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So, is the U.S. NOT taxed at a very low rate by developed nation standards?
Are our military expenditures NOT proportionately much higher than all other developed nations?
Are we NOT the most economically segregated of the developed nations?
Do we NOT have very low upward mobility compared to other developed nations?
Do we NOT provide proportionately fewer social services despite a much higher relative poverty rate?
Show your work.
I don't know about being taxed lower, but the US is taxed differently than other nations. Other nations do not have the outrageously high property taxes that support our highly corrupt local governments that go against the Constitution and take property from hard working people. They also don't give the local authorities nuisance taxing power like we give our local Nazi authorities. Many other nations, most socialist, do not have the capital gains taxes on property that we have. However, all of the other nations in the G-7 have a high VAT tax on everything. Many nations tax automobiles and gasoline at much higher rates than the US, while the US has at times subsidized automobile ownership to keep our factories and economy going.
Our military expenditures are high because we provide the defense of so many countries. Those countries are able to put their money into modern efficient factories so they can compete better with our industry and take more jobs from us.
We are the most economically segregated because we practice more of an unfettered capitalism than other developed countries.
No, we do not have lower upward mobility than other developed nations.
What is poverty? The "poverty stricken" people of the US live much better than those in poverty in the rest of the world.
All in all, one will not find a more reasonable cost for a high standard of living anywhere in the world than in the US.
I don't know about being taxed lower, but the US is taxed differently than other nations. [...]
I linked earlier to a chart showing overall taxes from all sources, and yes we are taxed far, far less.
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Our military expenditures are high because we provide the defense of so many countries. Those countries are able to put their money into modern efficient factories so they can compete better with our industry and take more jobs from us.
Look, I know that this is a common response, but there is absolutely no need for our provision of military defense (de facto) in Europe and has not been since the Cold War ended in 1991. The Peace Dividend was supposed to be much larger, and should have been, and should be now.
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We are the most economically segregated because we practice more of an unfettered capitalism than other developed countries.
Pretty much, yeah.
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No, we do not have lower upward mobility than other developed nations.
What is poverty? The "poverty stricken" people of the US live much better than those in poverty in the rest of the world.
In terms of life expectancy, happiness, quality-of-life metrics, this is not even close to true. By other metrics, yes. This is a fun tool: OECD Better Life Index
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All in all, one will not find a more reasonable cost for a high standard of living anywhere in the world than in the US.
I don't understand what this means. Norwegian and Canadian "poor" are certainly better off by any metric. Australia too. And cost-of-living adjustments then adjusted for income percentile (i.e. Norway is much richer, Canada is similarly wealthy) indicates this just isn't true either. PPP adjustments made by the CIA are good overall, but skew a fair number of the indicators in favor of the U.S. (which makes our CoL look more reasonable; our gas is cheap but our fruit is expensive, etc...).
Last edited by kwhitegocubs; 04-06-2014 at 01:17 PM..
Reason: Mistake in formatting.
I always wonder what world you sorts live in. My wife and I are solidly middle class, owning a nice home with a creek in the back yard free and clear. Our aggregate gross tax rate, state, federal and local, is just 28%. That was for 2012. In 2013 I took $50k in capital gains, so our aggregate tax rate will be even lower. There is no sales tax in Oregon. I'm not including excise taxes like gasoline, tires, etc., but am including income taxes and SS/medicare taxes.
With a six figure income, it's not like we really miss the money that goes to taxes. It leaves plenty to live on, and we live very well. Right now I'm planning a 6 week European vacation. We're budgeting about $20k for the trip, and will handle most of it out of cash flow, with about 1/3 from savings. We don't make car payments, we pay cash, and buy low mileage used to let someone else take the initial depreciation hit.
When I hear of someone with a six figure income who can't make ends meet, I don't blame taxes, I blame their lousy money management skills. How much of that income is going to interest payments? How much is going to consumer junk that will just end up in a landfill in 5 or 10 years? How much is going to restaurant meals and $6 cups of coffee?
The OP has chosen to live in NYC, which dooms him to very expensive penury. If he's not willing to change his lifestyle, he is going to be stuck in the rat race for the rest of his life.
Last edited by Marka; 04-07-2014 at 01:28 AM..
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I didnt bother reading the entire thread because in all honesty it is filled with uneducated posts.
People chastise the OP for trying to live within $175K and then tell them "blah blah bah we all wish we made that much, move to another city" but they dont realize that if the OP moved to another city, their income would be cut in half and they would be in the same boat making $85K/yr. Would it be ok then? Their point doesnt change just because they move out of Manhattan. People seem to forget that salary is tied to COL. If they move out of NYC they arent making $175K in another city. They are making the equivalent whic is significantly less.
Point is they have a valid point. Many of us simply make enough to live paycheck to paycheck and never get ahead.
I make just over $175k and wife stays home to raise our 3 kids. It seems the last 3-4 years with more tax hike I'm working harder and not making any gains. We pay more taxes, higher insurance, higher expenses and not getting more with our money these days. I don't have 3 cars to maintain just 2 and send my kids to public school with no free lunches. Costs for just about everything has gone up, property taxes, and my wife can get a job but wouldn't do much good and end up going into daycare.
Have you thought about moving across the Hudson River into New Jersey?
I'm like most of the other people in this post. I don't have much sympathy for you. When I saw the title of the post, I thought you'd have a salary of about $50,000 to $60,000. I was flabbergasted when I saw you made $175,000. I don't care where you live in the country..$175,000 is a damn good salary. Most people would be lucky to make half that much in this economy. You're obviously spending way too much money. The first thing I would do is get rid of your cars. If you live in a city like New York, there is no reason to even have a car. The public transportation system is great and cars are a waste of money.
When I hear of someone with a six figure income who can't make ends meet, I don't blame taxes, I blame their lousy money management skills.
Sure, the two are not mutually exclusive. However, it is apparent that most people here don't know what it's like in New York City. There's a reason why people are fleeing it and to just say "why, it must be that they all stink financially" is rather silly, wouldn't you say?
I think you should go they other way and buy stuff to get some deductions. If you don't already own a home buy one with a long mortgage. Buy some rental property, those are great for deductions.
Why pay $10,000 in interest to get back $2,500 from Uncle Sam?
If you'd like, I'll make the same deal with you. Mail me a $10,000 check. After I deposit it and make sure it's legit, I'll happily send you $2,500 no questions asked.
I always love those two. Do you know how much money is involved with relocation? The wasted money on moving alone is pretty big. If the OP owns his house he then loses money on all sorts of fees and commission. Not to mention the headache, hassle and wasted time. And as we all know, time=money. Even if he does move, is the money saved with less taxes worth it. In the real world it is hard to just pack up everything, find a place and move. I assume the OP has a mortgage too. Now what, has to deal with getting a new one for the new place? Fine and dandy, but mortgage and broker fees add up. Moving truck, time off to move.
Not worth it for a slight downsize, but definitely worth it if you cut sq footage by 30-40%, with smaller capital cost, taxes, utilities, insurance, and maintenance bills, you could save enough to recoup your moving cost in a year and then it's all gravy...
Of course a more drastic downsize is even better, but difficult for most Americans who are emotionally attached to having a lot of "stuff".
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