Where did we go wrong?
According to our new tax category, Congress has classified us as "rich." Our combined incomes are $101,000 before deductions.
We drive two American, mid-priced cars that are 5 years old. We live in a remodeled tract house.
We never go out to eat. It's been four years since we had a vacation.
I cut coupons, everyone's hair, and collect wood to heat the house from the fireplace.
Our two teen-agers attend the University of California; tuition is $3,600 for both and housing is $12,000 for both. They work part-time for all other expenses. They are B-plus students, so neither qualifies for scholarships, and our combined income removes us from financial aid.
And yet, there is never any money left over. Our only deduction is the mortgage payment; we have never had enough after doctor, dentist, orthodontist, auto repair and insurance bills to be able to invest in any tax shelters.
So who is going to get hit with Congress' new tax plans? People like us, whom they call rich.