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A comment on We are publishing the tax secrets of the .001%. Parent comment

Re:We are publishing the tax secrets of the .001% by cycomanic on Tuesday June 08, 2021 @12:48PM (#27437611)
That you consider yourself upper middle class with an income of 1M a year already says a lot about how skewed your view is (not surprising there was some article on HN recently about research showing that the rich and the poor consider themselves middle class both). Sure you are not a billionaire but you are not middle class anymore, you earn 30 times the median income in the US. Now comparing yourself with the superrich might make you think you're not that rich, but you are.
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Re:We are publishing the tax secrets of the .001% by rllearneratwork on Tuesday June 08, 2021 @01:12PM (#27437943)
have you heard about different cost of living in different places? What if the person plans to fund himself/herself in the retirement and pay for kids college rather than expecting all that "for free" from the government?
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Re:We are publishing the tax secrets of the .001% by ryandrake on Tuesday June 08, 2021 @01:49PM (#27438489)
There is no metro region on Earth where $1M/year can be considered middle class.
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Re:We are publishing the tax secrets of the .001% by askafriend on Tuesday June 08, 2021 @02:27PM (#27438971)
I'd say in SF, you need 500k to be reasonably middle/upper-middle class if you have kids (let's say 2).
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Re:We are publishing the tax secrets of the .001% by rllearneratwork on Wednesday June 09, 2021 @01:27PM (#27450636)
1M/year is roughly 500K after taxes in Bay Area. Starter house is bad school district (means you need to pay 25K-45K per year per kid for private school) is over 1M.
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Re:We are publishing the tax secrets of the .001% by ryandrake on Wednesday June 09, 2021 @02:16PM (#27451213)
Sure, but a 1M mortgage is about 50K a year at today's rates. Let's say 30K for home upkeep, 10K to keep a car on the road, 10K for utilities, 20K for food and dining.

So 500K after tax - 90K private school for two kids - 50K mortgage payment - 30K - 10K - 10K - 20K = 290K in totally disposable post-tax income. Still not even remotely close to middle class.

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Re:We are publishing the tax secrets of the .001% by rllearneratwork on Wednesday June 09, 2021 @06:33PM (#27454164)
sure 1M is OK in SF Bay area (you need to plan for retirement too). But even based on your calculations suddenly 500K is not enough to allow a middle class lifestyle.
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Re:We are publishing the tax secrets of the .001% by cycomanic on Thursday June 10, 2021 @01:35PM (#27463290)
A typical multiplier for house price and before tax income is 6. So you are saying a 1M house, but for 1M yearly income we should be taking about 6M house (assuming the spouse is not working). Now I definitely wouldn't call a 6M house middle class.
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