How Do You Define 'Middle Class'?
Both Romney and Obama use a figure of about $250,000 or less to call people "middle income," but that represents the vast majority of the American public. Who's really in the middle?
Both Republican candidate Mitt Romney and President Barack Obama are discussing tax cuts for the "middle class," but both define that as household income of less than $200,000 or $250,000 a year.
On Friday, Romney told ABC's "Good Morning America" that he would not raise taxes on "middle income" taxpayers. George Stephanopoulos asked him if "middle income" was $100,000, and he responded, "No, middle income is $200,000 to $250,000 and less."
Obama has proposed keeping the Bush-era tax cuts for everyone making less than $250,000, which he also defines as middle income. But Obama's plan would raise taxes on those making more than $250,000, while Romney's would give higher income earners a tax break, according to the New York Times.
The median — or middle — household income in America is about $50,000, the Census Bureau reported last week. In Connecticut, the median income was $64,032 in 2010, down about 6 percent from $68,174 in 2009. Are both Romney and Obama miscalculating when they define middle-income for a family as up to $250,000?
How do you define middle income earners? Tell us in the comments.