Wednesday, August 27, 2008

$250,000 per year is not rich in Manhattan

It's approximately middle class, if you use relative statistics such as median.

Of course, we pay the same for consumer goods, such as a car. But in Manhattan, we also get to pay $400 per month to park the car. Of course, no one NEEDS a car, what with public transporation, and NYC's transit system is actually quite good (it's far from perfect, but not bad, considering it's been run by the government for quite awhile). But more than half the households considered "poverty" have at least one car, and the freedom that comes with it.

The real downer living here is the 13% in state-and-city income tax we pay, on top of federal income tax (a tax rate which triggers the Alternative Minimum Tax at lower income levels than the rest of the country). That puts us above the Canadians (not that I want to wait 6 weeks for an MRI under their "free" healthcare system).

Here's the CNBC debate.

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