Is it true that the upper middle class and lower upper class get screwed the most in terms of taxes? I’m talking ~400k-$2M in annual income.

likefunny
Posting as :
works at
You are currently posting as works at

$2M income is considered lower upper class?!

likefunny

Yet another person inflating class and income.

In my opinion, high income professionals do bare the brunt of taxes. Taxes are based on income in this country so a high income earner is going to pay a higher percentage of their total wealth because most of their growth is from income. The ultra wealthy typically have appreciation of assets and if they don’t sell they don’t pay. When they do sell they can theoretically live off a very small portion of their wealth so will only pay capital gains (which is a lower than income tax) on a smaller amount of their total wealth growth per year. The wealthy to ultra wealthy are getting a great deal in other words.

like

That’s correct. And if they time sales of losses correctly they can reduce their tax burden further.

depends on your definition of screwed. wife and I make $600k and we have accountants and financial advisors (same firm) that more then pay for themselves in tax savings alone. it helps that my wife has her own biz.

like

Top 50% of earners in US pay 97% of the taxes. Make your own conclusions from that 😀

like

That poor people are using all of their money to buy food and pay rent?

like

Agreed on those thresholds being questionable but when you’re making enough to be at the top end of the income tax scale but not enough to say, buy your own jet, if you don’t do anything else, you may have a larger tax liability.
But that’s why you have a good financial/investment person and tax person— so you can use all the legal mechanisms to reduce that tax liability. I don’t fit into even the bottom threshold of what OP considers upper middle class and I pay an effective tax rate almost 3 brackets lower mostly by using tax-advantaged savings and investments

More Posts

How is internal service offering at Deloitte?

like

Anyone working in Progressive as a CAT field rep? What are your thoughts on this role? Pros, cons, tips?

like

@Managers have you ever brought it to the attention of your employees that they switched their linked in to open to work?

like

Hi Folks

I'm looking for a job change. Can someone please refer me.

Tech Stack:
Java, Springboot, Openshift, Teamcity, uDeploy, Python, SSIS, BMC Remedy, Oracle DB and MongoDB

YOE
4 years 9 months

like

Anyone on the fence about bagging the big wedding and spending the money on a house?

like

What is the average hike given for different PIR levels?

like

Any suggestions on getting into a larger company that you don’t have any connections to? I have heard working in the accounting department in insurance is a great gig so I have been applying to all the major insurance companies but I know it’s just going to a huge inbox of other people with the same exact experience as me. I don’t know anyone at these companies to help get my name noticed so I wasn’t sure if anyone else has been in my situation and had luck getting their application noticed!

Anybody have any recommendations for real estate attorneys in the Bay Area? Looking to have my HOA/condo documents updated (and don't want to use Sirkin).

like

I am curious to know- statistically, not “from my POV at my company” anecdotal commentary- if govt/contractors have a hard time recruiting millennials for SCIF jobs, especially ones not near metro.

Have a coworker who volunteers for work but never ends up doing it. At what point does it make sense to go to the partner to address this? We’re both midlevels, and I’m tired of having to put in even more time every weekend to pick up his slack. If this were a junior, I’d address it with them first, but this is unacceptable from a fifth/sixth year.

like

How long does it take to get your bearings in FDD?

like

New here. I am an IT/Technical PM with CSM. Does anyone know of an open position in Atlanta GA or EST time?

like

Anyone use a food delivery service like blue apron? Which one and why do you like/dislike it?

like
like

Any idea if all EY H1B selected applicants have been informed and has the inszoom portal for selected applicants been updated?

like

Looking for comps for summer interns. For context, college grads who want to figure out if they will go to law school someday.

like

I left EJ 6 months ago, and I haven't missed it one day. Not even 1 bit of it.

likesmart

I'm thinking about taking a Staff Attorney position with the Second Circuit. What are the thoughts about this? I know it might be less prestigious than a clerkship but is it still good for a young litgator or should I stay at my firm?

like

Anyone else buy a hoodie from their school once you committed or is that 🧀?

likefunny

Anybody have any experience interviewing with Vista Equity Partners? I know there is a CCAT and personality test but would love to get some insight into further rounds.

like

Additional Posts in Consulting

I’m ignorant about Oliver Wyman. Can someone give me some quick facts - do they specialize in anything, typical consultancy? Prestige near MBB at all?

like

Anyone been to the Harvard Extension School - Consultant’s Toolkit program? Any insights to share?

like

What is fair market rate for Manager in New York City with MBA and 12 years of consulting experience?

like

Going to interview with McKesson' s strategy group. Any advice or experience you've had with McKesson would be greatly appreciated!

like

Has anyone had their movers also do the unpacking? Worth it?

likesmart

Is it worth getting the Chase Sapphire Reserve right now? Currently have a starter credit card (BofA Cash Rewards) and looking for something with better benefits.

like

For those of you who got laid off, did you hear anything about it in advance? Did you expect it? It seems like most people who got laid off were blindsided. P.S. I'm sorry if this happened to you.

like

Book recommendations: Hi 🐠, can you all recommend a few books that can help me learn a little about the following topics?

- How to go about ideating a new line of service or product? (Understanding market needs and viability of the product, designing/scoping the product, etc)
- How to define a business case for funding an idea?
- How to launch a product and/or a startup?

Starting a Strategy role and would like to use the down time to prepare. Open to other books on strategy concepts as well :)

like

Anyone else working over the holiday weekend?

likefunny

When there is no ETA from delta and you keep going back to that SOW charge vs what you take home

Does a lateral move between firms make sense just to get better practice alignment? Or is it better to wait and push for a transfer within your own firm - even if it takes more than a year?

like

Anyone have any Cotopaxi gear? Seems like it’s just trying to be Patagonia

likehelpful

I’m switching from pwc to Deloitte. Best and worst changes to overall benefits (insurance/coverage wise and just firm environment)?

like

Is it true that Slalom has a variable pay model? What is that?!

like

I currently work as an APM at a FAANG company but recently received an offer to join an MBB. I’m very excited about the role but didn’t realize I’d need to take a pay cut when I applied (~100k base + ~20k bonus + ~60k equity vs. 90k base + 10-20k bonus). Considering that I currently work 40-60 hours/week, I’ll be making significantly less per hour at the MBB. I’m very interested in the opportunity but also don’t want to make a poor financial decision early in my career. Thank you for your time!

like

Maybe this was already addressed but interested in hearing MBB thoughts about BCG CEO elect not coming from an “elite school” (UT). Not looking to stir conflict but genuinely interested if this opens the conversation more broadly that great talent is everywhere and not just at Ivys.

Civilized, non-aggressive thoughts?

like

TFW you get automatically approved for the Chase Reserve. 😎

like

Hi All, Currently at a healthcare consulting firm making 50k (fully remote). Have a masters and few months of experience. My rent just went up to 3k per month in NYC. Tried applying to tons of remote only positions and haven’t received any offers. Anyone have any advice? Not really trying to move because I’m comfortable with the NYC area. Appreciate any insight. Thanks.

like

Hi 🐠s! I am forced to flight AA next week and have "cattle" status. Any tips on how to get a status match without having to pay?

like

Accepted position w a new firm with >50% salary increase. Never was into the buying home wagon but now seems within reach. Have some 401k savings but not much else. Tips on saving for down payment?

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Send download link to your phone

OR

Scan your QR code to download
Fishbowl app on your mobile

By continuing you agree to Terms of Use and Privacy Policy.

Messaging rates may apply

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal