We are publishing the tax secrets of the .001%

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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