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

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  •  And remember, 250K is more like 300K. (2+ / 0-)
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    tardis10, PsychoSavannah

    A lot of people try to say that there are some unfortunate professionals in the North East that would be hurt by raising the taxes on those making over 250K just because they work in NY or Boston or Philly where salaries are high.  But remember the 250K is your TAXABLE income.  So if you take the typical senior associate at a huge Manhattan law firm, even if he makes 300K, he probably own't be affected by this because chances are he has a mortgage and student loans and most of all state and property tax bills to write off before he even starts to pay federal taxes.  

    But let's say the poor guy winds up with 275K income.  That's 25K affected by a 3% increase.  That's less than a thousand dollars.

    "They don't think it be like it is, but it do. " Oscar Gamble, circa 1980

    by Spider Stumbled on Wed Jul 06, 2011 at 05:57:44 AM PDT

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