4 ms·

I vote for couples over 1.5 Million. Believe it or not, 400k is not a huge amount of money in NYC or SF. Its upper middle class if you have kids, and even then,

I vote for couples over 1.5 Million. Believe it or not, 400k is not a huge amount of money in NYC or SF. Its upper middle class if you have kids, and even then, you arent saving much. Youre also taxing like small business owners, doctors, programmers, lawyers, etc. The professional class, not the wealthy upper class. Politicians are completely out of touch with the american caste system

stevedewald 4y ago
1.5 million won’t be a huge amount in a couple of years either at this rate.
hcknwscommenter 4y ago
The problem is that there are a decent amount of extremely wealthy people who absolutely do not get anywhere near 1.5 M in yearly "income". Many of these folks live off of things like dividends, capital gains, or even better loans against ever rising investment portfolio amounts (with the added advantage that the interest on the loan is tax deductible). The emphasis of the tax code on "income" per se, which does make sense on several levels to be fair, ends up missing a significant portion of very wealthy folks who just don't have much "income".
solardev 4y ago
1) NYC and SF are symptoms of runaway gentrification caused by a grossly overpaid tech and finance sector. The housing prices there are artificially inflated, a bubble built on top of the speculation-driven advertising economy we find ourselves in in 2022. They are not at all representative of the typical American's lives and shouldn't be used to make public policy. 2) The professional classes already have way more mobility and options, in terms of where to live, where to work, how to work, etc. They/we don't need the same degree of protections that the working class does. To even be in the professional caste is already a rarity in today's America. 3) Tax brackets are already marginal anyway. If you earn $400k, that means you pay 32% of the first $215,950, and 35% only on the the remaining $184,050. If you just add more brackets at the top, you wouldn't much affect your typical upper-middle-class professional or business owner. 4) The politicians don't care about working conditions at all. We're too busy being distracted by the culture wars to pay attention to class at all =/

stevedewald 4y ago

1.5 million won’t be a huge amount in a couple of years either at this rate.

hcknwscommenter 4y ago

The problem is that there are a decent amount of extremely wealthy people who absolutely do not get anywhere near 1.5 M in yearly "income". Many of these folks live off of things like dividends, capital gains, or even better loans against ever rising investment portfolio amounts (with the added advantage that the interest on the loan is tax deductible). The emphasis of the tax code on "income" per se, which does make sense on several levels to be fair, ends up missing a significant portion of very wealthy folks who just don't have much "income".

solardev 4y ago

1) NYC and SF are symptoms of runaway gentrification caused by a grossly overpaid tech and finance sector. The housing prices there are artificially inflated, a bubble built on top of the speculation-driven advertising economy we find ourselves in in 2022. They are not at all representative of the typical American's lives and shouldn't be used to make public policy. 2) The professional classes already have way more mobility and options, in terms of where to live, where to work, how to work, etc. They/we don't need the same degree of protections that the working class does. To even be in the professional caste is already a rarity in today's America. 3) Tax brackets are already marginal anyway. If you earn $400k, that means you pay 32% of the first $215,950, and 35% only on the the remaining $184,050. If you just add more brackets at the top, you wouldn't much affect your typical upper-middle-class professional or business owner. 4) The politicians don't care about working conditions at all. We're too busy being distracted by the culture wars to pay attention to class at all =/