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Why Six-Figure Salaries Don’t Make You Wealthy


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University of Michigan student Jesse Klein made headlines across the Internet on February 19 when her article insisting her parents are “middle class” despite having a combined annual income of $250,000 was covered by several major media outlets. Virtual sparks flew throughout the blogosphere, Twittersphere, and everywhere in between as debaters on both sides of the issue lined up to defend or denounce her allegedly controversial claim.

Americans who earn something close to the 2013 median household income of $52,000 may find it hard to believe, but destructive tax and economic policies imposed by governments at all levels have significantly reduced the value of earning six-figure salaries in the United States and made incomes once considered to be a sign of wealth more similar to those typically thought of as “middle class.”

For example, a family of three in Illinois earning the 2013 average household income of $53,000 according to the U.S. Census Bureau, would pay an effective tax rate of 18.47 percent, calculated with minimal deductions, and have an after-tax income of $44,209. The same household in Illinois earning $100,000 per year would pay an effective tax rate close to 23 percent and have an after-tax income of $78,018.

via Why Six-Figure Salaries Don’t Make You Wealthy | Somewhat Reasonable.

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CONVERSATIONS

  1. Justin Haskins is right… but it’s not just in America… it’s the same in Europe. Especially in Italy… but also in Germany it’s no joke. I earned six-figure salaries with different companies in my past … but my salary was sistematically cut down by taxes. Sure.. you can have a comfortable life… but you are far from being wealthy. Regular employment can’t make you wealthy. Entrepreneurship can… if you’re lucky and do things properly. Thank you Dennis!

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