$1 Million is NOT A Lot of Money???

Is this regular income or is it under the Capital gains tax? If it is income then assuming he pays both halves of his own social security tax the top tax bracket is about 35% plus about 15% for social security (7.5% *2). That's about 50% in taxes which is still half a mil, and the capital gains tax is going to be maybe 20%, but probably less. So yes, a million dollars is still a lot of money after taxes. That being said, however, income tax on a million dollars is quite a large portion.

When you are trying to live on 12 to 14 thousand a year, a million dollars is a fortune. What's wrong with some of those idiots up there in Washington. Do they not realize that some widows are trying to live on less than $8,000 a year. Some people don't live in the real world.

The number one thing I absolutely hate about modern American "journalism" is when they take one sentence in an entire debate and start criticizing that one remark without reporting on the entire conversation. There is no way anyone can tell what was being talked about. For example, compared to a trillion dollar deficit, one million is only one ten thousandth of one percent. And that is a very small percentage.

Well after federal taxes, capital gains tax, state and local taxes...I am sure it eats away at it a lot. Probly at least half of it. A million dollars in todays economy won't go far....you could not live off it the rest of your life. But it is a chunk of change. And it sure would not turn my nose up at it.

Depends, I guess. It's a lot of money for me. It's not so much to those cult leaders I seen on TLC with 19 chilluns. But at least Michael Steele was thrown into the mix. I was expecting to see Palin being torn apart for her O'Reilly interview last night. Talking about a return to personal responsibility and sticking up for special needs kids was worth a few "stupid" drops I thought! Now, if you'll excuse me, I need to write a letter to Mr. Steele asking for $1,000,000. He shouldn't mind parting with it if it's not a lot.

...Hi annie, You're up early."o) Michael Steele is a crazy person. When he was Lt. Governor, I thought he was so intelligent and carried himself nicely, I didn't know much of him, but thought well of him. He reminds me of the saying, it's fine if someone thinks you are stupid, but don't open your mouth and remove all doubt. I am amazed that they have kept him as the chair for this long, especially after the stuff about the paid speeches. I felt that they only gave him or elected him to the position as a foil to President Obama because he was African-American, and he would have more latitude in criticizing Mr. Obama because of that. But Mr. Steele says the nuttiest things, and then wants people to forget he said them or he takes them back after his people jump all over him. It's sad. I take that not a lot of money million dollars. He needs to think before he speaks. Take care.

I have to say that I agree with you on this. It seems nuts that that would not be much. Are we talking in a year? Its got to be more than trying to live on 2,000/mo to support a family of six!!!! Compared to that its a heck of a lot of money!!!!

A million dollars really isn't a lot of money. It sounds like a lot and to some it is but one can't exactly live the rest of their life, free and clear on one million dollars. That is my own personal opinion. Could I live comfortably with one million dollars? Probably but I am quite frugal. Most could not, with no other source of income. So if we want to take a look at it from that aspect, a million bucks is squat.

In my country it would be a lot already that is nearly 50 million in my currency and it is a lot for me already. I think my answer is dependent on where you are of course. I think there are lots of others that will say it is not enough but for many it will be.

I am not going to even read the other responses before responding to this. I can tell you without even thinking that even after taxes it would be a lot of money to me. Heck today, I found a scratch ticket that someone had tossed and it was worth 20.00! It literally made my day because we needed milk and gas and I even got to treat my daughter to a milkshake. if 20.00 means this much then can you even imagine how a million would affect my life? If a million dollars is nothing to this guy then that tells me that he is absolutely clueless to the sufferings of far too many people that would appreciate even 10.00.

He is being honest and it shows the greed of the higher income earners. He spends so much on everything he eats etc that in proportion to his spending a million is nothing. He is showing how way out of touch he is with the average human being as he has no idea that such money would make a huge difference to most people. This remind's me of Marie Antoinette. When the people rioted because they were starving for lack of bread she said "let them eat cake". She seemed to have no realisation that if they could not bake bread they certainly could not bake cakes either. It is not surprising that the starving people felt the world would be better with her removed from it. These sort of people are the ones who complain about people dying in the streets, not because they care about the people but because it is such an eyesore to have to see it on their way home. They should be made to go somewhere else to die. I forget what rich woman complained about that but it shows their total lack of awareness of the difference between their lives and ours. Mind you he is nuts to be saying it as it just makes people aware of how removed he is from the real world.

To them it probably isn't. To me it is food, a house, security. I guess it's all in how you see it. I'd like to see a million dollars and keep it!

well I agree to a certain extent 1 million uk pounds is not as much as it was say 10 years ago, the reason I am saying that is taking into account tax which we all pay at same 25% just for arguements sake would be 250,000 that leaves you with 750,000 here in uk an average house where I live and nothing spectacular is around 150,000 its now down to 600,000 take into account the ridiculous price of petrol and gas and electric, then there's inflation compared to the tiny interest rates on savings at the moment, not to mention a half decent car will set you back about 20,000 if you buy new etc etc 1 million really doesn't go that far as compared to say 10 years ago, though I would agree that it is always better to have 1 million than to be scraping every pound to pay your bills, and I defo hope to have a million in my bank account at some point. Just my opinion.

Well, I have two different views on this. The first is, that how much money is "a lot" of money, to an individual, varies from person to person, based on a number of things, from believes, to debt, to the maximum that can be earned in their profession, etc. The second is that if this Mr.Steel guy thinks that a million dollars isn't a lot of money, he ought to donate 200 000 to the CJscott happiness fund. Thanks, I appreciate you.

Well I'll be damned. Well to me $1 Million would be a tremendous amount even after taxes. And I agree with you, he is CrAzY! When it comes to people in the middle class who have to work hard to pay bills and are always having trouble with money that is a great amount that could help us out financially. I'm one of those people. That money would be put to good use by paying off debt and giving some of it to my mom so she won't worry about money too much.

I like GOP Chairman Michael Steele. He is like every other human being on this earth: fallible! He makes mistakes and sticks his foot in his mouth just like the President does:). I have no context with which to judge what he is quoted as saying. Soundbites and little bits of sentences released by the media give me no such information to truly understand how and why he said it. Sincerely in Christ, Leesa C. Eph.2:8,9 Proud 3rd generation brown Hispanic Republican!

Earning a million a year...even after taxes...is a good chunk of change, definitely. Let's also not forget that the rich are able to take advantage of every tax break out there while those in the lower income brackets can't.

I would like to find out.

Hello Annie. Well I guess to him its not a lot of money. Its true that after taxes, not much will be left. In this economic recession, he might be in the red and for him, it'll go very fast. As for myself, after taxes, Id probably be left with half a mil and thats what my house is evaluated at........so its not that much as Id pay my house so wouldnt have much left. But as they say, something is better than nothing. I should email him and ask him to give it to me.......wonder if he'd agree???

since when? I have $200 in the bank right now, and recently; for me atleast; THAT is a lot of money.... some people (ecen in high places) don't know what they are talking about. Then again for some people a million dollars is chump change, and he was right in saying after taxes a large portion of it is lost.