What Income Level is Considered Middle Class in Your State?
Briefly

The GOP's recent tax bill, criticized as the 'reverse Robin Hood,' disproportionately favors the wealthy while cutting social programs affecting middle and working-class Americans. Although it provides some tax relief of $815 on average for middle-class individuals earning between $51K and $92K, the top 1% is expected to gain over $44K in tax cuts. Income inequality has worsened, with rising wealth concentration among the richest, and the middle class has seen a significant decline in share from 61% in 1971 to 50% in 2021, influenced by globalization and automation.
The GOP's recent tax bill has been labeled the 'reverse Robin Hood' for benefitting millionaires while harming working and middle-class Americans.
While the bill offers an average tax cut of $815 to middle-class citizens, it disproportionately favors the wealthy, with the top 1% set to gain over $44,000.
The share of income controlled by the wealthiest 5% of households climbed from 23.3% in 2015 to 23.6% in 2022, while the poorest 20% saw their share fall.
Factors like globalization and technological advancements have led to the decline of middle-income Americans, with middle-class representation dropping from 61% in 1971 to just 50% in 2021.
Read at 24/7 Wall St.
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