Why do Dems think middle class income is so low

C

Chapdog

Abreast of the situations
I find if humorous that people still use 1990 middle class numbers 17years and a golden age latter. how can you use incomes of like 60K from back when oil was $30 a barrel. Anyways here is one group who at least gets the numbers up to 129K. Wake up dems.. stop talking about raising taxes on the middle class.


Demos defined middle-class households as those whose income is approximately between $40,000 and $129,000 (based on a family of four), whose head of household is between the ages of 25 and 64, and excludes those who held more than $500,000 in net financial assets (the top one percent).

http://money.cnn.com/2007/11/28/news/economy/middle_class/index.htm?postversion=2007112812
 
per household.. think lots of the dems still think its 75K. kerry was first to talk about 200K but this needs to be standardized among all of the dems.
 
Chapdog said:
I find if humorous that people still use 1990 middle class numbers 17years and a golden age latter. how can you use incomes of like 60K from back when oil was $30 a barrel. Anyways here is one group who at least gets the numbers up to 129K. Wake up dems.. stop talking about raising taxes on the middle class.


Demos defined middle-class households as those whose income is approximately between $40,000 and $129,000 (based on a family of four), whose head of household is between the ages of 25 and 64, and excludes those who held more than $500,000 in net financial assets (the top one percent).

http://money.cnn.com/2007/11/28/news/economy/middle_class/index.htm?postversion=2007112812
Click to expand...


Chap - Median household income is around $49,000. In Massachusetts median household income is around $60,000. $129,000 is more than double the median income, even in relatively rich Massachusetts. Additionally, only 19% of all households have incomes over $100,000. If you are in the top 19% you are hardly middle class.
 
lol think about this.. 75K in metrowest MA..

after agi tax of 15% you got 7% ss and Medicare. 5% state income.. also u need to probably pay like $200 a month if you have a job for the health plan and save say 10% for retirement. net pay = 4000 a month being generous here.
now you got a house that costs 300K loan for a below avg home = 1800. plus the 5K in prop taxes = 400.
down to 1800 a month.
then add
$400 car payment
$800 food
$50 a week gas

down to $400
lol add in all the rest of your shit.
you ask me its not doable.. need to downgrade to a poor home or apartment or leave the state.
 
well the issue i take is two fold.
#1 - a progressive tax structure penalizes people living in high index states. same living standard but higher taxes because income higher.
#2 - Policies being made to determine who is rich and middle class needs to address the disparity of middle class in these regions of the country.
 
$129 per household is doable, but you're hardly rich or even upper middle class in my opinion. Especially if you have to pay for daycare.
 
I agree with John Kerry and the $200,000. Wife and I are plus 150,000 def middle class.
Nice to know the assets are in top 1%, I would have guessed that level a lot higher then 500m.
 
LadyT said:
$129 per household is doable, but you're hardly rich or even upper middle class in my opinion. Especially if you have to pay for daycare.
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I'm not saying $129 per year is rich, but comparatively speaking it is well above what most others are making. $129k puts you in the top 10% of all households.
 
Chapdog said:
lol think about this.. 75K in metrowest MA..

after agi tax of 15% you got 7% ss and Medicare. 5% state income.. also u need to probably pay like $200 a month if you have a job for the health plan and save say 10% for retirement. net pay = 4000 a month being generous here.
now you got a house that costs 300K loan for a below avg home = 1800. plus the 5K in prop taxes = 400.
down to 1800 a month.
then add
$400 car payment
$800 food
$50 a week gas

down to $400
lol add in all the rest of your shit.
you ask me its not doable.. need to downgrade to a poor home or apartment or leave the state.
Click to expand...


Hence, the middle class getting squeezed out and taking it on the chin.
 
it's the mega millionaires and the billionaires that can afford to get us out of this.
Millionaires are no longer rich.
 
Dungheap said:
I'm not saying $129 per year is rich, but comparatively speaking it is well above what most others are making. $129k puts you in the top 10% of all households.
Click to expand...

I think when comparing the middle class you have to apply regional statistics.
 
Chapdog said:
lol think about this.. 75K in metrowest MA..

after agi tax of 15% you got 7% ss and Medicare. 5% state income.. also u need to probably pay like $200 a month if you have a job for the health plan and save say 10% for retirement. net pay = 4000 a month being generous here.
now you got a house that costs 300K loan for a below avg home = 1800. plus the 5K in prop taxes = 400.
down to 1800 a month.
then add
$400 car payment
$800 food
$50 a week gas

down to $400
lol add in all the rest of your shit.
you ask me its not doable.. need to downgrade to a poor home or apartment or leave the state.
Click to expand...

Then you do a home equity loan and run up 10K of CC debt ;)
 
true that my sis makes about what I do and is looking at a modest house in Berkley for
1MM. Smaller than the new constuction I bought at 25% of that.
 
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