(Closed) Do you think 250k/year is middle class?

posted 5 years ago in Finances
  • poll: Do you think 250k/year is a good place to draw the line for higher taxes?

    Yes, that's a good place to draw the line

    No, the line should be lower

    No, the line should be higher

    Not sure.

  • Post # 31
    Member
    1209 posts
    Bumble bee

    I think generally 250k of income per household means you are not wanting for much in most areas of the country.

    I live in a HCOL area, and we have a 1 bedroom condo that we plan on staying in for as long as possible after having a baby. For our current home plus daycare for one infant (crossing fingers for no twins haha), we will be paying around $4500/month – that comes out to $54k per year!!! 

    Obviously taxes don’t take things like geography into consideration (although state/city taxes do and often these are incredibly high in HCOL areas!) and they need to draw the line somewhere. I can’t complain because we do well for ourselves and have a very comfortable life. But unfortunately for my household, in the end it means we will be taxed at a higher rate despite not feeling or living like we are “rich”.

    Post # 32
    Hostess
    5046 posts
    Bee Keeper
    • Wedding: November 2016

    I live in DC, so I would not call $250k rich. My Dad made about that when I was a teenager and I would say we were upper middle class (Philadelphia area). I would be happy to make $250k because it would certainly be a step up for Fiance and I, but it would still take a while to buy property here with that income.

    I do think that COL and student loan payments should be used to adjust one’s taxable income, but I doubt that would happen.

     

    • This reply was modified 5 years, 5 months ago by missinthecity.
    Post # 33
    Member
    1150 posts
    Bumble bee

    I don’t understand why everyone keeps saying it depends on where you live.  The line would be 250k no matter where you live.  Either you think that’s an appropriate place for the line or you don’t, right?  Am I missing something? 

    Post # 34
    Hostess
    5046 posts
    Bee Keeper
    • Wedding: November 2016

    passthepeas: I think it’s because the OP phrased the title question as “Do you think 250k is middle class?” As to where the line should be drawn? I don’t know where a good place is to draw the line.

    Post # 35
    Member
    425 posts
    Helper bee

    Not only does it depend on where you live, but also on your bills. 

    Post # 38
    Member
    1150 posts
    Bumble bee

    View original reply
    mrstbone:  I feel that way because 251k is not wealthy and should not be subject to a tax bracket for the “wealthy”, it is middle class – perhaps upper middle class, but middle class none the less.  Not wealthy.  

    The loopholes should be closed for the truly wealthy, the truly wealthy should be paying their share.  It doesn’t make sense to me to tax 250k earners at higher rates than billionaires.  

    And if there is going to be a tax bracket line above middle class it should be more like 500k.  This is just what I think, I”m no tax expert 🙂  

    Post # 39
    Member
    4025 posts
    Honey bee

    I think it really depends on where you live. We make just over half of that combined and for our area, we would be upper middle class very easily. 

    Post # 40
    Member
    5839 posts
    Bee Keeper
    • Wedding: May 2011

    View original reply
    viridianx:  Agreed, we’re still concerned about retiring but we live in a single family home, I don’t know how much anything costs in the grocery store and ‘surprise’ bills aren’t catastrophic.

    Post # 41
    Member
    1150 posts
    Bumble bee

    View original reply
    pinkshoes:  Of course the cost of living is different across the country.  Maybe i misunderstood your question – it is acutally two parts, I think?  Yes, I think 250 falls within middle class, middle-upper depending on where one lives.  No, I do not think it is a a place to draw a tax-line.  I think the line should be higher.  

    Post # 43
    Member
    6515 posts
    Bee Keeper
    • Wedding: September 2013

    View original reply
    pinkshoes:  i agree with
    View original reply
    sweettea169:  really depends on where you live. We are in NY and $250K a year is middle class, after taxes you get killed. If we were making $250K and living down south or somewhere midwest, we would be living VERY comfortably

    Post # 44
    Member
    309 posts
    Helper bee

    In 2014 the median household income in the US was $53,657. $250 is almost 5x this. I would think being around the median would be considered middle class. I’m in SoCal make less than that and always considered myself middle to upper class.

    Post # 45
    Member
    1092 posts
    Bumble bee

    definitely not rich, I would say it is around middle to upper middle class

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