U.S. Income class hierarchy (millionaires, status, taxes, money)

[killer2021]

This is a more accurate depiction of HOUSEHOLD income:
income range - percent of population who make less than the amount listed

$25,000 - 25.24% (--poor
$44,389 - 50% (---middle class
$75,000 - 71.90% (---upper middle class
$100,000 - 83.33% (---rich
$200,000 - 97.33% (---super rich
$250,000+ -98.50% (---super super rich

http://en.wikipedia.org/wiki/Househo..._United_States

Personally in my book if you make more than 100,000 household income, you are rich.

[goodbyehollywood]

I think that the disgruntlement starts around $75K, which is middle class by anybody's calculation. A single person making that doesn't qualify for the stimulus, which is cause for resentment since people earning that in some urban areas are struggling.

The huge jump in disgruntlement starts at $250K, since people earning at this level and above will bear the brunt of the proposed tax increases. Many people in this income range live in high cost areas, because that's where the high-paying jobs are, and they're juggling a mortgage and car payments, while putting kids through college and helping care for elderly parents, plus trying to save for a retirement without social security or pensions. Pay 50% of your income to taxes while doing all that and you will feel far from rich.

Perception and reality are very different things when it comes to class and income in America.

[supernerdgirl]

either chart, i'm poor!

[GeminiGal]

Originally Posted by goodbyehollywood

I think that the disgruntlement starts around $75K, which is middle class by anybody's calculation. A single person making that doesn't qualify for the stimulus, which is cause for resentment since people earning that in some urban areas are struggling.

The huge jump in disgruntlement starts at $250K, since people earning at this level and above will bear the brunt of the proposed tax increases. Many people in this income range live in high cost areas, because that's where the high-paying jobs are, and they're juggling a mortgage and car payments, while putting kids through college and helping care for elderly parents, plus trying to save for a retirement without social security or pensions. Pay 50% of your income to taxes while doing all that and you will feel far from rich.

Perception and reality are very different things when it comes to class and income in America.

I agree and think that those that don't make six figures fail to realize what most of these earners actually do with their money. There is disgruntlement AND fear of losing it all.

First, the tax burden is huge. Those in the corporate world that make this kind of money also have to look and play the part (atleast to some degree). These folks are also, as you pointed out, are in that sandwich generation trying to pay for kids education and care for their parents. All while recently watching their investments, 401K's and RE values plummet. Most these folks were not handed this money - they have worked HARD to earn it. They don't feel "rich" either. They are not irresponsible either (for the most part).

DH and I do well but we don't make that kind of money ($250K), but we know folks that do. They are really under much most stress than most realize right now. It's hard to explain because it's very complex.

[GregW]

I am between the 50% and 75% classification and do not feel middle class at all. My income effectively puts me and my family in the working class. We could not afford a free standing house and live in a condo. We drive cheap ($2,000 to $5,000 used cars), do not eat in a pricy restaurant more then twice a year (wife’s birthday and our anniversary), we do not have kids to put through college, I brown bag lunches to save money and money is still very tight.

This deflation in professional workers lifestyles started in the 1980’s and has continued, even through the Clinton years, ever since. The tax policies of the Raygun Era, by transferring the burden of paying for our overseas military colonies with borrowed money instead of taxes on the rich to super rich, have, along with inflation, virtually destroyed middle class life. In the 1970’s, a job similar to what I have now, allowed us to take vacations to Western National Parks and, at one point, to Europe. Now we cannot afford to take a vacation to Washington DC from NH. In the 80’s gasoline was 50 cents a gallon. Now it is $2 a gallon ($4 a gal killed sales so the oil companies backed off with their marketing experiment) and the cars get worse mileage. Hotel rooms are now nearly $80 per night or higher.

Our government made tax and economic decisions that moved us from a Save and Invest economy (the speculative failure of the traditional Savings and Loan banks started this by effectively transferring most of the working class and lower middle class wealth to the super rich speculators) to an absurd FIRE economy driven by speculation and Ponzi schemes. The FIRE economy, with its emphasis on debt over savings, bankrupted working Americans by transferring their wealth into interest payments instead of savings. Off shoring the wealth producing industrial jobs just exacerbated this problem. The off shoring was made worse by removing Fair and Balanced Trade agreements and implementing Free Trade looting. This may have helped speculative investors and international banks but it destroyed American production and wealth creation.

We need to change our nation’s priorities from speculation and international empire that only benefits the investor classes that finance the absurdities to domestic production and wealth creation. This will take the implementation of countervailing tariffs, restriction on foreign ownership of critical production (basic steel production), and a restructuring of our tax system to place the burden of maintaining the country on the classes that own it.

[UrbanQuest]

To elaborate the lower middle and lower upper classes being disgruntled.

The lower middle class aren't poor, but at the same time are out of reach of a decent house, nicer cars etc.

The lower upper class just make the cuttoff of higher taxes but cannot truly buy things that make them truly rich. Such as yachts, private planes, chauffers, multiple luxury residences all around the world etc..It is this class which is most at odds with the super rich, quite a bit more than the classes below them actually. Remember this class includes Surgeons, Partners at law firms and successful entrepeneurs who work their tails off to get what they have, while the super rich usually inherited their wealth and live off the proceeds or are the royalty of the corporate community/entertainment industry and live for power/notereity more than money.

[Nor'Eastah]

Originally Posted by GregW

I am between the 50% and 75% classification and do not feel middle class at all. My income effectively puts me and my family in the working class.

This is the problem with defining someone's "class" by income. I would call these divisions "income levels", not "class". For instance, if you were to lose a job that paid $125k and took one that paid only $35k, would your "class" really have changed? Perhaps your lifestyle would, but you would be the same person, with the same educational level, cultural attitudes, and other components that go into defining one's "class".

This may just be semantics, but it's a loaded concept. Americans consider their "class" to be something personal, something related to their self-worth. To imply that one cannot be of a certain "class" because of something they have no control over - a job with a certain pay level - is silly.

Case in point: would you ever, ever consider Jackie Kennedy to be anything other than upper class, regardless of her income level? Makes you wonder why more folks don't consider all the other attributes that go into "class" than just money. I could show you some guys who inherited or hit the lottery, but will never be anything more than the lower-class slobs they allowed themselves to degenerate into!

[subsound]

I think it's a good classification on average. Cost of living impacts it certainly, but gives a good basis.

[70Ford]

Originally Posted by UrbanQuest

After alot of research on this issue that has many, many claiming to be experts etc and including government data as well.... Here is my conglomeration of all that information a researched into what I believe are the income classes in the U.S.

Lower Class/Poor: $0 - $22,000

Lower Middle Class: $22,000 - $45,500

Middle Class: $45,500 - $117,450

Upper Middle Class: $117,450 - $500,000

Lower Upper Class: $500,000 - $3,000,000

Upper Class: $3,000,000 - $25,000,000

Super Rich: $25,000,000+

It also seems the Lower Middle Class and the Lower Upper Class are the most disgruntled.

I find it funny that when you lose your job, you're automatically treated as being in the "poor" category. Case in point, I "maxed out" on Colorado unemployment when my last contract was completed. It pays 425 a week or so. In the town where I grew up, that's a livable wage. In Issaquah, Washington...'scuse me a 'sec. ****AH AHAHAHAHAHAHAHA!!!!!****

[JMadison]

Originally Posted by killer2021

This is a more accurate depiction of HOUSEHOLD income:
income range - percent of population who make less than the amount listed

$25,000 - 25.24% (--poor
$44,389 - 50% (---middle class
$75,000 - 71.90% (---upper middle class
$100,000 - 83.33% (---rich
$200,000 - 97.33% (---super rich
$250,000+ -98.50% (---super super rich

Household income in the United States - Wikipedia, the free encyclopedia

Personally in my book if you make more than 100,000 household income, you are rich.

As others have said, depends on where you live. Here in "The OC" $100K a year would get you a condo, even post-bubble.

Other parts of the country it might get you a 3,500 sq. ft. "McMansion".