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Jason

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1 minute ago, ManUtdRedDevils said:


If you have a household income of $400k you can afford to move somewhere cheaper and still retain most or all of that salary. Come on, man!

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20 minutes ago, sblfilms said:


If you have a household income of $400k you can afford to move somewhere cheaper and still retain most or all of that salary. Come on, man!

If you're making 400k the reality is you're doing good literally anywhere in the US as its 4 times the average household income in NYC or SF, and the idea you couldn't scrap together money for a vacation is just laughable, unless their idea of a vacation is 10s of thousands of dollars.

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9 minutes ago, PaladinSolo said:

If you're making 400k the reality is you're doing good literally anywhere in the US as its 4 times the average household income in NYC or SF, and the idea you couldn't scrap together money for a vacation is just laughable, unless their idea of a vacation is 10s of thousands of dollars.


No doubt. 

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1 hour ago, ManUtdRedDevils said:

 

This enrages me so much.

 

Forget “major cities,” $400K is more then 3X the median household income on the upper east side! And if you’re making $400K a year and you “have to” take a staycation, then you’re spending that money on an absolute shitload of luxuries.

 

These assholes making $400K have the money to fabricate their own crosses and nail themselves to them, they have the money to go somewhere on vacation even if they have to settle for... shudder... business class or economy plus.

 

EDIT - also you can configure a Land Cruiser to be $70K+, eat shit.

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33 minutes ago, Kal-El814 said:

 

This enrages me so much.

 

Forget “major cities,” $400K is more then 3X the median household income on the upper east side! And if you’re making $400K a year and you “have to” take a staycation, then you’re spending that money on an absolute shitload of luxuries.

 

These assholes making $400K have the money to fabricate their own crosses and nail themselves to them, they have the money to go somewhere on vacation even if they have to settle for... shudder... business class or economy plus.

Yeah but after you max out both 401ks ($39k) and both IRAs ($12k) and the family HSA ($7.2k) and your dependent care FSA ($5k) and federal (~$65k?) and CA (~$30k?) State income taxes And other assorted taxes then you're hardly pulling in $200k ($16.7k/month) after tax and savings contributions which is basically a paupers income! Not to mention the $5k in rent and $4k in student loans and $2k/month for loans on their brand new cars they've only got $5k a month to cover other bills, save for modest vacations to Aspen, and spend! These are the truly oppressed people and Biden wants to tax them more?!?!??!?!? Enough is enough!

 

Ugh, and I forgot maxing out the 529 for both Guendyln Smith and Dilyan Smith ($8k)

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A family of 4 with a household income of $400k is not even "middle class" anywhere. Even in San Francisco or Manhattan, sure it means you can't afford a helicopter to get to your yacht, but in no world is $400k "we need to take staycations" territory.

 

Plus, most people who work those jobs have been working from home for the past year. Some of them will continue to work from home even after restrictions are lifted. They could, y'know, fucking move.

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1 minute ago, Jason said:

$400k household income with two kids in Manhattan is obviously doing pretty well but it's still "sit down and do careful budgeting" territory and not "drive around throwing money out your car window" territory. 

People who win millions in the lottery are still in "sit down and do careful budgeting" territory. For that matter everyone outside of like Bezos is as well

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2 hours ago, ManUtdRedDevils said:

 

 

Not to mention that any tax hike on the table, as far as I know, would still tax those first 400k at the lower rate and then bump up a couple % on anything over 400k.

 

Always worth starting the conversation with this point since it directly contradicts the point they are trying to make. 

 

The more this effects you, the further you are from that 400k to begin with. If you get even 100k taxed at the higher rate, you are pulling in half a million a year total, and so forth.

 

I almost didn't bother to make this point because it seems like stating the obvious, but after reading the first 3 dozen comments on the Twitter thread I see no one mentioning this.

 

It its tempting to go right into the "400k is rich!" argument because that is a laughably large amount for most of us, but to do that is kind of accepting a false premise to begin with.

 

 

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11 minutes ago, Chairslinger said:

Not to mention that any tax hike on the table, as far as I know, would still tax those first 400k at the lower rate and then bump up a couple % on anything over 400k.

 

Always worth starting the conversation with this point since it directly contradicts the point they are trying to make. 

 

The more this effects you, the further you are from that 400k to begin with. If you get even 100k taxed at the higher rate, you are pulling in half a million a year total, and so forth.

 

I almost didn't bother to make this point because it seems like stating the obvious, but after reading the first 3 dozen comments on the Twitter thread I see no one mentioning this.

 

It its tempting to go right into the "400k is rich!" argument because that is a laughably large amount for most of us, but to do that is kind of accepting a false premise to begin with.

 

The fact that it's a higher rate only on the amount over $400k is a good point. I'd still like to see some sort of COL adjustment in the thresholds for the stimulus check, tax rates, etc. Maybe use the locality pay bumps the GSA uses for federal salaries. The stimulus zero-out being lowered to $80k for instance reflects pretty much entirely on the decision being driven by people in most of the country not having a good sense of what it's like living in a high COL area, as AOC pointed out, so you could get around that by just having automatic adjustments built in to reflect that $80k in Buttfuck, Nebraska isn't the same as $80k in NYC or LA.

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33 minutes ago, Jason said:

$400k household income with two kids in Manhattan is obviously doing pretty well but it's still "sit down and do careful budgeting" territory and not "drive around throwing money out your car window" territory. 

 

It is not "sit down and do careful budgeting" territory at all the way that it is for the overwhelming majority of people and claiming otherwise is preposterous.

 

It's "where do we go on vacation and for how long," money, not, "can we go on vacation," money. It's, "how often can we have our home cleaned by someone else," money, not "this second shift cleaning at home is a drag," money. It's "what private schools are we sending out kids to / do we need another tutor / let's send our kids to college without them having to take on loans money," not, "state school and fingers crossed for a scholarship," money. It's, "I'll cook occasionally because I like to and it's take out, restaurants, and personal chefs for the rest of the time money, not, "what's on sale," money. Etc., etc., etc.

 

If you're making $400K in Manhattan, with two kids, and you have to think about money, you're living a lifestyle with luxuries you could afford to lose easily and still live well beyond the means of almost everyone else.

 

Again, it's > 3X the median household income in the upper east side specifically and > 4X the median household income for Manhattan broadly. It's rarified air. I've no doubt that if you're making $400K in the upper east side, you're rubbing elbows with people making way more, but if you're dumb enough to try to keep up with the Joneses who are the 1% to your own 1%, you're not worthy of sympathy.

 

32 minutes ago, Jason said:

They're also the group that got hosed on the mortgage interest deduction changes under Trump. 

 

If Trump's mortgage interest deduction hosed them to the point that it affects their lifestyle, they fucked up.

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Just now, Jason said:

Look, as I just said above ultimately all I really care about is federal policy reflecting the reality that COL is vastly different in different areas of the country.

 

Families making $400K+ a year should have the absolute fucking bejeezus taxed out of them regardless of where they're living.

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1 minute ago, Kal-El814 said:

Families making $400K+ a year should have the absolute fucking bejeezus taxed out of them regardless of where they're living.

 

Does the COL adjustment I'm envisioning have to be constant across all tax brackets? No, probably not.

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