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Re: In 2003, if your household income was 87K or more
Timbow 1370 reads
posted

Somebody needs to ask THE ONE how he is gonna pay for all his programs and tax credits now that all the bailouts and Bush stimulus combined total about 1/2 trillion :)

Officer Cartman2207 reads

I keep hearing that term and I have no idea who they are.  At what income level do you graduate from the Middle Class to "Hoity Toity"? I understand that different geographic areas have different standards of living but our federal tax code doesn't really give a shit where you live.  So where is this line?  $100,000, $200,000?  $500,000?

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charlie4452320 reads

I think about 1.5 million in assets plus 100k in income might do it.

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anon11122451174 reads

I think a high six figure income and a net worth of ten million would be upper income/upper class.

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GOPGeezer2767 reads

A middle aged guy that makes 45K, a wife that makes 15K part-time, 4 kids and a house worth about 250K in Milwaukee, WI.

Are they middle or lower middle.

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charlie4451373 reads

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Harry53903714 reads

you were in the Top 20% in the US.

Also, I can't see how assets of $1.5 and 100K individual income can make you middle class, although if you have a household income of $100K and a wife and two kids, you are not living large in Boston. You're not going to bed hungry by any stretch, but the things that people believe are neccesseties have changed radically in my lifetime. Each person feels entitled to a private TV, computer, telephone, bedroom and if old enough, a car.

The poor in this country may well have a car, A/C, cell phones, and $175 shoes for the kids, etc.

So, on one hand you can be poor and have a shitload of stuff, stuff even the rich didn't have in 1970, (home computers, A/C in the car)and yet someone who makes $100K is supposed to be rich, but may often have to go without. Kind of odd.

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Timbow1371 reads

Somebody needs to ask THE ONE how he is gonna pay for all his programs and tax credits now that all the bailouts and Bush stimulus combined total about 1/2 trillion :)

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charlie4451257 reads

Middle class means money for health care, retirement, education,  transportation , food clothing and shelter. Add 2 kids and a SO and do the calculations.

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Mister Red Baron1579 reads

That is all a middle class person can afford in addition perhaps to some modest savings.

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charlie4451895 reads

Thanks MRB. The numbers 100k + 1.5mil will barely support middle class in the Chicago area.

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Mister Red Baron1921 reads

I would bet that 1.5 million is well more than enough and $100,000 is barely cutting it, if at all.

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GaGambler1369 reads

and I agree the $100,000 would be a struggle to maintain any type of lifestyle at all. Or maybe MRB and I are just out of touch "rich" people.

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kerrakles1611 reads

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GaGambler1107 reads

Quantifying it by income is much more difficult.

Being in the oil business I travel to many rural areas of the country and in most of them a person can raise a family, buy a house, and get by pretty well on 30-40 grand a year. OTOH I can't imagine trying to get by on a hundred grand in any place like NYC or LA.

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Blackbeltxxx1349 reads

that they would rather work a second job, or more overtime hours to get by.  They are too proud to ask or accept a handout from anyone.

As my father would say "pull yourself up by your own boot straps".

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swtraveler1767 reads

I would say the middle class woudl be those of us who make too much to qualify for student loans, gov handouts, the recent stimulus checks, etc. Those of us who lose tax deductions or are limited in how much of our income we can save either tax defered or as a deduct cause some gov entity said we make too much. Yet we still struggle to put kids through college, pay for the car, keep up the household, maintain a small biz. WE are the ones "caught" in the MIDDLE between those that get for free and those that have absolutley no need for gov assistance. And I will tell you that 250K gross is NOT rich. 500+ would be the limit for say upper middle class.

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