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Then please be so kind as to define the US middle class as from this much income at the low end to that much at the high end so I can figure out where I stand in the grand scheme of things. Thank you.
It's too much work for me to take on right now, but you have to consider your geographic location and the surrounding economic circumstances. Attempting to define a middle class across the board in the US using US median income is surely a flawed method and easily realized if you consider the following:
In Illinois, the average median household income is $53,000 and the average price of a home
is $200,000.
In New Jersey (which is my state of residence) the average median household income is $68,000 and the average price of a home is $300,000.
And those figures are keeping it simple. If you consider other factors such as the return on federal tax revenue per state, it creates even a larger gap.
I'm not here to provide a solution. But since you are attempting to, I can chime in by informing you that I have identified an obvious flaw in your methods.
This is all bs. The POINT is that the people who are living a life of luxury (corporate jets, live in help, weekends in Bermuda) are NOT making 250K, they make a lot more. People who make 250K, live near a job center ie. a large to medium city, and have families still have to watch their money. They are upper middle- therefore middle IF you use lifestyle in any part of the definition. In rural areas they are beyond middle class, though many rural folk have a lot of assets such as land and equipment.
What does it mean for the tax policy? Not much as long as there is a sliding scale. You earn more , you pay more. Thats not going to change anytime soon, though the proportions may. So should the scale slide now to increase on those making 250K or more? They won't miss it as much I suppose, but that doesn't make it good for the economy. The economy will miss it.
NYC is just one city. We need include the rest of the country too.
NYC is a good place to build your wealth. Salaries are sky high, and when your house is paid off, you sell it, take your money and move down to Florida and buy a house for a fraction of the money and live like a king. This is why south Florida is called the sixth borough of NYC.
Anyone who thinks top 2% is somehow middle class, it delusional.
2009 median household income was $49,000.00. I would like to think that folks can do the math on their own.
It's a lot of math. I don't think most people realize all the factors. Some (I suppose poorly educated) folks look at just the median household income of the US and think that should be considered middle class across the entire US.
It's a lot of math. I don't think most people realize all the factors. Some (I suppose poorly educated) folks look at just the median household income of the US and think that should be considered middle class across the entire US.
its the typical liberal mind set..they think one size fits all..they want everyone in poverty, expect the few liberal elite, who will control tha masses....liberals hate the middleclass
Lol, the only whining I have read in this thread is the envy of those who make less than others. Since someone makes more than me, they are obliged to pay my way.
How about the government stop wasting the money it already collects before hitting me up again.
And of course, the middle class isn't defined as the average salary.
Your write maybe we can define it by how many grams of spinach a family eats in one week. Again the thread asks a simple question and there is a simple answer. The government wasting money and jealousy and blah blah has nothing to do with it.
Isn't the 250k AGI? If so, then higher costs of living are captured in tax deductions. In any event, the issue of unfairness to people in higher cost of living areas isn't a new problem.
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