way to restore some balance between rich and poor?
And, I would love to know where you’re writing from, so please include your city and state with your comment.      Thanks Ahmad,.

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