The answer is probably not what you think
When the time comes to fix Social Security, one prominent proposal would raise the payroll tax and apply the tax on earnings above $400,000.
Hanging around financial types and academics who worry about pensions and retirement income, it is easy to get lulled into the notion that the mass affluent — some people’s idea of the middle class — have incomes of about $400,000.According to the data in the most recent Census report , the typical household in 2019 had an income of $68,703. A household with an income of $201,150 was at the 90th percentile point, or in the top 10th of the income distribution.
The thresholds must be interpreted with caution because households include old and young, urban and rural, coastal and midland, and small and large. And underreporting is always an issue. Although at no threshold do households come within a stone’s throw of $400,000 of income — much less $400,000 of earnings.The real middle class consists of households with incomes of roughly $70,000. Not surprisingly, this group does not receive a significant proportion of aggregate income — 14.1% .
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
What's on TV Monday: 'Filthy Rich' on Fox; NFL FootballWhat's on TV Monday, Oct. 5: ; 'Filthy Rich' on Fox; NFL Football: The Atlanta Falcons visit the Green Bay Packers on ESPN
Read more »
Rich nations tighten firehose of aid as virus outlasts early effortsIf Round One of the coronavirus relief effort was the economic equivalent of 'shock and awe,' new plans being developed by the world's biggest economies for more assistance to businesses and consumers are taking a narrower and more tactical approach.
Read more »
Britain’s colonial legacy continues to scar Malaysia-Philippine tiesThe question of who owns the oil-rich Sabah state resurfaced with the recent deportation of its Filipino residents.
Read more »
“Get Your Booty To The Poll”: These Atlanta Strippers Are Urging Black Men To Vote In A New Ad“Black lives matter ... Rich Black lives, poor Black lives, LGBT Black lives, exotic dancer Black lives, convicted felon Black lives.”
Read more »
Parenting, Baby Names, Celebrities, and Royal News | CafeMom.com
Read more »