Study shows that 350k/year is barely scrapping by as middle class

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

I thunk the PP got it right and is defining middle class as you still need a huge paycheck to support your life. Rich would be having large investments that produce enough income on their own to pay for your lifestyle.

That's ridiculous. You mean someone who earns $1mil, but has a $700K lifestyle (less taxes), so has little in investments, is not considered rich?

No. Because said person would be dirt poor tomorrow if they lost their income.

No. That person *might* have to downsize and would have change spending habits but they wouldn’t be dirt poor.

Both sides debating this are idiotic. Yes, its fun to come up with wacky hypothetical to test principles. But you are all wasting your time. Some rich billionaire has paid alot to incite class warfare and you guys are falling for it.

Here is the truth: Everyone who has to work for a living lives a very, very different lifestyle from those that don't. Some make more and some make less. Maybe some are rich. As long as the capital gains tax rate is less than the maximal income tax rate, and as long as the Warren Buffets of the world pay a lower tax rates than their secretaries, we are all losing.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

I thunk the PP got it right and is defining middle class as you still need a huge paycheck to support your life. Rich would be having large investments that produce enough income on their own to pay for your lifestyle.

That's ridiculous. You mean someone who earns $1mil, but has a $700K lifestyle (less taxes), so has little in investments, is not considered rich?

No. Because said person would be dirt poor tomorrow if they lost their income.

No. That person *might* have to downsize and would have change spending habits but they wouldn’t be dirt poor.

Both sides debating this are idiotic. Yes, its fun to come up with wacky hypothetical to test principles. But you are all wasting your time. Some rich billionaire has paid alot to incite class warfare and you guys are falling for it.

Here is the truth: Everyone who has to work for a living lives a very, very different lifestyle from those that don't. Some make more and some make less. Maybe some are rich. As long as the capital gains tax rate is less than the maximal income tax rate, and as long as the Warren Buffets of the world pay a lower tax rates than their secretaries, we are all losing.

Here is the proof- the 2017 Tax Act. The estate tax exemption doubled in size. This law already only applied to only .1% of the population. Why did the new law update this limit, which already affected such small number of people every year? Because rich people run this country and they want their children to be rich too. They want to pass on their investments to their kids without EVER paying taxes on it. EVER.

https://www.cbpp.org/research/federal-tax/2017-tax-law-weakens-estate-tax-benefiting-wealthiest-and-expanding-avoidance

A family making $50k, $100k, $200k, $300k, $400k, $500k a year has no chance of ever saving enough to run into the limits estate tax exemption. But there are people out there that have tens of millions of dollars that they pass from generation to generation without ever paying taxes and ever working. There might be a small number of them, but yet somehow THEY are the ones deciding how our laws are written and how much you will pay in taxes each year. They are the owners. You are the employees. Argue over which employee is making the most if you want. You are just the hired help and they pull the strings.

[Anonymous]

Buffett, bezos, & gates, are all self made, not old money. Your conspiracy theory doesn’t hold up well. Money certainly tends to influence power, and corruption always has to be fought against.

[Anonymous]

These people have a great house, they are saving for retirement, college, are able to pay for everything with no problem - house, food, childcare, needs and wants, vacations etc. and they have great insurance and no student debt - so I do not understand what BARELY SCRAPPING means.

After I pay all my bills and pay for my needs, wants and insurance and save for college, retirement - I have found I am left with only 1 K a month. Please help!!!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

I thunk the PP got it right and is defining middle class as you still need a huge paycheck to support your life. Rich would be having large investments that produce enough income on their own to pay for your lifestyle.

That's ridiculous. You mean someone who earns $1mil, but has a $700K lifestyle (less taxes), so has little in investments, is not considered rich?

No. Because said person would be dirt poor tomorrow if they lost their income.

No. That person *might* have to downsize and would have change spending habits but they wouldn’t be dirt poor.

Both sides debating this are idiotic. Yes, its fun to come up with wacky hypothetical to test principles. But you are all wasting your time. Some rich billionaire has paid alot to incite class warfare and you guys are falling for it.

Here is the truth: Everyone who has to work for a living lives a very, very different lifestyle from those that don't. Some make more and some make less. Maybe some are rich. As long as the capital gains tax rate is less than the maximal income tax rate, and as long as the Warren Buffets of the world pay a lower tax rates than their secretaries, we are all losing.

Here is the proof- the 2017 Tax Act. The estate tax exemption doubled in size. This law already only applied to only .1% of the population. Why did the new law update this limit, which already affected such small number of people every year? Because rich people run this country and they want their children to be rich too. They want to pass on their investments to their kids without EVER paying taxes on it. EVER.

https://www.cbpp.org/research/federal-tax/2017-tax-law-weakens-estate-tax-benefiting-wealthiest-and-expanding-avoidance

A family making $50k, $100k, $200k, $300k, $400k, $500k a year has no chance of ever saving enough to run into the limits estate tax exemption. [b]But there are people out there that have tens of millions of dollars that they pass from generation to generation without ever paying taxes and ever working. There might be a small number of them, but yet somehow THEY are the ones deciding how our laws are written and how much you will pay in taxes each year. They are the owners. You are the employees. Argue over which employee is making the most if you want. You are just the hired help and they pull the strings.

definitely a chance with the $300k-$500k. We are ten years away from retirement and have ~$4M in assets. Our income has never exceed $225k and for the past 15 years has been around $180k, before that it was lower. By the time we retire, it should be $7-9M- so it is conceivable that someone with HHI 50% + could hit the federal limits. Plus, many state limits are much lower.

[Anonymous]

Anonymous wrote:Buffett, bezos, & gates, are all self made, not old money. Your conspiracy theory doesn’t hold up well. Money certainly tends to influence power, and corruption always has to be fought against.

Bezos and Gates came from VERY wealthy families.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:So sad that their third yearly vacation has to be a staycation.

Why is this sad? We make nearly double these people, take 4 weeks off a year, 2 weeks are staycations. I actually LOVE my staycations. So relaxing and such a great opportunity to really reconnect as a family, more so than being on the go when traveling.

i think that was sarcasm. Very few people get four weeks of vacations every year, wow. count your blessings.

Really very few get 4 weeks? I thought most people got 6 weeks vacation.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:So sad that their third yearly vacation has to be a staycation.

Why is this sad? We make nearly double these people, take 4 weeks off a year, 2 weeks are staycations. I actually LOVE my staycations. So relaxing and such a great opportunity to really reconnect as a family, more so than being on the go when traveling.

i think that was sarcasm. Very few people get four weeks of vacations every year, wow. count your blessings.

Really very few get 4 weeks? I thought most people got 6 weeks vacation.

Some do after working at a place for 20 years

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:So sad that their third yearly vacation has to be a staycation.

Why is this sad? We make nearly double these people, take 4 weeks off a year, 2 weeks are staycations. I actually LOVE my staycations. So relaxing and such a great opportunity to really reconnect as a family, more so than being on the go when traveling.

i think that was sarcasm. Very few people get four weeks of vacations every year, wow. count your blessings.

Really very few get 4 weeks? I thought most people got 6 weeks vacation.

not in the US. Start with 2, then work your way up to 4 or 5 after 20 years at the same company.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Buffett, bezos, & gates, are all self made, not old money. Your conspiracy theory doesn’t hold up well. Money certainly tends to influence power, and corruption always has to be fought against.

Bezos and Gates came from VERY wealthy families.

Gates went to a private school and his father was a University of Washington professor. I doubt he would have fallen on hard times if Microsoft failed.

[Anonymous]

Both sides debating this are idiotic. Yes, its fun to come up with wacky hypothetical to test principles. But you are all wasting your time. Some rich billionaire has paid alot to incite class warfare and you guys are falling for it.

Here is the truth: Everyone who has to work for a living lives a very, very different lifestyle from those that don't. Some make more and some make less. Maybe some are rich. As long as the capital gains tax rate is less than the maximal income tax rate, and as long as the Warren Buffets of the world pay a lower tax rates than their secretaries, we are all losing.

When a NY City police officer pays a higher tax rate than a hedge fund manager, that's capitalism?

When an NFL owner gets YOU to pay for his stadium, that's capitalism?

Unfortunately, 40% of the country thinks it is.

[Anonymous]

Donald Trumps Mother is the most self maid person.

She was a maid scrubbing toilets who barely spoke a work of English and did not go to High School and held that family together and her Son became President.

Donald May be a jerk but his mom pure gold. She was the mediator between Fred and Donald

[Anonymous]

Anonymous wrote:Donald Trumps Mother is the most self maid person.

She was a maid scrubbing toilets who barely spoke a work of English and did not go to High School and held that family together and her Son became President.

Donald May be a jerk but his mom pure gold. She was the mediator between Fred and Donald

Donald Trump's mother raised what might be our worst person, who somehow became president. Gold? Sorry, no.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Donald Trumps Mother is the most self maid person.

She was a maid scrubbing toilets who barely spoke a work of English and did not go to High School and held that family together and her Son became President.

Donald May be a jerk but his mom pure gold. She was the mediator between Fred and Donald

Donald Trump's mother raised what might be our worst person, who somehow became president. Gold? Sorry, no.

Huh, take that to politics, debatable whether he is the worst but no debate that he it's successful

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:So sad that their third yearly vacation has to be a staycation.

Why is this sad? We make nearly double these people, take 4 weeks off a year, 2 weeks are staycations. I actually LOVE my staycations. So relaxing and such a great opportunity to really reconnect as a family, more so than being on the go when traveling.

i think that was sarcasm. Very few people get four weeks of vacations every year, wow. count your blessings.

Really very few get 4 weeks? I thought most people got 6 weeks vacation.

People I know in IT consulting and engineering either have unlimited vacation (which means you have no vacation unless you’re a millennial) or at most 3 weeks plus some federal holidays.