What income level is "rich," and what should their tax rate be?

[Commendatori]

This is our water cooler discussion today (and yes, we actually have these talks around the water cooler).

The question is this: what amount of yearly income constitutes "rich," and what should their tax rate be? Going one further, what should Bill Gates be paying on HIS income?

Here's my take, but with a disclaimer: I'm a Democrat more for social issues than economic. I'm still way to the left of talk radio goobers on economic issues, but I'm not willing to accept "well, other countries have rates of 70-90%, so no one here making millions should mind that." After all, other countries have other polcies that make my stomach churn, too.

I'm not sure about "rich," because $200K (the figure Kerry often uses in tax discussions) goes a lot further in Kansas than it would in San Francisco. I do believe that even if I were to decide that $200K is the cutoff for "rich," I wouldn't think that someone making that should be taxed at the same rate as someone who makes $200 million.

As for tax rate, the highest I could stomach is 50%, even for Gates. I know I'll get some answers higher than that, but when the federal government takes more than half of what someone makes, he is working more for the government than for himself. It's a matter of principle, nothing more - over half simply gives me the creeps, no matter how much someone makes. People have tried to talk me out of that, but with no success (and no success here is possible).

Today, as for tax rates, I've actually heard 90% from someone way left of me economically, and the predictable 10% from the Freeper contingent ("if it's good enough for God..." - you know the drivel). As for "rich," I've heard suggestions as absurdly low as $75,000 per year and as laughably high as $50 million (seriously - $49 million isn't rich to this asshole because "taxes take out so much.")

I just want educated opinions, and I'm not getting them here in the office. What do you guys and gals think?