Who are the super rich?

Though the original post has been deleted, I saw a blog entry summarizing a University of Chicago Law School professor's rant that he can't afford potential tax hikes because he only makes $400,000 or so a year. Only $400k? I think somebody needs to get a better handle on his budget. My wife and I make about a third of that combined. We somehow manage to make ends meet paying for cable (no movies), Netflix, childcare (youngest one needs full time daycare), a legal Mexican to cut our lawn, our mortgage, NJ property taxes (among the highest in the nation), a car payment (other car is paid off) and a class or two for our children (just bought the oldest a clarinet).

We don't have a cleaning woman, but that is more because we haven't found one we like. We also don't pay for private school, aside from the private kindergarten our daughter goes to because our town does not have the full day kindergarten working parents need. Granted, we probably have a smaller home, but it is still 4 bedrooms and 2 baths and our retirement and college education funds are a mess, but we somehow manage to make a decent middle class living earning less than one third of the law school professor. Even adding in the additional costs a larger home and private school would cost to our budget, we would probably still have quite a bit left over if our income doubled, much less tripled. But then we have always tried to live a somewhat modest lifestlye that I am sure looks quite affluent to a family making less than half of what we do.

While the law professor does create jobs for the cleaning and garden people, whatever classes he puts his children in and wherever else all his money goes (I imagine he also invests in stocks), it sounds like he is doing quite nicely. Paying taxes is part of the price of living in a civilized society, which includes protection to prevent people making a minimum wage and just getting by from storming the castles of the rich for a more immediate wealth distribution.

The law school professor is obviously highly skilled and no doubt deserves the high salary he earns. I don't begrudge him trying to keep control of as much of his money as he can. But to say he is not rich is a joke, especially in this horrible market for new lawyers coming out with over $160k in law school loans with no job prospects.