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View Diary: Obama: Extend middle-class tax cuts, forget borrowing for the rich (414 comments)

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  •  Ha (0+ / 0-)

    Come live in NYC and test that theory.  Knowledge is power.

    •  median household is $60k in Manhattan (1+ / 0-)
      Recommended by:
      abraxas

      If you choose to spend the $190k a year instead of saving it, that's your choice.

      •  Is this really your analysis? (0+ / 0-)

        Amusingly, you completely discount taxes of any sort (in a diary on taxes, no less).  And don't forget to factor in the extremely high state an city taxes, plus sales tax.  And then you may consider the cost of living in NYC.  Come live here and you might develop a better sense of how far $250,000 goes.  Note- I am not saying people at that income level are not doing well; I am merely pointing out to you that your claim that one who makes money at that level can save enough to become a millionaire in "a few years."  It is utterly naive and demonstrates a lack of understanding of personal finance.

        •  You are correct (0+ / 0-)

          For someone in Florida or Texas, where there are no income taxes and even some other taxes are somewhat lower, $250k goes a LONG way.  At least you have more discretion in your spending (infrastructure sucks, however, so some things WILL cost you a bit more that are "free" in high tax areas).

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