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What do we consider to be a good definition of "middle class" these days?

Posted by Fuzzy (aka mrfuzzy) Mar 16 '21, 12:30

I'm asking this in light of some of the tax hike that the Biden administration may propose, particularly the estate tax. I understand that we each have a different perspective on how much wealth it takes to be one of "the rich" that are being targeted. But it seems to me that decreasing the exemption for the estate tax from $11.4M to $3.5M is likely to create a ceiling on the middle class and increase the separation from there to the truly wealthy.

But I'm also willing to accept that my perspective of the terms middle class and wealthy may be skewed.

Responses:

Sweden. -- nm - con_carne Mar 16, 13:46
Median +/- 20%, state specific -- nm - Strongbad Mar 16, 13:33
If there were five tiers: impoverished / under / middle / upper / elite, I would put middle at $50-125k individual. -- nm - Max Mar 16, 13:29
3.5M is not 'middle class' -- nm - Andie Mar 16, 12:50
I'd suggest $3.5M is well above the wealth of the middle class. $3.5M was also where the exemption level was in 2009 - and it was $675K in 2001 - Roger More Mar 16, 12:41 3
- 4% of US households have a net worth of above $3.5M. One general definition of middle class is the band between the lower 20% and upper 20%, which right -- (edited) - Roger More Mar 16, 13:00
- Arguably, it *could* widen the gap between the far upper middle class (if you want to call it that) and the uber-wealthy. HOWEVER. - ty97 Mar 16, 12:58 1
  - I would say instead that we should be making sure that everyone has the opportunity to improve their financial standing - Fuzzy Mar 16, 14:02
You pay all of the taxes, get none of the stimulus money -- nm* - zeitgeist Mar 16, 12:36

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What do we consider to be a good definition of "middle class" these days?

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