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  1. 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.”

  2. 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.

  3. 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.

  4. 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

  5. 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.

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