Reply to Upper middle class (not adjusted for COL) ends at 350K HHI nationally, DC is 476K-525K

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Reply to "Upper middle class (not adjusted for COL) ends at 350K HHI nationally, DC is 476K-525K "

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[quote=Anonymous][b][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]People here are conflating class, as defined in the US which is purely statistical, with lifestyle...a common DCUM mistake.  Everyone here seems to want to define all but the top 5% as middle class...which simply isn't the reality.

What the fact that anyone but the top 5% feels like they are being pinched indicates is that there is massive income and wealth inequality in this country, and some areas are nearly unaffordable for all but the very well-off. [b] DH and I are rich by any possible measure (mid-to-high six figure HHI), but we don't live like Bill Gates for sure[/b].  But I don't run around calling myself MC either, because it would make me look like an idiot.[/quote]

In 2014 for us (which, as they say on the news, is the last year for which figures are available), my DW and I made 902K combined.  Our Fed tax bill was 277K - or 30% of our income.  Our state and property taxes amounted to another 70K.  Another 35K in Medicare and FICA taxes.  All told, 42%+ of every dollar we made went to the government.  It's hard to feel rich when you lose so much to taxes.

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You must be living in a wonderful house if state and property taxes are 70k. Even after 42% cut, it seems there is plenty left. 
Count your blessings. I am from Europe and no doctor there makes anywhere near what doctors make here, same for lawyers. Others might think you are overpaid, why knows how much value you create for society. The pay scale is very unusual here to say the least. [/quote]

[b]Not all doctors and lawyers make a lot of money.[/b] Sure, some top notch partners in Big Law make $$$. They graduated at the top of their classes from the best law schools and/or are extremely specialized. Plenty of lawyers graduating from average schools earning 50k, working gov jobs earning less than 100k or not being able to find work as a lawyer at all. The US has very high standards in medicine. Also not all doctors make a lot of money. Some superior doctors do start dropping insurances who don't pay out well. They have limited time in their clinic and operating rooms so they can choose to be selective of their patients. DH has colleagues in NYC who accept cash because insurance companies continue to cut their reimbursements. People from all over the world will fly to get surgery from them. For the uber rich in European, Asian and Middle Eastern countries will fly to the US to have surgery and pay for it.[/quote

All doctors make six figures...the average salary for family physicians now is upwards of $200k. [/quote]

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