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Old 10-10-2017, 05:09 PM
 
29,837 posts, read 34,924,704 times
Reputation: 11752

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Quote:
Originally Posted by FiveLoaves View Post
That's a good question Tuborg. For purposes of this discussion, would you say that the top of the 25% Bracket would cover anybody's definition of Middle Class. Currently $151K. That would cover most of the USA,, possible exceptions being NYC or Frisco.

I'm asking your opinion....what would you say ??

Much depends on how any new Tax Brackets shape up.
Here is a good where do you fit income wise calculator. Play with it and you will see the difficulty in answering the question. It includes state, regions within state, age, ethnicity etc.

http://www.pewresearch.org/fact-tank...-middle-class/

 
Old 10-10-2017, 05:11 PM
 
29,837 posts, read 34,924,704 times
Reputation: 11752
Quote:
Originally Posted by FiveLoaves View Post
You are correct abut that. But we don't have the option of "Geographic" Middle Classes for this discussion, it's got to cover the whole country.

And in practical terms, I'm not sure the Tax Brackets are useful in determining the Middle Class -- Everybody has different deductions/exemptions to get to their AGI Bracket.

What is the predominant Middle Class Income ?

The Answer is a Bell Curve and you have to throw out the 2 extremes and base it somewhere in the wide middle.
Yes but the reality of this forum that plays out daily is that most respond based on what they know and what they know is what they have lived and that tends to be local,local and local.
 
Old 10-10-2017, 05:18 PM
 
29,837 posts, read 34,924,704 times
Reputation: 11752
If I were to make the statement that $68,000 a year was low income for a family of four, how would many in the forum react?
A. Agree
B. That is crazy
C. Not sure
D. Who cares

For many based on their state data A is correct: Before anyone goes ballistic here is the data:

Here's how much you can earn and still qualify as low-income in N.J. | NJ.com

Quote:
STATES WITH THE HIGHEST "LOW-INCOME" LIMITS FOR A FAMILY OF FOUR IN 2017
According to the Department of Housing and Urban Development.
state
income limit for family of 4
CONNECTICUT
$68,000
MARYLAND
$68,000
MASSACHUSETTS
$68,000
NEW JERSEY
$68,000
ALASKA
$67,900
NEW HAMPSHIRE
$66,500
HAWAII
$65,350
VIRGINIA
$64,650
MINNESOTA
$64,300
NORTH DAKOTA
$63,050
 
Old 10-10-2017, 05:21 PM
 
Location: Charleston, SC
1,369 posts, read 772,256 times
Reputation: 2428
That calculator on the Pew Research site is pretty neat, I may play around with that a little bit tomorrow. The problem I have is my "Income" doesn't really lend itself to these kinds of calculators, for a variety of reasons. But I'm firmly in the Middle Class by anyone's definition.
 
Old 10-11-2017, 02:35 AM
 
6,353 posts, read 5,174,500 times
Reputation: 8528
Quote:
Originally Posted by ABQ2015 View Post
But the only way I can figure out to reduce AGI, without taxable investments and a Roth IRA for income, is to contribute to a Health Savings Account (HSA).
If you are self-employed, contribute to a SEP-IRA. Contributions can be made after age 70.5, and you can make contributions at the same time as you are taking RMDs.
 
Old 10-11-2017, 07:12 AM
 
3,145 posts, read 1,737,652 times
Reputation: 3520
Quote:
Originally Posted by Larry Siegel View Post
If you are self-employed, contribute to a SEP-IRA. Contributions can be made after age 70.5, and you can make contributions at the same time as you are taking RMDs.
Irrelevant to retirees.
 
Old 10-11-2017, 07:22 AM
 
Location: Manhattan
21,528 posts, read 28,440,291 times
Reputation: 9774
Quote:
Originally Posted by Tall Traveler View Post
The middle class overwhelmingly will benefit and will have more money to spend to grow jobs and the economy.

It has never worked that way BEFORE. Why should this particular tax cut be any different.
 
Old 10-11-2017, 12:20 PM
 
Location: Tennessee
34,712 posts, read 33,745,076 times
Reputation: 51977
POTUS is speaking today at 5:45P EDT in Harrisburg, Pennsylvania, on tax reform, to the truckers. The Fox Business Channel usually covers the whole speech live. Regular FNC usually does, too, but the Business Channel is more reliable for analyzing economic issues after the speech.
 
Old 10-11-2017, 12:23 PM
 
3,145 posts, read 1,737,652 times
Reputation: 3520
Quote:
Originally Posted by LauraC View Post
POTUS is speaking today at 5:45P EDT in Pennsylvania, on tax reform, to the truckers. The Fox Business Channel usually covers the whole speech live. Regular FNC usually does, too, but the Business Channel is more reliable for analyzing economic issues after the speech.
except he is going to be talking about tearing up the iran deal, not how the taxes are going to eat into the truckers incomes.
 
Old 10-11-2017, 01:30 PM
 
29,837 posts, read 34,924,704 times
Reputation: 11752
Quote:
Originally Posted by cb2008 View Post
except he is going to be talking about tearing up the iran deal, not how the taxes are going to eat into the truckers incomes.
Supposedly going to tell them tax package will increase their income by 4k. Not sure he was going to specify over what time period
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