It had been cloudy since the morning. Approaching the time everyone started leaving work for home, the thunderstorm arrived. The traffic on the road had been a mess due to Seahawks pre-season opening game at home, harsh rains worsen the situation even more.
Coming home to wait for dinner, I sat in front of big screen in living room watching Mariners visiting Red Sox for a while before Seahawks home opener kicked off. I never care about this pre-season games much, so didn't watch it seriously. Jackson got his ankle twisted and had to leave the field on cart. Hawks lost to Broncos at the end, it didn't really mean anything.
I didn't really work a lot during the day but was very tired, so didn't write my diary but fell into sleep.
Now, let me finish my theory to have Rich contributing to community to support Poor:
Assuming a rich family the same as a middle class's: a couple with two kids:
- 1 Million bucks worth house - 4,000 square feet
- A luxury SUV and a luxury Sedan - $120,000
- Monthly Expenses:
- Housing Expenses - Mortgage/Property Tax/Utilities/Maintenance/etc: $12,000
- Car Loans: $5,000
- Daily Necessitates - Foods, Drinks, Misc: $7,000
- Annual Private School Expenses: $100,000
- Vacations - One International and Two Domestic per year: $50,000
- Local Entertainment: $3,000
- Fashionable hobbies - new clothes/jewelries/etc.: $2,000
- Saving for colleges (Private elit) - $4,000
- Saving for Retirement - $5,000
- Unpredictable - $3,000
Total income to cover the annual cost:
(12,000+5,000+7,000+3,000+2,000+4,000+5,000+3,000)*12+100,000+50,000
= $642,000
If the tax rate is 35%, then total gross income for rich family is: $642,000/0.65 = $987,692
If I were a rich, I would be very satisfied with this lifestyle though I might have to work 50 hours a week in the office or wherever onsite, then keep my blackberry and laptop turned on at home, in addition, I might have to work two or threes hours a day at home during weekends.
In this case, a family making 1 million a year can contribute $350,000 to public to finance current executed welfare programs along with those middle class families contributing $50,000 a year per family.
For those families making more than 1 million dollars a year, they are encouraged to accept higher tax rate levied on the portions above 1 million. For example, from 1M to 1.5M, they may pay 45%; from 1.5M to 2.0M, they may pay 50%; from 2M and plus, they may pay 55%.
With 8% of total families as rich, 2% poor can be covered very easily. Due to their or their parents' hard or smart work, rich families contribute much more to the community, they should be honored by various public recognitions and well respected.
My assumption of poor families' lifestyle is:
Again, a couple with two kids without any income because no one works:
- Basically furnitured Three bedroom, 1 and a half bath apartment in a safe and clean area with walking distance to public transportation and/or shopping mall/plaza;
- Daily necessitates aids - food stamps, free utilities, etc.;
- In addition to free education in public schools including colleges, all schools supplies should be provided for free;
- Free movies tickets for the family once a month;
- Two free TVs with basic cable program;
- Arranged field trips locally twice a year for free in terms of transportation, tickets, foods & drinks, etc. The trips can be visiting National Parks, Museums, watching sports games, etc.
The annual expense per family is:
- Living: $18,000
- Daily necessary consumption: $36,000
- K-12 expenses not counted, supplies can be $1,200
- Cable: $300
- Entertainment: $1,200
- Field Trips: $2,000
- Petty cash: $2,000
So, total can be: $60,700 a year. It's why I said earlier, 2% poor can be covered by 8% rich easily.
If I were a poor, without working, I would be very happy to have such a comfortable life.
However, the couple of a poor family are encouraged to work. Otherwise they would never be able to own their own cars and their life would never be very convenient.
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