Romney out of touch...thinks middle income is $200,000 - $250,000 per year

I wouldn't say that either candidate is out of touch on this issue.they are simply putting voters into income buckets.

The presidential candidates have both agreed that an arbitrary line drawn in the sand, that being 250K/yr household income, defines the "haves" and the "have-nots" when it comes to taxes, They are both assuming that voters in one bucket will not vote on what they think is best for the country, but rather for their own financial benefit.

For the tax argument, I think Obama will win over the most voters.

There are a good number of "Haves" that will side with the idea that if you are doing well, you should pay a little more in taxes.

I don't think there are a many "Have Nots" that will vote to protect the old tax cuts for the "Haves"

reply to post by Ratisch


Exactly, $200,000 to 250,000 is the upper middle class, but is still a part off it. Obama's tax increases have been focused on folks who make over $250,000 precisely for that reason.

I agree with the other poster who pointed out that it also varies WILDLY depending on where you live. $200,000 in California will not go nearly as far as it would in the rest of the country.

I suppose I could rtfa, but can't be bothered. What came to mind for me is simple

if I, a single guy living in space coast florida was making 250k a year, I would be living stupid large..not enough to do really cool stuff, but enough to have anything I can think of (so long as I am not thinking diamond dust sprayed ferrari's..).

But say if its me, a wife, and like 4 kids in manhattan, that is not a ton..liveable, but not going to be taking multiple trips around the globe.

So, context is required overall.

Yes, middle income being between 200-250k per person, totally out of touch...But, this isn't guesswork, there are actual statistics here, nationwide, statewide, and even county wide...

Originally posted by MsAphrodite
$200,000 in California will not go nearly as far as it would in the rest of the country.

Why not? 200k for a single person...you can have a very nice penthouse apartment right in the center of LA on that, or a nice little home in the burbs, etc.

There is a lot to consider when deciding what a middle class lifestyle is needed...first being bodycount.

reply to post by SaturnFX


The "or less" part left out of the original Romney quote is key here to your understanding. Did you read the whole thread? Context is everything. Hate to break it to you, but $250,000 OR LESS is the middle class. Obama agrees too as I have already pointed out.

Some of the stupid in this thread burns, lol....

reply to post by SaturnFX


We are not talking about exceptions (single people). We are talking about the average which would be a family.

Originally posted by Q33323
I know lots of folk who have a family income in that range. They are certainly not "living large." It depends on where you live. That amount in jerk-water Nevada would be fine. In San Francisco, $200k, for a family of four, might qualify you for food stamps.

You can barely make it on $100k these days... anywhere.

This is so not true. $100k is a lot anywhere. Most places, if you're by yourself, $100k will let you live large. Even supporting a family on $100k in most cities will get you a standard suburban house, a decent car, etc.

$200k for a family of four in San Francisco will get you food stamps??? Keep dreaming. Unless you're trying to send all 4 of your kids to I.B. schools, drive an Escalade and live in a $600k home then you will be more than fine.

Originally posted by MsAphrodite
reply to post by SaturnFX

 

We are not talking about exceptions (single people). We are talking about the average which would be a family.

President Mitt Romney will grow the economy and turn us all into millionaires.

Then we can stop with the class warfare.

-------------
VP Paul Ryan will balance the books and chart a safe path to reform the Big 3.

- Social Security - MediCare - MediCaid -

Does anyone here have an inkling about what the Federal Reserve is about do? Inflation? Anyone?

reply to post by free_form


Another poster broke that amount of money down for us based on where they live. Could you please do that for us based on a family of four living in San Francisco? Here is the current median home price for you:
3 bedrooms $760,000

link

Let's assume this family has one car payment. Don't forget to include the cost of healthcare since they will soon be mandated to buy it.

reply to post by free_form


You edited your original post from $100,000 to $200,000. The problem is that the post you responded to clearly says $100,000. Did the cost of a three bedroom home in San Francisco take you by surprise? LoL...

But use the $200,000 figure for your San Francisco example. Don't forget the rate at which this individual would be taxed for property, income etc.

reply to post by SaturnFX


I do live on the space coast and you are correct. 250K a year I would buy a house on the beach and still be living large.

Originally posted by RELDDIR
Does anyone here have an inkling about what the Federal Reserve is about do? Inflation? Anyone?

It has been going on for decades.

Back in 1955 a dollar was worth a dollar.

Recently it was worth 20 cents. Not anymore.

reply to post by MsAphrodite


He was asked if he considered 100K middle income he said no he then said middle income is 200 to 250K or less that would exclude below 200K we definitely know he does not think 100K is middle income. He did not say that he meant family’s he said middle income people he did not say middle income families. He never said middle income families. I watched the video several times that is what he said.

I hate when people twist stuff.

Originally posted by sirhumperdink
... if you cant live comfortably on 100k a year maybe its you who is the problem

Bull crap.

A family of four living in Los Angeles ... trying to live 'comfortably' with 100,000 income?
Half of it is gone via taxes right off the top. 30% income tax. Then property taxes. etc
Have you seen the cost of diapers? Formula? Gas? Kids clothing which is constantly
having to be replaced due to being outgrown. Let alone the cost of property in
Los Angeles ... either renting or owning. Automotive costs. Insurance costs.
Healthcare costs. Food costs.

If the kids are to be safe, they certainly cant go to a drug/gang infested 'free'
school. Depending on the neighborhood, non-public schools may be needed.

And you are telling me that a family of four can live 'comfortably' on probably what is
left after taxes ... being probably $50,000 a year .. in LA? That's a load of garbage.

Los Angeles Property Tax Rates and Median Incomes
Federal Income Tax Brackets
California State Income Tax
California Sales tax, Use tax, District tax

ADD IN THE MORGAGE ..

Wiki Answers - 'ugly' LA homes 300-400 K
'modest' 3 bedroom home in Glendale for 500,000-600,000
Map .. houses for sale in Los Angeles
Median price $584,000 - $714,000

Everyone -
COST OF LIVING CALCULATOR - click here

Plug in living comfortably with a $100,000 salary in Huntsville, Alabama and then see how much you'd have to make to have the same comfortable standard of living in Los Angeles. The answer is almost $150,000. There is a BIG difference with salaries and 'level of living' across the country.

reply to post by sensfan

I have to agree with you, that is out of touch.
en.wikipedia.org...

reply to post by Grimpachi


No you are wrong. He was referring to where the top of the middle is, and it is somewhere in the neighborhood of $200,000 to $250,000. Obama agrees, which is why he wants to tax people who make OVER that amount.

Twisting.... who is twisting?




Go to .47 in the video.

Originally posted by MsAphrodite
reply to post by free_form

 

Another poster broke that amount of money down for us based on where they live. Could you please do that for us based on a family of four living in San Francisco? Here is the current median home price for you:
3 bedrooms $760,000

link

Let's assume this family has one car payment. Don't forget to include the cost of healthcare since they will soon be mandated to buy it.

edit on 15-9-2012 by MsAphrodite because: (no reason given)

Here is a 3 bedroom home in San Francisco for 75K and it has been on the market for 137 days.

$75,000
3 Bedrooms
3 Full Baths
2,388 Sq Ft.
Condominium
Posted: 137 days ago

If you do not like that one there are several more.

SF Gate

I'd say neither Romney nor Obama know what it is like to live on less than 250k a year in any location.

Where I live the median income is $41,619 while the per capita income is $25,021.

In the US the median income is $51,914 while the per capita income is $27,334.

If you'd like to see the stats for where you live go here.... US Census and select your city or county.

Cheers.

reply to post by Grimpachi


Here is the context of why George threw the 100K out there…

I know you dispute what President Clinton said and what the Democrats that say that you’re going to have a $2,000 tax hike on middleclass families. I know you dispute that. You cite your own studies. But one of the studies you cite by Martin Feldstein at Harvard shows that to make your math work, it could work, if you eliminate the home mortgage, charity, and state and local tax deductions for everyone earning over $100,000. Is that what you propose?

They were talking about combined income, or “families”.