If you earn $200,000 a year are you wealthy? If you earn $50,000 a year are you barely middle-class? That depends.
The following chart shows the deviations from national average for the cost of goods and services. If you live in Mississippi and earn $200,000, you are doing quite well. If you earn $50,000 and live in Mississippi you are doing considerably better than the national average.
Using the following chart and IRS calculation tables, the $200,000 earner with a family of two children pays $35,044 in federal income tax. After adjusting their net income for the New Jersey deviation their gross spending power is $141,697 (I did not subtract payroll or state income taxes).
The person in Mississippi earning $50,000 pays $191 in income tax and has spending power of $56,583 versus the national average.
So, exactly who is wealthy in America⁉️
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