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

posted 6 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 # 46
    Member
    1604 posts
    Bumble bee
    • Wedding: May 2013

    I wish federal tax rates incorporated cost of living! In Westchester County NY, 250k is upper middle class.

    Post # 47
    Member
    693 posts
    Busy bee
    • Wedding: August 2017 - Sea Cider

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    jily:   I agree.

     

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    RedHeadKel:  not poverty, but the actual swing of it is blow poverty line –> poor –> working class –> middle class –> upper middle –> well off. I think we tend to take so much pride in our incomes in the State that we’re forgotten about “working class”, and that’s the actual majority of people. 

    (working class can pay their bills, but are paycheck to paycheck. prone to worry about things like getting sick, retirement, etc. middle class can save money every paycheck, take a short vacation or two every year, pays off all debts with relative ease, and can plan for retirement and illness/injury)

    Post # 48
    Member
    894 posts
    Busy bee
    • Wedding: June 2012

    Middle class. All you need is 2 people with good jobs to get there. Heck we are closer to $450k and I still feel far far far from rich And look at people wondering how the heck the can afford what they do!

    Post # 49
    Member
    2737 posts
    Sugar bee
    • Wedding: January 2014

    This thread makes me feel like I’ve stepped into an alternate reality.

    If your HOUSEHOLD makes more than $50K, you make more than HALF of the US.

    If your household makes more than $100K, you make more than 85% of the US.

    If your household makes more than $250K, you make more than 98.5% of the US.

    You may not feel “rich” if you and your spouse make $250K, but you are richer than 98.5% of America. You’re in the top 1.5%. You deserve to pay more in taxes. The end.

    Post # 50
    Member
    268 posts
    Helper bee

    Damn it I’m working class and all my life I thought I was middle to upper class.

    Post # 51
    Member
    339 posts
    Helper bee
    • Wedding: May 2017

    In our area, that is rich. Fiance and I will be making about $100k combined and we will be upper middle for our area.

    Post # 52
    Member
    938 posts
    Busy bee

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    howsweetitis:  250k households DO pay more taxes than 150k households, or 75k or 40k, etc. without even being in a different bracket.  Do you think 250 should be in a higher bracket?  

    Post # 53
    Member
    337 posts
    Helper bee

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    howsweetitis:  I agree with you, as someone who who now falls under this bucket but who grew up on a family income under 30k. It is vastly different and yet I do not feel “rich”. Regardless, it affords me the ability to do a lot of things (and not worry about a lot more things) than my mother was able to at my age. I often wonder how she did it. Standard of living is just higher, the quality of hotels I stay at, the idea of paying for convenience or not going to multiple supermarkets for the best deals, not saving all year for a new tv, dropping $100 bucks at Sephora and it not impacting what I eat the rest of the week, not postponing home repairs because we can make it through the season without it, traveling outside the country, etc etc. These are significant benefits but are easy to take for granted. 

     

    Post # 54
    Member
    473 posts
    Helper bee
    • Wedding: November 2016

    I’m in NYC.  $250k is comfortable but definitely not upper class.  It also depends on your kid situation, etc.  Living in NYC and sending kids to college on $250k might take you out of even the comfortable zone.

    $250k in other areas would, I think, definitely be considered upper class.  And to be clear I’m not arguing any of this from a taxes standpoint.  I can afford my taxes.  I cannot afford, say, to own a home.

    • This reply was modified 5 years, 7 months ago by samira86.
    Post # 55
    Member
    2737 posts
    Sugar bee
    • Wedding: January 2014

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    passthepeas:  Yes, I’m familiar with how percentages work. I believe in the progressive tax system as it currently functions.

    Right now, there is a small tax bracket increase around $230K and additional bracket increases around $413K and $466K.

    I personally wouldn’t mind seeing that increased by another couple of percentage points in each bracket, but I’m certainly no expert in the effectiveness of marginal income tax increases versus, say, capital gains, payroll taxes, etc.

    Post # 56
    Member
    1037 posts
    Bumble bee

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    kw617: Oh wow…. at $450k I see no reason why you wouldn’t feel more than comfortable even in most urban cities!  

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    howsweetitis:  YES!!!  “You may not feel “rich” if you and your spouse make $250K, but you are richer than 98.5% of America. You’re in the top 1.5%.”

    As for ‘deserving’ to pay more… it shouldn’t be a punishment to be succcessful but i don’t think someone who makes that much would miss $100 a year vs someone who makes a few hundred dollars a week. 

     

    Post # 57
    Member
    3069 posts
    Sugar bee
    • Wedding: January 2000

    I dont think anyone who works for a living is “rich.” 

    True wealth is assets, not income. Fortunately, so far the IRS has not gone after assets.

    Post # 58
    Member
    2737 posts
    Sugar bee
    • Wedding: January 2014

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    robynrox47:  I definitely don’t think of it as a punishment for being successful. I think it’s a responsibility that we all have as members of society to pay what we can afford for the greater good of our community. But I acknowledge that that’s an issue of semantics–the outcome is the same. 🙂

    Post # 60
    Member
    938 posts
    Busy bee

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    howsweetitis:  

    “I personally wouldn’t mind seeing that increased by another couple of percentage points in each bracket, but I’m certainly no expert in the effectiveness of marginal income tax increases versus, say, capital gains, payroll taxes, etc.”

    I’m with you on the 466 mark, maybe lower but not 230.  Btw, I didn’t mean to suggest that you don’t understand percentages or progressive tax systems, I just wasn’t sure by your wording/the context in this thread if you were referring to precentages or actual dollars.   

     

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