What’s they’re definition of middle class?
Seems like 30 years ago it meant nice house in nice area, new car every 5-7 years, ability to give your children a shot at a better life aka college degree, fairly close to someplace where there’s plenty of work that pays well enough to do all that. That’s like 120k/yr these days isn’t it? So they’re paying single digits?
Did anyone see what income level it takes today to be in the top 20%?
Yes, after deductions, 401k deferrals, and child tax credits, you don't end up paying but about $5-$10k at $120k/yr. My effective tax rate was 14% last year (no kids, but married) on about $220k. This year will be about 16% and next year about 18% on ~$300k. If we had kids it'be a couple points less.
A family of four or five today needs to make at least 75k to feel secure in some of the lowest income parts of the country.