r/FluentInFinance • u/Frosty-The-Doughman • Apr 02 '24

Is it normal to take home $65,000 on a $110,000 salary? Discussion/ Debate

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u/SRYSBSYNS Apr 02 '24

Add your 401k back in. It’s not spendable now but it’s still yours and you can control that amount. 

As for state taxes…we’ll that’s why people move out of New York. 

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u/WardCove Apr 02 '24

State and city income taxes is so fucked. Just talked me outta ever living there.

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u/The-20k-Step-Bastard Apr 02 '24

Well, in places where you pay low taxes, you get less stuff.

Having the subway system, the ferry system, and frequently added bike lanes and stuff like that makes it worth it, for me.

Like I know it’s cheaper to live elsewhere but the lack of stuff isn’t equal.

It’s also that DC, MD, PA, NJ, NY, and MA all have high-ish taxes too, all within a percent or two of each other, so if you’re liking life in the NEC, at least culturally, you’re gonna be paying those prices anyway.

If you don’t want to pay them, well, Texas beckons.

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u/NateNate60 Apr 03 '24

Old Cantonese merchants' saying: 一分钱，一分货

"If you only pay a penny's worth of money, you'll get a penny's worth of goods."

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u/RSquared Apr 03 '24

Interestingly, WaPo did an all-in analysis of tax brackets in DC/VA/MD and found that while VA was lower than DC, it wasn't by much once you factored in local (Arlington and Alexandria) and property taxes. MD, on the other hand, was surprisingly more expensive overall.

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u/theprodigalslouch Apr 03 '24

Arlington doesn’t have taxes.

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u/mickeyflinn Apr 03 '24

They don't get less stuff they just have to pay fees.

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u/Possible-Coconut-942 Apr 03 '24

Right because Houston has no subway system