Tuesday, December 07, 2010

How some families are rather poor, even though their combined income is $250,000

Well written piece by Karen Hube.  At the end of the article, 5 regions of the country are showcased (only Texas allows some financial margin).  Unsurprisingly, its the taxes that cause the poverty.  An excerpt:
After covering taxes and only essential expenses for housing, groceries, child care, clothing, transportation — and their dog, the Joneses would still be in the red by $585 in Huntington, New York. In Plano, Texas, they would have $28,707 to spare. Factor in common additional expenses for a working couple with two children – music lessons, day camp costs, and after school sports, entertainment, cleaning services, gifts, and a annual week-long vacation – the Joneses get deep in the red in Huntington to the tune of $23,178. In Plano, the best case scenario, they would still have money to spare, but just $6,114.
I told you so.

Via Glenn Reynolds.

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