3 ms·
As usual, depends on where you live. Most of the time when I see that $250k tossed around it's in reference to couples. Typically for a single person it's $200k
by talmand 14y ago
As usual, depends on where you live. Most of the time when I see that $250k tossed around it's in reference to couples. Typically for a single person it's $200k. So a couple only has to reach $125k income each to be taxed at that rate. In some parts of the country it's not hard to imagine that two people can reach that and not be particularly wealthy based on local cost of living.
But as you say, I would imagine for most of California this isn't an issue.
- mturmon 14y agoYou're off by a factor of 2. The extra 1% tax kicked in at $250K for individuals, $500K for couples filing jointly. That's very well-off anywhere in CA. Median household income in SF County is $73K, and SF County is quite rich compared to the state median of $61K.