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Research has shown that "New Car Smell" is filled with volatile organic compounds which has been shown to cause cancer. Go ahead and google it to find out more.
It's like sniffing paint. Dumbs you down each time you get your "fix".
That's like impossible though... that would be like both parents making $200k... either that or the kids are working too and everyone is making $100k each. I think $400k is more like upper class and not upper middle... but who knows anymore.
400 means only surgeons, partners at law firms, finance snakes and blue-collar millionaires (buidlers) live here.
I think the number is 2-250. My wife makes about 30, i am in the 250 realm and then I have like 50-75k freelance per year. We make our bills, save some for college and retirement, have one vacation, two nice cars but we still stress about bills and I couldn't go too long without a job.
400 means only surgeons, partners at law firms, finance snakes and blue-collar millionaires (buidlers) live here.
I think the number is 2-250. My wife makes about 30, i am in the 250 realm and then I have like 50-75k freelance per year. We make our bills, save some for college and retirement, have one vacation, two nice cars but we still stress about bills and I couldn't go too long without a job.
So...are you a surgeon, law firm partner, a finance snake or a builder? I counted 320-350 from your breakdown above. You forgot to include two school administrators - most would call them governmental snakes.
Those property taxes are what puts you into AMT la-la land. AMT disallows the deduction of those property taxes thereby raising your overall income and causing you to pay an additional 4K on top of your regular tax liabiity. If you have kids, your exemption amount gets reduced by AMT, raising your tax liability once again and just wait until the 2013 taxes get done - O b a m a is going to be reaching deep into your pocket for even more money.
It could be worse though, you could be out of work
Come on - neither party is interested in making AMT fit the purpose it was originally touted for. They're both quite happy to sock it to those in hi-tax states with kids.
How do you guys define Upper-Middle Class? Are we talking lifestyle or just income alone???
I'm defining it as lifestyle without it being a facade - ie you're going to the "real" mountains to ski in the winter (with your own equipment), you're going to an island or somewhere NICE in Florida over spring break, camp for the kids, luxury cars, no trouble paying the mortgage and taxes, top of the line clothing etc etc. And you're still socking it away for retirement and have discretionary and rainy day savings left over.
But the sad fact is most people are living at or above their means. They get a raise every year and it all goes to lifestyle accomodations. People want to prove they've "made it".
I don't see how $250K qualifies as upper middle class for a family of 4 on LI. When I was making that I certainly wasn't in an upper middle class lifestyle, and mortgage was my only debt. And a mortgage well-within the normally-deemed-sensible percentage of net income. Sure they're doing nicely for themselves, but upper middle class? Family of 4 - $400-450K.
$250k won't get you a mortgage (say standard 20% downpayment) that buys you a three or four bed house on LI that one would consider an upper middle class house.
But who cares anyway? Is this a status anxiety thing?
Those property taxes are what puts you into AMT la-la land. AMT disallows the deduction of those property taxes thereby raising your overall income and causing you to pay an additional 4K on top of your regular tax liabiity. If you have kids, your exemption amount gets reduced by AMT, raising your tax liability once again and just wait until the 2013 taxes get done - O b a m a is going to be reaching deep into your pocket for even more money.
It could be worse though, you could be out of work
What do you mean O b a m a?
Can't blame him for everything.
Do you mean the AMT is going to be made worse during his administration?
Unfortunately, AMT has been around way before O b a m a.
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