Tuesday, May 5, 2009

Today's Fly Or Die Commerce Report: The Definition of "Rich"

According to CNN, President Obama and New York's Governor, David Paterson, want to define rich as having an income of more than $250,000 annually. However, CNN reports that The Securities and Exchange Commission has a different definition.

The SEC defines a rich person as an individual who has at least $750,000 in one lump sum, or someone who is "reasonably believed" to have a net worth greater than $1.5 million.

How "rich" is defined will have an effect on how people of various income levels will be taxed in the near future.

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