Question concerning the $250,000 figure. Is this before taxes and all expenses?
For those earning >= $250,000 Essentially your taxes REVERT back to the Clinton era tax rates ( from 36% to 39.5% ).
You are onto something. They like to brand about the Under/over $250,000 without making a distinction as to what is involved. I know of several business owners who have over a million in “income” (gross before taxes and deductions), yet have a net personal income of under $50,000. Then you have the smart ones with teams of accountants who have all their expenses paid for by the business and written off as expenses.
“Income” and “earnings” are flexible terms of art in our corrupt bloated complex tax code ...