USA Income Classes (paying, taxes, rate, increase)

[ccm123]

I think a lot depends on the area you live. The COL varies drastically in areas of the country.

[MTAtech]

Wealth Inequality in America - YouTube

[redrocket2]

$60k household income in Omaha, Nebraska is start of the midareadle class whereas $200k hh income in Los Angeles is the start of the middle class where the average home is 5-7 times as expensive so it depends on area

[vrhunski]

I wonder how this 'class' think would work on assets only. Without income just what you own.
Right class would be something between "purchase power" and combination of assets.
Not just income because that have so many variations.

[in_newengland]

Originally Posted by vrhunski

I wonder how this 'class' think would work on assets only. Without income just what you own.
Right class would be something between "purchase power" and combination of assets.
Not just income because that have so many variations.

I agree with this. You can be house poor with a house that's worth a lot of money. Also, you can't define class by money because what it takes to exist in a place like Boston would make you a rich person somewhere else. There are areas in this country that have simply become too expensive, like much of southern New England, California, New York City. It takes a lot of be a simple middle class person in places like that.

[UrbanQuest]

To me upper middle = McMansion, private school or upscale town/school district and at least one nice vacation per year. Even in Louisville, you can't have that for less than 100k per year and that's a huge stretch...

Lower Upper Class = examples for family of 4;
2 cars: Porsche Panamera, Range Rover
Luxury Home: 2 million (like this one in low cost Texas, http://www.realtor.com/realestateand...=38&source=web) not even 1/2 acre, oh my....
Second Home: 1 million (Caymans or Jersey Shore and not oceanfront)
2 luxury vacations per year: 15 K a pop
Private School: 25 K x 2 yearly
40 foot Regal Boat: 500K

only the primary home is truly impacted by local cost of living, so
even in Madison, MS, you aren't touching the above lifestyle at 250K
per year,

Upper Class= Yachts, 5 mil + homes, 2 vacation homes, etc..

Wealth Class= bigger yachts, 25 million dollar houses

Elite Class= money no object, mega yachts with private submarine launches and surface to air missles, 100 million dollar penthouses, you get the drift....

[texdav]

looking atlife style thru the years it becomes obvious that equal income does not equal same results in lifestyle.Not only income but use of that income to actual buy more at lower cost such has what two people with different credit rating can buy a car for or where one saves up and puts more down on a house .Use of income plays a huge role.

[noneofyourbusiness]

Poor is anything less than $60k a year we just haven't figured it out yet.

[MJ7]

is this per family? or per person in a family?

as a single guy, i dont make all that much money, but i live like a king because i dont have anyone to pay for except myself...

[UrbanQuest]

Originally Posted by MJ7

is this per family? or per person in a family?

as a single guy, i dont make all that much money, but i live like a king because i dont have anyone to pay for except myself...

This is per household. For a single person you just cut those numbers down by about 1/3.