You're Rich. Get Over It.

People who make $250,000 or more a year can afford a tax hike.

By Daniel GrossPosted Wednesday, Feb. 3, 2010, at 11:28 AM ET

Here we go again. Whenever the subject of taxes comes up—and it's come up in the debate over the Obama administration's decision to let many of the Bush-era tax cuts expire this year—we're treated to a chorus of complaints that people who make $250,000 a year aren't really rich. Raising taxes on these people, we're told, would be raising taxes on the middle class. Media Matters has assembled a few choice quotes on the topic.

As I argued in an article in August 2008, now reprised and updated, I have two pieces of bad news for the over-$250,000 crowd. First, the reversal of some of the temporary Bush tax cuts is probably inevitable, given the appalling mismanagement of fiscal affairs between 2001 and 2008. (It's rich when Bush-era economic officials, like Edward Lazear, Greg Mankiw, and Keith Hennessey, carp about the fiscal situation.) Second, for those of you making more than $250,000, I regret to inform you yet again: Yes, you are indeed rich—any way you slice it.