(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 # 61
    106 posts
    Blushing bee
    • Wedding: June 2013

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    FauxPas2012:  THIS. I think a good answer would be to increase the tax on investment income and not on earned income.

    Post # 63
    797 posts
    Busy bee

    $250k before taxes is not rich at all, and I would call it middle class. But to me, the vast majority of US citizens are middle to lower class (I mean that with respect, I lump myself in there).  To me, I define “upper class” as having enough money from investments that you nor 3 generations after you have to work a day in your lives, nor think or worry about it.  But the definition of “rich” is completely subjective. I heard someone say if you can keep a roof over your head, food on the table, save for retirement, save for your kids education and take one modest vacation a year – then you are rich. So by that definition, yes. Rich, defined as never having to work another day in your life, jet setting around the world without a care, hell no. How far one can get by on $250k is completely dependent on the COL in your area and how many kids you have. We are well above that income, have no debt, live modestly and are not rich by any means. We are able to pay all of our expenses each month, save for retirement, future educations, take a vacation and even have $400 left (each) per month for fun, discretionary money but we are by no means living extravagant or able to quit our jobs. Most people would laugh at our boring lifestyle to be able to save for our future. I’m not looking for sympathy, I am grateful for the opportunities we have had but we have also worked out asses off and sacrificed a lot. DH has 3 advanced degrees. We have worked 60+ hours a week for over 15 years. And we do pay A LOT in taxes – just had our taxes done and combined we pay over $120k in Federal Taxes alone.  Don’t even get me started on social security, state, town, real estate and school taxes.  Ouch. I’m not looking for sympathy we make great money but with money there is one universal truth – no matter how much money you make or have, it’s just never feels like enough. 

    Post # 64
    2737 posts
    Sugar bee
    • Wedding: January 2014

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    passthepeas:  Haha, you’re fine. I’m just an overly passionate economic liberal. 🙂

    Post # 65
    894 posts
    Busy bee
    • Wedding: June 2012

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    robynrox47:  we live in Minneapolis, so not bad. And yes, comfortable but not million dollar houses and bugati comfortable! We pay for everything in cash so yeah, I can’t see saving up for a $2M house or $100k car anytime soon!

    Post # 66
    938 posts
    Busy bee

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    howsweetitis:  I’m married to one of your people! 😊  And we are actually pretty close in line, he’s just a smidge more liberal.  And I come from the Ayn Rand set originally, my parents were major subscribers.  The older I get the more liberal I become.  

    Post # 67
    1037 posts
    Bumble bee

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    abl13:  Wouldn’t that discourage people from putting a little money away for the future? 

    Post # 68
    3078 posts
    Sugar bee
    • Wedding: October 2012

    I have the perfect solution.  I’m setting up a GoFundMe page.  I’ll need you all to contribute $250k.  After I receive the $250k I will let you know if I feel rich.

    I’m willing to take one for the team because I’m an awesome Bee!  

    Post # 69
    2366 posts
    Buzzing bee
    • Wedding: March 2015

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    GroovyHippieChick:  you’re an inspiration Bee…. 😉

    Post # 70
    3855 posts
    Honey bee
    • Wedding: December 2016

    I truly can’t even wrap my brain around what it would be like to make $250k a year.  Sounds plenty rich to me.  I’m in the “pay my bills, plan my groceries, panic when the kids need to go to the dentist” bracket.  Not poor enough to get help, but not rich enough to not worry. I am physically ill thinking about everyone on this thread who makes that much money but it still is hard to get by… I know it has to do with cost of living, but still, wanna trade? 

    Post # 71
    839 posts
    Busy bee

    $250K a year does not equate with wealth to me. 

    That said, I do think higher tax brackets should kick in around there. I’m a huge tax nerd and have very strong feelings on taxes for higher income families, closing corporate tax loopholes, lowering estate/gift tax threshholds, etc. If I can afford to pay more in tax to help those who cannot pay for education, food, and other benefits, I feel as though it’s my responsibility to do so.

    Post # 72
    7 posts

    I agree with many others: if you’re in, say, more rural Kansas, 250K is a ton of money–if you’re in Boston where I am, it’s more like chump change. It’s so subjective! Fiance and I make almost 300K combined, but that can still be difficult in this area. (Which is horrifying, don’t get me wrong!) Between the mortgage and condo fees, cars, lingering student loans, the dog, general cost of living, and trying to plan for the future, that money doesn’t go  nearly as far as one would think.

    • This reply was modified 5 years, 8 months ago by rosegold638.
    Post # 73
    95 posts
    Worker bee
    • Wedding: July 2016

    Living in the Bay area makes me feel so poor  lol 

    Post # 74
    423 posts
    Helper bee
    • Wedding: September 2016

    In my little town in Appalachia $250K is solid upper class but the average household income is $35k. Nationally I think $250k would make you middle class. If you are making that much pretty much anywhere you can afford the basic necessities in life plus a little extra. 

    Post # 75
    3423 posts
    Sugar bee
    • Wedding: November 1999

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    amcgaughey89:  yep.  there is poor. Than there is bay area poor.  

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