Why the White House and Democrats use $400,000 as the threshold for taxing 'the rich.'
But the reasons for choosing $400,000 as a line demarcating the rich from lower and middle earners aren't entirely clear, since the number doesn't precisely match household tax statistics, experts said.
Spokespeople for the White House and House Ways and Means Committee didn't return requests for comment.IRS data is somewhat fuzzy on the matter. The agency reports tax data using a $500,000 breakpoint, not $400,000. However, these figures don't represent all American households; they only include people who filed a tax return.
Including this large swath of lower earners in estimates means a $400,000 income most likely falls closer to the top 1% of total U.S. households, Watson said.Tax pledges pegged to income levels aren't new. For example, Democratic presidential contenders like John Kerry and Barack Obama used incomes of $200,000 and $250,000, respectively, for key elements of their tax plans during their campaigns, Watson said.
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