The Bush-era tax cuts are due to expire at the end of 2010 which would signal a significant rise in taxes for all income categories. With a 234-188 vote, the House of Representatives just passed a bill extending the tax cuts for all but the most wealthy Americans (defined as those making more than $250K annually). The bill is expected to find it’s staunchest opposition in the Senate where the GOP control may stonewall it over their objections to any attached congressional pork but especially on the rise in taxes to the rich.
A related question to defining the rich as those making $250K is what it means to be middle class. Discussions have abounded about people that think they’re middle class versus those that are middle class. It’s often gauged by a person’s proximity to median financial indicators or lifestyle comfort.
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