(NewsWorthy.news) – A new Marketwatch Guide survey of 2,000 Americans has found that, as those on lower incomes struggle to pay bills, even people on a six-figure salary consider themselves “broke”.
The survey revealed that 48% of those earning at least $100,000 a year felt a sense of financial insecurity and claimed to be living paycheck to paycheck. It also found that 38% of those earning $200,000 or more annually shared similar concerns.
According to the survey, 48.6% of Americans consider themselves “broke”. Inflation and the cost of living are major concerns among voters throughout the US in the year of the general election. Inflation has skyrocketed by over 20% since President Joe Biden took office, and Republicans are warning that Biden plans to introduce a tax increase of $7 trillion, which would be the largest in the country’s history.
Jason Smith, Chairman of the House Ways and Means Committee, commented on former President Donald Trump’s promise to reduce taxes if reelected, and blasted the Biden administration for planning to burden small businesses and working families further. Smith claimed that the proposed record tax increase would only be used to fund the Democratic Party’s “big government schemes” instead of helping those struggling the most because of Biden’s economic policies.
At a speech he gave at Las Vegas while on the campaign trail, Trump recently promised to remove taxes on tips received by restaurant workers and hotel workers. Skeptics suggested that the planned tax exemptions could result in staff being paid less in wages. Trump is not only making such promises to workers on low incomes, however; the former president also plans to cut corporate taxes by 20%, having already reduced corporate taxes during his time in office.
Actress Sydney Sweeney claimed in 2023 that she cannot afford to take a break from her work for six months or survive without a consistent paycheck. She said she would not be able to afford to live in Los Angeles if she only acted, adding that she accepts deals with streaming services because she has to. MarketWatch’s survey found that women are more likely to live paycheck to paycheck than men. The survey also found the millennials, who have been burdened with recessions and student loans, are the generation most likely to feel the financial strain.
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