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If only you had that $500K ... But the government will steal $250K of it right off the bat. And then probably another $50K because at least in CA you get doubl
by dheera 3y ago
If only you had that $500K ...
But the government will steal $250K of it right off the bat. And then probably another $50K because at least in CA you get double-taxed both when earning and when spending.
You're left with only $200K real dollars.
- coding123 3y ago10.25 percent (highest sales tax rate in CA - 1) of 250k is closer to 31.25k. State and fed taxes income taxes are around 45% but I'll grant you there's other hidden fees (social security and others)... luckily hidden fees are now illegal in CA. [1]: https://www.avalara.com/taxrates/en/state-rates/california.html https://www.avalara.com/taxrates/en/state-rates/california.h...
- ecshafer 3y agoYou can easily get a mortgage for 3x income and 4x isn't that hard. So $500k can buy a $1.5m house with no problem. $500k income is easy to buy a house forth $500k cash after a couple years.