Typically, when people say tax the high wage earners, they aren't talking about your average person even in high COL areas.
I can't speak for what exactly OP was envisioning, but I generally agree with the comment. In my mind, the tax wouldn't apply to anybody making less than $500k a year (or $1mil if filing jointly).
If you're making that much money.. you don't have my sympathy with taxes. I have family in the SF area, that would be a life changing amount for them.
That's not poor in CA, but that's still struggling to own modest property territory.
The problem with federal wage taxes is that it doesn't account for cost of living. $80k is very comfortable in some areas of the country, and renting a room and living frugally in another.
im with you that that wage cap is too low. But I think it should also be progressive and cut off at like 250k in today’s dollars.
Typically, when people say tax the high wage earners, they aren't talking about your average person even in high COL areas.
I can't speak for what exactly OP was envisioning, but I generally agree with the comment. In my mind, the tax wouldn't apply to anybody making less than $500k a year (or $1mil if filing jointly).
If you're making that much money.. you don't have my sympathy with taxes. I have family in the SF area, that would be a life changing amount for them.
The current wage cap is $160k
That's not poor in CA, but that's still struggling to own modest property territory.
The problem with federal wage taxes is that it doesn't account for cost of living. $80k is very comfortable in some areas of the country, and renting a room and living frugally in another.
im with you that that wage cap is too low. But I think it should also be progressive and cut off at like 250k in today’s dollars.