He is quoted in today's LA times:
"The problem with this [Obama's plan to cut back on the mortgage interest deduction for those earning more than $250k] is households earning more than $250,000 in New York or California may not be what we call wealthy."
According to the Census, median household income in California is about 60K (in 2007), and in LA County is about 53K. If 4-5 times median income is not sufficient to be deemed wealthy, at what point does a household become wealthy?
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