Al Capone called extortion protection the gov call it a tax.
Easy answer. Easy solution to their problems:
Leave New York.
Nobody forced this couple to live in the most expensive area in the country and they want the rest of us to subsidize their decision with a “cost of living” factor.
Yup. In NYC, $250,000 a year is more like a lower middle-class income, lol.
Uncle Sam’s share-croppers.
And this dizzy broad should look in the mirror to discover the main thing that's broken.
And they live in NY City? I'm going to guess OBAMA VOTERS.
Supposedly this article should make us sympathetic to this high power couple wanna be’s but it makes me want to shove them off the fiscal cliff.
If the Houses extends the tax cuts up to $250K and the others expire (which will happen) I dont think this $250K couple pays anymore because its a fractional rate increaes.
Now if they get a raise or make more money, say $260K then they have to pay more on the extra $10K. Then they may think about not working as hard in some cases, not expanding their business.
What would happen if the House extended it to $500K instead of $250K as dems demand? (probably too late to try that)
Would that tax cut be a sellout?
Leave the cesspool. There are amazing places in this country where the life you discuss is achievable. And if you two have backgrounds in the financial industry, you might be surprised to find that there is work, culture, entertainment, affordable homes, and good food in most midwestern and Texas cities where you don’t have to live like animals.
I was amazed when I saw people earning $200,000 described as “the wealthy.” I have never earned anywhere near that, and I’d be really happy if I did, but I didn’t go into the type of work where that was likely. However, I never thought of these people as “wealthy” and it stuns me that suddenly not only are they the “wealthy,” but under Obama they have become the enemies of the people.
He’s not really worried about his wealthy rap, government and media buddies, and they’re not worried themselves, because they have huge amounts of money and so many deductions that their actual bite is probably lower. That’s why he wants to keep these deductions - raising taxes on the “wealthy” and defining “wealthy” as what are really simply upper middle class earners is just a way to let him and his buddies keep their stash.
Gee, I wonder if 0bama will be visiting THIS couple/sarc.
While I understand this couple’s situation, they have a bit of a priority problem. Namely, they are trying to save for a house when they have not yet paid off their debts. Their number one priority should be to pay off those student loans and any other credit debt they still carry.
When you are teetering on the edge, cutting debt gets you back to solid ground.
I agree with the headline. Taxable income hardly means rich. Net worth means it alot more.
Nevertheless, she doesn’t really know much. “We’re in a weird place: We don’t have enough money to invest in a house or the stock market, which would get us tax exemptions.” “Exemptions”? Why quote someone like this who doesn’t understand deductions vs. exemptions.
Also, her what’s reasonable rates are ridiculous. She’d bitch the high heaven at any stage of her life with a 39% marginal rate . . and that’s even before considering state and local taxes.
For too long libs have been able to “define” the “rich” Living in NY etc does increase the COL as we know, so what’s “rich” to someone is hardly that to another. Yes people do make personal choices where they live but 250k for someone who works 60 hours a week in a high priced area is hardly “rich”
bookmark
Shoulda gone to State U., worked in dad's business to pay for it, and after graduation, hung a shingle on a storefront near home. Living like the rich is very expensive. This couple obviously haven't even planned on how they will pay for childcare and a decent school in NYC if they want children, and they are already in their late 20s.
Reminds me of the Tom Wolfe novel Bonfire of the Vanities, where the phrase "masters of the universe" was coined, which was about a man with a high-flying career who can watched it all go down in flames after one wrong turn.
Hmmm...if I were them, I’d max out the 401k’s. They can always take a Withdrawal from them for a primary residence..or take a loan. THat’s what I did. 100K in taxes? And she’s an accountant? Strange..
I imagine there’s lots of folk in NYC that would consider $250k/yr to be rich.
If these people were to live like someone making $40k/yr, they would think they were rich too.
I’ve seen a lot of ignorant responses on this thread that just shows you how Obama has managed to stoke the famous leftist “class envy,” not to mention hatred and resentment of urban residents by rural or small-town people. Ya done good, Bambi!
This couple works in the financial services industry, which is located in New York or a few other big cities. Ignorant Freepers may not believe that the financial industry is very important to them, but how do they think the economy survives, their pensions stay invested properly, and money moves around? I guess they believe Maw and Paw hop in their car and carry bags of money from one place to another. And of course they keep the money in their mattress the rest of the time.
“My husband isn’t even putting money in his 401(k), so we can save more for a house. (I contribute to mine, but we have diverted all of our emergency fund to our house savings.) It’s something we argue about, but these are the choices we have to make.”
Well, all 401k plans allow you to borrow against your balance for down payment on a house. As long as you don’t take out more than half of the balance. You will have to pay it back with interest, but you’re essentially borrowing against yourself. No brainer.
This woman works in private equity and doesn’t know this fact? I don’t buy this story.