‘Not living their life to impress others’
I just don’t want to drive a shitty car.
We all have our priorities.
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Some would say fewer then 2/5…
Where I live (zip code in my username) I pay about 40% of my income in taxes. Plenty of cities have taxes on top of state taxes…
40% bracket or total? You would have to make 2mill a year and have 0 deductions to pay 40% effective rate.
If that’s the case you need to buy some commercial real estate and get a better accountant.
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While I’d rather not get too in depth into my personal finances, it’s actually more about how my income gets treated and double taxed as a substantial amount of it comes from RSUs and other non “cash” income. Also, last year I was single with no basically no deductions.
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Beyond federal and state, we pay 2.5% on all income to the City of Columbus 
. Like it’s not enough of an indignity to live here.
And I pay less per month for my SiriusXM subscription than the separate line item on our property tax bill for the %$@^^& zoo, which I’ve visited once (under duress).
Besides schools, there are other separate line items for Children Services (?), City (?), “Columbus State”(?), County General Fund, Library, Parks, Senior Options (?), and of course how could we live without ADMH and FCBDD?
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I hear ya about the Cbus tax - fortunately I live outside the city limits so any days I work from home I can get back (and it makes me so happy when I file that return every year!)
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You’re complaining about Ohio property taxes? Come to NJ and let me show you what a real property tax bill looks like.
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We’re at 2% in Miami. But I rent and there’s no state or local income tax. So still a great place to avoid the BS. When we worked in Philly we had to pay 3.5% to the city even if we lived outside of it. If you live in the city and work in the surrounding counties you have to pay 3%. Crazy. Highest taxed city in the country and it’s filthy with horrible amenities and infrastructure. But they vote in the same morons year after year
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Habibi, what is this ‘tax’ you are talking about?
All jokes aside, when the oil runs dry and people start paying income taxes, there are going to be some unhappy people. You’ve had free public resources for the last 60 years, and when the music stops its not going to sound great.
I didn’t realize this was a thing until after we’d already bought a house, moved across the country, and I got my first paycheck using our new address.
We only planned to stay for 3 years, so now, 8+ years later, I do regret not doing more research on certain things. 
Also… home shopping here was a unique experience for us. It wasn’t an exercise of finding homes priced “within our budget,” but rather we set the top end based on how much we were willing to be gouged in property taxes every year.
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What’s up with the repealing of the salt tax? I’d imagine as value climb they need to at least set the limits higher. Such a scam that you can’t deduct 100% of them against income. Double taxation is swell…
It’s certainly not just the wealthy paying over 12k a year in state and local taxes.
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2% of assessed value or REAL value? Up here near Tampa (Pinellas County) our assessed (taxable values) are supposed to be market value, but they have always been much lower.
In practice, a house with a real value of $1M might have a tax bill of $8000ish (in some cases more and in some less, depending on the circumstances such as Homestead exemptions, etc).
What % of people who earn less than $250k don’t drive a luxury brand for comparison? What was the expectation for the % of people making over $250k to be driving a luxury brand?
If 2/10 people making less than $250k drive a luxury car, and 4/10 people making more than $250k drive a luxury car… where’s the news there?
I guess I don’t understand what they’re trying to show. This seems clickbait-y to me. They’re simply twisting around a statistic to make it sound surprising - because a tagline showing that “fewer than 4/10 rich people drive a luxury car” is going to get a few more clicks than a tagline proclaiming “a slightly higher % of rich people drive luxury cars compared to non-rich people.” And the sky is blue and the grass is green.
Now if there was some really surprising statistic like - 6/10 people earning less than $250k drive luxury cars compared to just 4/10 people who earn more than $250k - that might be worthy of an article to dive into spending habits.
Absolutely crushed those of us in high tax states. If they would bring that back and move the mortgage interest deduction back over a million I would be so happy.
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You’re expecting an awful lot from MoneyWise.
I just signed up for an account out of morbid curiosity, and their finance tools include using the envelope system for budgeting.
Nothing wrong with that, but there isn’t a lot of overlap between luxury car buyers and people putting six $20s a week into an envelope so they don’t overdo it on groceries. (at least I hope)
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Ugh… I should know better
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Give yourself more credit. You do.
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Pretty sure at each sale they reassess. I know people were buying million $ houses for 600k and putting 400k in escrow for the buyers next house to get a lower assessment. Nice little trick…
I’m not sure how often they revalue reassess currently owned homes here, but looking on Zillow it looks like they do it yearly at or near actual value. I would never buy one at these prices and rates. Renting just makes more sense for now.
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That seems hard to pull off, but Im sure people will try anything…
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