40% of people making 500K/year are living paycheck to paycheck
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Anonymous
Well, I'm kind of pissed we are missing out on the new SALT deduction limit. |
Anonymous
You too? So many subsidies in this bracket. Absolutely rolling in them. |
Anonymous
This is it. Plus a lot of the comp may be RSUs or large bonuses which acts / feels a lot less liquid on a monthly basis. |
Anonymous
+1 I know so many people who are "tax the rich" who make decent money and are children/grandchildren of people who made high six figures or seven figures. I doubt they see themselves as rich because they regularly see wealthier people whether in real life or on social media. |
Anonymous
This also doesn't make sense - people right up to 500k get the most out of it (we did). We hit the 40k limit with local wage tax/property tax/state tax with 7k to spare (yes 47k of SALT applicable taxes) on under 500k income. So you're saying you're mad your just above 500k? sorry - it saved 5-8k at most. That's not a difference of living paycheck to paycheck. |
Anonymous
Also it was 10k just last year, so again whining about not getting the absolute benefit out of a tax code change is pretty much the most tone deaf statement you could make since it just changed. |
Anonymous
| This is just dumb |
Anonymous
| Then they're idiots. But agree never change DCUM. |
Anonymous
Yes, this always makes me laugh when people complain about increasing tax burden as their incomes go up, and say stuff like "it's not even worth making this much." I'm sorry, does your high paying job not require basic math skills? There are a few pinch points where an increase in income can feel like a loss (going just above the level where you would qualify for financial aid is a big one, though less significant than many people think because most schools phase out FA slowly so the amount of FA you lose as it's totally phased out is actually pretty small), but because tax rates are marginal, your added burden on your additional income is pretty much always "worth" the additional income unless you are having to work way harder for the extra money (rare). People just like to complain. Same on capital gains tax, when people complain about being "hit" with a big tax bill for cashing in gains. You did nothing for that money! You just had money, invested it, and sat there. Who cares that you have to pay some of it the government (who facilitates the entire financial infrastructure that makes the stock market even possible)? People are exhausting about this. |
Anonymous
| Unless they have a massive spending problem, they are not living paycheck to paycheck. Their "feelings" are irrelevant; they are almost always putting away money for retirement, etc. |
Anonymous
It’s honestly outrageous. You’d expect that if your income doubles from $200K to $400K, your take-home would double too, but it doesn’t even come close. You’re lucky if you see a 70–80% increase. That extra $200K gets hit with the highest marginal tax rates, plus additional taxes that don’t even apply at lower incomes. By the time it’s all said and done, a huge chunk of that “extra” money is gone. Hard not to look at that and think something is seriously off. |
Anonymous
its dumb to think that you are rich at 400k |
Anonymous
You beat me to it! 😫 3-2-1 everyone will say they drive old cars and ship at Aldis. |
Anonymous
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This is nonsense. These people are fully maxing out all savings vehicles, college funds, emergency funds and paying for expensive mortgages,vacations and cars. They just might not have a ton left in checking every month and need their incomes to sustain their lifestyle. But there’s plenty of fat to cut. |
Anonymous
So don't strive. I don't. |