www.flickr.com

Wednesday, November 05, 2008

Are you a "HENRY" ?

Henry - High Earners, Not Rich Yet). They make $250,000-plus and get taxed to high heaven. And they're about to get socked again. Put simply, the HENRYs are the bulwark of the professional and entrepreneurial class that drives the economy.

They are relentless strivers. Aspiring HENRYs played by the rules and did everything right: They won the best grades in high school, got accepted at good colleges and grad schools, and worked daunting schedules as medical interns or associates in law firms. They're an upwardly mobile group: Most HENRYs used their talent and grit to advance from the middle class, and those who got a hand from affluent parents are determined to do even better for their kids.

"What they have in common is that they worked incredibly hard to build their careers and work incredibly hard to move ahead." Now this group of superachievers is being targeted as a cash machine. Barack Obama has pledged to pay for middle-class tax cuts and credits by raising tjavascript:void(0)axes on the HENRYs. "It's time for folks who make over $250,000 a year to pay their fair share," Obama has declared regularly on the campaign trail.

Obama and the congressional Democrats frequently refer to households earning over $250,000 as the "rich" and the "wealthiest Americans." But whether the HENRYs are truly "rich," or ever will be, is debatable.

No comments: