Reply to 40% of people making 500K/year are living paycheck to paycheck

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Did you look at the chart?

It says only 16% making $200-$300 live that way and only 25% making $100-$200.

How about this…the people making $500k can live like those making $300k…and then they will saving like 50%.[/quote]

The most difficult spot to live is that 300k-500k spot, as those are not really rich, and you've lost all the subsidies and tax breaks from the government. [/quote]

Complete BS - you don't need tax breaks at this income level. You need to learn how to control your spending (we are in this level)![/quote]

Well, I'm kind of pissed we are missing out on the new SALT deduction limit. [/quote]

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. [/quote]

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. [/quote]

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.[/quote]

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