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For those who wonder who buys these homes we see featured here:
’08 rise in NYC rich club
By ANDY SOLTIS
Posted: 2:47 AM, September 30, 2009
Just before the economy tanked, New York’s rich got richer.
More than 43,000 city households last year joined the wealth club of those earning $200,000 annually or more, according to new US Census figures.
The jump was part of a rapidly growing income gap across the country that saw middle- and low-income families get pinched more by the recession.
In Manhattan, the number of households with incomes below $10,000 a year rose by 529 in 2008 — while those in the $200,000-a-year class shot up by more than 19,000.
Other boroughs also saw a spike in the wealthiest households: an increase of more than 6,000 in Brooklyn, 5,300 in Queens, 1,500 in The Bronx and 1,400 on Staten Island.
In contrast, the average US household had an income of $50,303 last year, the lowest level in 12 years, and down from $52,163 in 2007.
“No one should be surprised at the increased disparity,” said Richard Freeman, a Harvard University economist. “Unemployment hurts normal workers who do not have the golden parachutes the folks at the top have.”
Right on. cobble–check and then disregard your email then… (seriously–hate to play that game again)
Dave – it was an 18 mo @ 5.25%
dh, what rate are you earning on the CD????
m4l, the thing is (read my posts closely, i put thought into them!!! heheh) that you will be in a lower tax bracket bc you will have a much lower income (presumably) post-retirement. so EXAMPLE ONLY, i don’t know your tax bracket, but if you’re currently in 33% bucket making $ABC / year, you may be making $ABC minus $50,000 / year, putting you in today’s $18% bucket (just example numbers to make it easier to understand). so even if all the rates get jacked up, today’s 18% bucket would have to exceed 33% at retirement. what i think we’re saying is that is a HUGE jump.
m4l, I think that’s the thinking of the lunatic fringe. Even I, as a republican, do not believe such an outcome is likely under the democrats.
Besides, by the time you retire the Republicans will be back to lower rates again.
I’m here wasder. There will be other events in the future. Just not this one.
I know people liked the idea, not feeling unappreciated! : )
DIBS / CG_ups,
I’ve been hearing some co-workers griping that the current 35% (or so) tax rate would/could balloon to 50% by time they’re eligible to withdraw from 401k and such a spike would eliminate a ton of the deferral benefits. The basis for their thinking is someone has to pay for the massive ballooning deficits and that someone is us. I don’t have an opinion on it yet as I’m still chewing on it
C-hiller—c’mon! Don’t drop a bomb like that and then disappear. I guarantee you we can have a party where reasonable, appreciative people show up and thank you and Snaps for your hard work. I am pissed about all the dumb crap people have been tossing around. Lets get it together folks.