How do you define being 'rich'?

  oresome 16:34 20 Apr 2017
Locked

The Labour party considers that an annual salary of £70k places you in that bracket.

Is that per household or per person and what of the cost of housing near your place of work or the cost of commuting or child care?

In some areas it will certainly allow you to be comfortably off but in others, particularly as a single earner with a family living in an expensive district I would think it's far from being rich.

What if you own the house outright and it's worth millions or you have hundreds of thousands in the bank but little earned income?

In short, how do we achieve a fair tax system?

  caccy 16:46 20 Apr 2017

Remove All current forms of taxation and replace it with a tax on everything we consume/use.

  QuizMan 17:05 20 Apr 2017

Remove All current forms of taxation and replace it with a tax on everything we consume/use.

Definitely not. The lower paid will have something to say about that as it will affect them more because it takes away their tax free threshold.

In my view being rich (or more correctly, comfortably off) is not having to check a bank balance before spending a large sum of money.

  Fruit Bat /\0/\ 17:19 20 Apr 2017

spending a large sum of money.

What you consider a large sum may be much different for someone else, its all relative.

Don't mind paying tax but do mind seeing little return from it and wasted on some silly projects.

  john bunyan 19:11 20 Apr 2017

I suppose you could say that if you employ one or more full time personal staff, then maybe you are rich?

  wee eddie 20:22 20 Apr 2017

John B. I think that that is a very good answer. It doesn't cover everything but is definitely a "Starter for One"

  oresome 20:36 20 Apr 2017

Perhaps you belong to one of these seven tribes?

Silver Spenders

The Zero Heroes

The Static Civvies

The Hawdies (Head above water)

The Stucks (Struggling urban creatives)

The Tech Set

The Charlies ((Corporate, High earning Asset Rich and Luxury living)

For further explanation

.

click here

  bumpkin 20:38 20 Apr 2017

Having a place to live that you can afford and are happy with and sufficient income or capital to buy the things you want (within reason) and employ others if you wish to. Whether that is a definition of rich, I don't know but I would class it as comfortable.

  Old Deuteronomy 20:47 20 Apr 2017

How do you define being 'rich'?

I would say that is when you have sufficient money that you can buy things you want, but don't need, without having to worry about the cost.

  Aitchbee 22:17 20 Apr 2017

I would say that is when you have sufficient money that you can buy things you want, but don't need, without having to worry about the cost.

Large chunks of Scotland are owned by very rich people who can afford to pay very savvy accountants what it takes to pay as little tax as possible. End of rant.

  bumpkin 22:23 20 Apr 2017

I have assumed that oresome is referring only to financial matters rather than quality of life or happiness which can be far more important in my opinion.

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