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Although not official by any standards, a benchmark definition of a middle-class income is approximately $25,000 to $75,000 a year. Why the $50,000 gap? To take into account the cost of living between, say, San Fran and Des Moines, Iowa. So if you earn a middle-class income and a live in a state with high taxes, you probably face a total tax burden of nearly one-quarter of your income.

In a recent piece in NRO, the Cato Institute’s Michael Tanner writes about why the November mid-term elections turned out as they did: “American voters are clearly fed up with a government that demands ever more and more of their money.” In example after example, in red states and blue, voters have clearly said enough is enough, but, as Mr. Tanner asks, “Is anyone listening?” Read more here.

 

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Debbie Young

Debbie, editor-in-chief of Richardcyoung.com, has been associate editor of Dick Young’s investment strategy reports for over three decades. When not in Key West, Debbie spends her free time researching and writing in and about Paris and Burgundy, France, cooking on her AGA Cooker, driving her Porsche Boxter S through Vermont and Maine, and practicing yoga.