Now I Understand why people here complain about 500k TC

Google
lnfwqv

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lnfwqv
Nov 8, 2021 65 Comments

Almost half goes to taxes. COL goes up. Housing keeps going up. Taxes keeps going up. How are we gonna retire or buy anything?

TC 370 (Tax 43% NYC)

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TOP 65 Comments
  • PCI, a BigBear.ai Company
    HzxF17

    PCI, a BigBear.ai Company

    HzxF17
    You’re in the top 1% you’ll be fine
    Nov 8, 2021 3
  • Amazon
    ownsAk

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    ownsAk
    Not to mention inflation. It's suffocating to be making more money but also easily absorbing macro issues
    Nov 8, 2021 13
    • @ibm I'm surprised you think capital gains is tax avoidance. How would you tax it to not make it a wealth tax (or would you make it that)?

      Other than that you're spot on about relative living costs.

      I worked at a startup and they had a meeting with a financial company where they joked about how $80k was bay area min wage... And they were paying most of the people in their company less... In other parts of the country that's a healthy wage.
      Nov 10, 2021
    • IBM
      XgQT05

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      XgQT05
      @Facebook, as I understand capital gains tax is levied only when an instrument is sold. So the rich people never sell it, they take a loan against it, which is tax free. Other than that the disparity between the capital gains tax and normal wage tax is also disproportional.
      Nov 10, 2021
  • Red Hat
    Rrnl00

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    Rrnl00
    Thats the most stupid argument i hear. People keep saying that since their TC went up, COL went up . How ? Why are you not living the same standard as you were living before ?
    You are always in a position to bring your COL down. Although , it might mean going outside your comfort zone. Example : dont buy a Mercedes / BMW / Audi and get a Corolla, bam , there you go , you just saved 20K.
    Nov 8, 2021 3
    • Inflation is like...5-7%. You can easily absorb the costs. A good part of your TC is in stock, which also is relatively inflation proof. Milk was $2.85, now it's $3.25. How will you ever survive??
      Nov 9, 2021
    • Yahoo
      shsjficifs

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      shsjficifs
      Equities help vs. inflation, but companies never have enough pricing power to fully capture all the inflation.
      Nov 9, 2021
  • Twilio
    🦂king-

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    🦂king-
    I make 60K less than you (in NYC) and save/invest 75K a year. I could save more but for what?

    So I can retire at 50 and can’t travel anywhere because my kids are in school.. so I sit at home all day working out/watching TV? Hard pass.

    I’ll easily retire with a paid off home and 5+ million in cash after my kids graduate from college at 55-60
    Nov 8, 2021 11
    • Twilio
      🦂king-

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      🦂king-
      @Amazon 20 years of my career to travel the world? I really wasn’t making world traveling money until I turned 27 (right when the pandemic started)

      I probably have 3-5 years to travel before I start to have kids.
      Nov 10, 2021
    • Twilio
      🦂king-

      Go to company page Twilio

      🦂king-
      @Affirm I’m 29. I’m not quite tired of it yet! And tbh another one of the main reasons I have to keep working is for the love of money.
      Nov 10, 2021
  • Splunk
    iqYC33

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    iqYC33
    The 1% problems
    Nov 8, 2021 0