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View Diary: Pete Peterson Group: "$250k a Year Is Not Easy Street" (317 comments)

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  •  Is $250k family in "high-tax area" by chance? (11+ / 0-)
    ... especially when they live in high-tax areas on either coast

    Ok, maybe families still have to make tradeoffs, even when they're making $250k/year combined. Maybe they keep the car all the way through its warranty period instead of trading it in every year. Maybe their friends all take big vacations and buy new houses in the same year, while the family making $250k has to prioritize its luxuries. Maybe they're not so rich that they can avoid thinking about money now and then. So, maybe it's not completely easy street, but it's not the crapper, either.

    But, if they're in a "high-tax area," then it's not completely by chance. Those states and counties with higher taxes tend to have better educational opportunities, and education is the broader of the two paths to wealth (the narrow one being the early wisdom to choose rich parents). Those states also have better social safety nets, which permits people to take risks with their financial future, risks which often pay off in the form of better-fitting careers, or new businesses.

    Those "high-tax" areas are precisely where we should expect to find more a broader attainment of comfortable living standards. And, if they're not in a "high-tax area," then we should expect professionals to suffer from the lack of broader community wealth. For example, the patients you mention with complicated and limited insurance. This limits not only the financial reward of the professional career, but also the opportunity to apply it for the best community advantage.

    Why is there a Confederate Flag flying in Afghanistan?

    by chimpy on Tue Jul 05, 2011 at 04:39:37 PM PDT

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    •  No, they are not. They're in Texas. (2+ / 0-)
      Recommended by:
      chimpy, orlbucfan

      I work with B2B PAC, and all views and opinions in this account are my own.

      by slinkerwink on Tue Jul 05, 2011 at 05:33:42 PM PDT

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      •  Texas has gotten much worse in past few decades (0+ / 0-)

        Trying to maintain a practice anywhere must be terrible with the nationwide degradation of coverage. Texas has fallen farther than some other states, and in the past it had some decently progressive leaders. Trying to help patients with varying incomes and diverse insurance companies must truly be uphill work.

        If you wouldn't mind sharing, how does their present-day Texas experience compare to (depending on their path) either earlier Texas or their original location?

        Why is there a Confederate Flag flying in Afghanistan?

        by chimpy on Wed Jul 06, 2011 at 08:51:09 AM PDT

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        •  It's definitely gotten worse for them (2+ / 0-)
          Recommended by:
          chimpy, orlbucfan

          Many of the doctors in my family were for the public option because they hated having to deal with the hassles of reimbursements from the private insurance companies. They've had to hire more people to deal with the billing issues, so they do have small business concerns as employers in their practices.

          I work with B2B PAC, and all views and opinions in this account are my own.

          by slinkerwink on Wed Jul 06, 2011 at 08:53:02 AM PDT

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    •  high tax area= high wages, lots of job choices. (3+ / 0-)
      Recommended by:
      Sychotic1, Nulwee, chimpy
    •  You make 250k a year, state taxes don't matter (5+ / 0-)

      as I posted elsewhere, I make half that and I don't understand all the whining about high taxes.

      People like that either don't know how to manage their money, or they are professional complainers.

      •  $200k/year here, and I live in MA, (3+ / 0-)
        Recommended by:
        debedb, drewfromct, chimpy

        which has a 5% (flat rate :( ) income tax.  Paying 33% total in taxes isn't exactly a hardship, even with the housing prices in Cambridge.

        Though the fact that the richest 400 people in the US pay about half what I do in taxes (as a percent of their total income) rather irritates me, though I am comparing my federal+state tax to their federal tax only, I know.

      •  But, we have to understand it (1+ / 0-)
        Recommended by:
        orlbucfan

        We can't agree, or even really sympathize at all, but we have to try to understand it. From what I see, it's the advertising and the consumer culture that messes us up. Everyone wants to try and fit in with whatever group is making more money, so there's pressure to go along with the madness. There's also the perception that rewards go to those who are already successful, so maybe people pretend, with the trappings of success, to lure actual acceptance and success their way.

        Until we understand the mindset, we can't effectively fight the trend.

        Why is there a Confederate Flag flying in Afghanistan?

        by chimpy on Wed Jul 06, 2011 at 08:55:19 AM PDT

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    •  It kinda makes you wonder (1+ / 0-)
      Recommended by:
      chimpy

      why you never see Wall St. institutions such as Goldman Sachs or Citibank leaving those "high tax" areas like Manhattan and moving their headquarters to some cultural mecca like Baton Rouge or Mobile, doesn't it? Or Somalia, for that matter--I hear that the tax/regulatory burden there is pretty low, especially in comparison to NYC. What's stopping them from moving already?

      Al Qeada is a faith-based initiative.

      by drewfromct on Wed Jul 06, 2011 at 07:25:27 AM PDT

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