It is very naive and simplistic to use a flat income limit to define what's upper class or lower class.
As I was reading the factcheck between Clinton and Obama, on the issue of raising taxes, Obama classifies that income greater than $97k is upper class and only 6.5% of Americans make more than $97k. On the surface that might seem fine, 6.5% is a small number, so it seems that a small portion of the American population make more than $97k. The BIG distinction depends on WHERE you live, which determines the COST OF LIVING. I think class is best defined as what is the difference between cost and income. Larger difference means higher class, aka how much flex spend one has. $97k in say New York or LA does not go as far as say Gainesville, Florida. According to this cost of living calculator (for simple calculations) $100k in NYC is equivalent to $62k in Gainesville, Florida. That's about a 38% difference!
As I was reading the factcheck between Clinton and Obama, on the issue of raising taxes, Obama classifies that income greater than $97k is upper class and only 6.5% of Americans make more than $97k. On the surface that might seem fine, 6.5% is a small number, so it seems that a small portion of the American population make more than $97k. The BIG distinction depends on WHERE you live, which determines the COST OF LIVING. I think class is best defined as what is the difference between cost and income. Larger difference means higher class, aka how much flex spend one has. $97k in say New York or LA does not go as far as say Gainesville, Florida. According to this cost of living calculator (for simple calculations) $100k in NYC is equivalent to $62k in Gainesville, Florida. That's about a 38% difference!
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