Just curious and to start a conversation and may be collect some interesting (out of the box) data points - what do folks with high TC do with all that money after spending for the basics? Let me define "high" here as $350K+ though I am sure there are a ton of them much higher than that - and you are welcome to add your inputs as well :). Also adding a poll, in case folks prefer that, you can select multiple options. If your option does not show in the poll - feel free to type on...
- Pay for your Medicare, Medicaid, food stamps, roads.
Also, send troops to bomb countries; recently started to diversify in this area.
Buy our politicians yachts and help them play golf.
- All of them are indeed called taxes, but not one bucket my friend.
Do a thought experiment. Imagine there was no kind of taxes, no income tax, no sales tax, no import or export taxes. Now take a thing that you've to pay "x" dollars as upfront price. Without the taxes it would have costed (x-a)$. And because of income tax you need to earn (x+b)$ to buy that. So, (a+b)/x percent of your money goes directly to taxes. Even just accounting for income and sales taxes, almost half goes to taxes.
- It's not just double taxation my dear. There are many more taxes that you indirectly pay for. Every product you buy is made of some other things that the producers had to pay taxes on, plus property taxes, employee taxes and so on -- all of those gets wrapped in the "price".
I always wonder what portion of my spendings actually end up in taxes. Is there a comprehensive study on this 💭Oct 4 2
- Apple YEgf85Raise family, cost of which tracks surprisingly well to increasing TC over the years
- We are a family of 4 and need a minimum of 400k to run the household comfortably with about 36k in savings. This when our house cost is low, kids go to public school. Kids after school classes, nanny and travel contributes the most to the budget. If you are SITK its difficult to save much. Btw travel budget is 25k per year.
- Amazon Yo Yo !What do u mean basics ? They change all the time.
My basics used to cost only $500 per month couple of years ago.
Now, it’s about $5000 and it grows as I grow.