First of all, this bill mainly helps those earning less than 315K per family < 157K for singles.
If you're making a big salary working for tech, your not as well off as you think. You may be earning x10 more than a the average "poor" person, but after income taxes, sales tax, property tax, etc, it's barely x5 to x6. And if google forces you to live on the penninsula, then your living costs are x5 to x10. I'm sure there are plenty of high tech working families in 150k to 250k range who are barely making ends meat. Those with kids will be especially hit hard: the exemption for those kids is now gone. Millenials in CA are being hit really hard with this housing crisis: the birth rate is at it's lowest it's ever been since the great depression in 1933.
>You may be earning x10 more than a the average "poor" person, but after income taxes, sales tax, property tax, etc, it's barely x5 to x6.
lol, you made me laugh.
"Look, I know it looks like I make more than you Mr Grocery Bagger, but I have a lot of property taxes on my mansion and Ferrari. So you see, I barely make 5 times more than you!"
If you earn that much, you'll most likely have to be in the bay area, probably the peninsula.
Most of the spending goes to housing and groceries. When you spend 3 million+ on a extra crappy house with a leaky rough and 1500 sq ft in palo alto, do you see what i mean?
Penninsula house prices are roughly 1-2.5 million now, and the lower range ones are pretty crappy, often in a bad neighborhood.
Granted, everything about this is in constant flux but... I thought the child exemptions were back in and stronger than before?
Also, are you getting value out of living on the penninsula? If so, is it worth the cost you're paying? If not... move. There are plenty of companies outside of SV and now quite a few of the companies there have very flexible remote working options.
As for your 10x income being reduced to 6x, do you honestly feel justified making more than 2x as someone else? Why are you as a person worth twice any other person?
It's because that's the intersection of value that an employer is willing to pay for and people are willing to work for. If everyone was paid exactly the same, then there probably wouldn't be any doctors because they'd never break even on their medical school payments, etc. Higher wages is society/capitalism's way of incentivizing more people to go into that area. there's greater need there. By paying more, more people are willing to join that occupation.
It seems weird to take the fruits of someone's labor. I mean, if you can make your bed twice as fast as I can, I don't demand that you come over and make 1/3 of my bed.
And if you grow your crops, but do it much better, yielding more fruit, it would be wrong of me to take a 1/3 of your crops.
Exemptions have been removed entirely. That's a deduction of $4,050 per child that went away. However, Child Tax Credits increased from $1,000 to $2,000 (with $1,400 being fully refundable).
For someone in a 25% tax bracket, the additional $1,000 credit is basically the same as a $4,000 exemption.
well, to me, making 5x what someone else makes is alot more, and it becomes embarrassing when it means that im able to eat and sleep comfortably and get healthcare when someone else cant. so that kind of bums me out. but hey, i guess we dont all agree on that.
If you're making a big salary working for tech, your not as well off as you think. You may be earning x10 more than a the average "poor" person, but after income taxes, sales tax, property tax, etc, it's barely x5 to x6. And if google forces you to live on the penninsula, then your living costs are x5 to x10. I'm sure there are plenty of high tech working families in 150k to 250k range who are barely making ends meat. Those with kids will be especially hit hard: the exemption for those kids is now gone. Millenials in CA are being hit really hard with this housing crisis: the birth rate is at it's lowest it's ever been since the great depression in 1933.