Reply to Is a family in DC making $200k "wealthy"?

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[quote=Anonymous][quote]Completely agree. DH and I net $240k. 2 kids in daycare, renting a small townhome (3/2) for $3k. [b]Granted, we sock a lot away for college ssavings and retirement, so there isn't much at the end of the month.[/b] Oh, and we drive 2007 Toyotas, nothing new and fancy. If they tax us in a higher bracket, there goes college and retirement savings, and we'll be even more screwed with financial aid for college because they'll see that we make too much.[/quote]
The bolded sentence is completely ass backwards.  You do have a lot left at the end of the month, enabling you to sock a lot away for college and retirement.

Also, this sentence is just incoherent:  "If they tax us in a higher bracket, there goes college and retirement savings, and we'll be even more screwed with financial aid for college because they'll see that we make too much."

First, the proposed tax increase is 0.4% on amounts over $200,000.  So if this passes, you'll be paying an extra $160 per year.  If you take $13 per month from your extensive retirement savings, you're all square, and I doubt you'll be eating cat food in your retirement.

And how in the heck will a higher tax rate make college financial aid officers think you make more money?

Good grief.  [/quote]

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