New York Decides It Takes $2 Million To Be Rich — For Tax Rates That Is
What’s rich? And at what level of rich should the top tax rate kick in? Today, the top federal tax rate of 35% begins at taxable income of just $379,150 for couples filing jointly. An ongoing attempt by Senate Democrats to impose a surtax on income over $1 million stands little chance of overcoming Republican opposition and Warren Buffett’s proposal for an even higher rate on income above $10 million is, in today’s Congress, just a fantasy.
The states, by contrast, have been pushing upward the definition of rich for tax purposes. Indeed, a deal announced Tuesday by Democratic New York State Gov. Andrew Cuomo, Republican Senate Majority Leader Dean Skelos and Democratic Assembly Speaker Sheldon Silver would lift the income level at which the state’s highest tax kicks in from the current $500,000 per couple to $2 million per couple, while providing a significant rate cut to those below the $2 million level.
It’s simple. In NY there are too many Political donors and ‘bundlers’ earning between $1 and $2 million. Almost none over $2 million. Gotta give those donors a little present this Christmas.
you hit that nail squarely on the head!the donations are sure going to d’s .
The demo-rats lord it over people again. When will they come out and just say they are capitalists hating communist.
Wall Street is there, and money sticks to money. This is why we had a crash, and why fewer people have control of most of the worlds money. These people are parasites and the Capital Gains taxes on unearned income (trust fund kids and clever hedge fund managers) over a million dollars should reflect the risk that it imposes on all of us(it just cost the taxpayers trillions of dollars by causing the crash of 08). At one time it was 90% on assets held less than a year to curb risky speculation which leads to bubbles, maybe that would deflect the risk to the economy that these new “high speed” traders pose to us all.
Written in a state of true envy. Would you be saying the same thing if the shoe were on the other foot?
YES!
Ever try to rent or buy a place to live in NYC. Takes an income of 2 mil to even think about it. The state however is is different. takes something like $150,000 to qualify as a home buyer or renter. The bubble will pop one day just like it did in Calf. BO Plenty will see to that. Just vote him in again, then it’s all over America. Balloons will start to pop every place they haven’t yet and the ones that have will just turn to pee water.
A flat tax on gross income for both business and individuals is a fair tax plan but will never be accepted by the IRS, accountants, or tax attorneys. Anyway, the more money this government collects, the more money this government will overspend. “BUDGET” has not been in federal vocabulary for a long time.
Washington, DC is America’s cesspool for liars, whores, and thieves.
I agree with JUST about your whole statement except for taxing businesses. Businesses or corporations do not pay taxes EVER, even though politicians try to make it so. Taxes are just a cost added to the product or service a company provides so, in actuality, corporate income tax is nothing more than a consumer tax. Taxing personal income of everyone at a calculated rate will cover the bill. I alway thought that taxing money as it is earned and as it is spent is basically wrong. Taxing should be on one side or the other of the equation, but politicians seem to think it is needed on both to balance the equation. What odd thinking!!
Good one Monty, I like the logic.
Monty, I agree with you. I don’t know why the folks can’t see this. When corporatons are taxed it is just passed on down to the consumers and then we (the consumer) are being taxed twice. This is our government trying to pull the wool over our eyes. The government thinks that we are too dumb to see this. We have had a very corrupt government for a long time and with Communist Obama in office it is more corrupt than it has ever been. I hope that folks starts paying more attention to their representatives. Hopefully we can clean house next November by firing Obama and all the Democratic Socialist in Congress. Maybe we need more Donald Trumps around to expose these people. We need more people to be interested in what their government is doing, and to stop watching all those soaps on television and start writing their Congress Members. I write mine frequently.
I agree with you that the government should not tax our dollars multiple times.
There seems to be a question as to the litgitmacy of the government’s right to tax “any dollar” that is earned by a person’s labor. I don’t believe the Constitution gives them that right. In 1913, when the government started taxing income they taxed it at 1% and promised that taxes would never go above 3%!
How about a Flat Tax at 3%….! No deductions, everyone pays.
The 20% tax is way too generous and would really be hard on people with lower incomes. Who wants to give 1’5th of their income to these criminals right off the top and add to that all the other taxes there are to pay.
How about Herman Cain’s proposed 9-9-9 plan. Anyone who doesn’t want this plan does not understand how it works or they would like it.
you are right, this argument seems so juvenile . i have thought about how a tax should work, the founders believed excise tax was best. this allowed for more freedom. you could opt out by not buying the item. if a sales tax was the only tax ,you could live on your land and produce everything you you need without paying tax. if you want to live lavishly you will pay large amounts of tax. but it is your choice. our country was built on freedom in otherwords choice. i still see the excise tax as the most fair. also if you want to trade with your neighbor you may be able to avoid the tax, that could be viewed as a traders discount. (i wont say poor persons discount)
i dont think there should be any discussion about how much another man has. it is his business. no one else.
Right you are………..even someone without any schooling in economics should be able to understand that reasoning. The consumer ALWAYS pays any taxes levied on business. I suppose there is one group for whom this does not matter at all, the professional welfare recipient who has the luxury of using OPM (other people’s money, yours and mine)!
True and the 47% who don’t pay taxes would finally tow their own boats. Can you imagine the loss of the Demo voter base the social engineering dingbats would suffer? Ha! There sure would be an animated fight by all of the States trying to shuffle sales and state income taxes around. More wringing of hands and wailing public sector workers!
I agree with you. If we had a flat tax it would mean LESS money for them to piss away
Good post Insurgent,
It’s not the rich but the 50% of Americians that are entitlement junkies and pay no federal taxes at all that burn my butt.
@Insurgent,
DC, NYC and Chicago.
As always with magicians & politicans, you have to watch the other hand while they try to distract your attention ! ps: you couldn’t get me to move to NY State for a $2 million/year job let alone NYC. If I have to explain my logic why,you’d never understand it !
10% flat rate on all monies earned. PERIOD. only any loan interest deduction. ANd banks have to make money avalible to anyone. And we elimate the large corperate banks and go back to local banks so that the banker knowes his/hers clients.
Even ppl who don’t have a good credit record?….It would just be mandatory? Really?…I hope you are not occupying my bank.
There is a monstorous problem with the flat tax. Just think – Someone is a scrooge,
he earns several million every year, he lives the lifestyle of a hermit and lives in a
small cheap apartment and is extremely frugal, his existance expenses are no more
than someone who earns $75,000 or less, his income tax is then no more than the
flat tax rate on his purchases. He can bank the balance of his income in the banks
of the Cayman Islands, etc., tax free. Do you get it????
I don’t see the problem, if someone gets a good education, or has a great idea, and makes sacrifices to turn that idea into a successful business, have they not EARNED that money? Who is the government, or other people, to say that is not fair? He hoards his money? Again, so what? If he does not spend that money in his lifetime, whoever gets it after he dies will surely spend it at some point. Besides, how many people are really like that? Damn few, most people with money SPEND IT! They buy nice homes, cars, boats, electronics. They hire others to work for them in their businesses and homes, they give to charity, or set up foundations. The VAST majority of people with money are going to spend as much as they save, and they will also invest a lot of that money, helping other businesses, etc….
This is why I am a strong believer in the FairTax. Not only does it eliminate ALL payroll taxes, it eliminates all the taxes companies spend on their products, making those products 20 – 30% cheaper, and with competition they are forced to pass those savings on to the consumer. The best part is completely eliminating the most feared gov. agency ever to exist – the IRS!
There is so much more to the benefits of the FairTax, anyone who has not done their homework should go to FairTax.org and see for yourselves how this works. It could turn our Country around.
WOW! Never thought I’d Hear it. Good for you Sam!
I say the flat tax is a good thing- You would just about get rid of the IRS-Plus another 100000 wasted idiots doing nothing and getting paid for it. The tax would be some where in the area of 20% -but that is twenty cents on every dollar earned –for everyone!
I agree a flat tax would be much better, but 20% would be raising the taxes on the middle by too much of a margin. If the percent was more in line of 10% too 15%, and the 50% that doesn’t pay any taxes had to pay (too many are just too lazy to work), then it would be close to the same amout for the thieves in DC, maybe even more. There are so many ways of cutting spending in DC, but until we get rid of most of congress we are screwed.
Turn Wash DC over to the Natl Parks Service. Fire/Retire 50% of the
Federal employees. Relocate our Nation’s Capital to Kansas.
Temp close down the EPA; drill, mine and manufacture again in America.
Our economy would boom!!!
wash DC will always stink of poo
@andy in OR,
You’re half right. Poo & joo is more like it!!
The point is, Corace that we if we know them to be thieves, which we do, we shouldn’t be giving them anything. We should be using that money to try and convict them for their corruption, and don’t say it can’t happen Blogo’s going away and the rest of the pack should go with him. It would be worth the expense to build new prisons to house them. Instead we keep paying them our hard earned money so they can screw us and enrich themselves. It’s got to stop!
Must be republicans will be the first to be rounded up during insurrection? Theres a lot of talk about the five FEMA regions being activated just days ago. The government is making preparations for civil unrest. I think the globalist bankers are going to finish destroying our economy, which will plunge into food scarcity and riots to follow. Stock up on supplies. Please read this alert …
http://www.infowars.com/detention-camp-order-follows-preparations-for-civil-unrest/
There is no doubt that the current Wash regime would love to see civil unrest, to the
extend of a civil war in America, they could then declare martial law, jail or kill the
outsiders (just like the French Revolution in 1792), and establish a socialist dictatorship.
That is what Obama hoped for when he was installed in DC.
I don’t remember which one but a pack has been signed with Canada and Mexico that if Martial Law is declared they will send in their troops to help Washing DC. It is comming and I beleve that is why our troops are kept over seas
You got that right, Andy. They know our troops won’t support them.
You are exactly right!! Civil unrest will make obama the dictator of America! If we could only get Congress to listen to us and work for us we would come out of this smelling like roses. Problem is, even with their 8% approval rating, they will not work together to shut down obama and his agenda. The country is going to hell in a handbag and Congress doesn’t show any signs of caring. The Republicans and Democrats don’t negotiate with a win, win attitude, they draw lines in the sand and just look at each other, be damned with what happens to the citizens they are supposed to be working for. I have been writing, faxing, and calling my Congress men/women and I see nothing being done to fix any of the problems going on in Washington or the U.S. Even if obama’s agenda is wrong, which I think it is, he realizes the only way to get anything done is to rule by Executive Order. We need a strong Congress or we will be stuck with obama’s Executive Orders. Congress is playing right into obama’s hands, as long as they get nothing done he has a strong argument that it is Congress’s fault (this includes the Dems), and then he will be re-elected because the lems will follow him over the cliff. I don’t see enough people jumping his ship to make it possible to keep him from getting re-elected. Too many do nothings that want him to support them.
If you haven’t read the books on The Fair Tax, you should! It beats the heck out of other tax proposals. Can’t speak for everyone, but I am sick to death of all this talk about “taxing the rich”. I don’t happen to be rich, so am not saying this to protect my income. Based on all the stats I’ve looked at, the “rich” are not only already paying their “fair share”, they’re paying far more than their “fair share”. It’s the 49 percent that are paying NO FEDERAL INCOME TAX that aren’t paying their “fair share”. With the massive debt we’re now burdened with, how in the world will only HALF of America ever pay enough to taxes to eliminate the debt? It won’t happen. Almost every institution in this country is broken….from our education system to our government. The 2012 election is so very critical. We need to elect individuals that are willing to take on the establishment and the “PC” movement! Let’s return some common sense to how we govern our Nation.
Hey Anne: Agreed! And as for the “rich” paying their “fair share”, according to the arrogant obummer impostor. “Fair share” is a revolting phrase. I am not rich, but that revolting phrase means “another excuse for govt to stick their hands into your pocket”, or “restribute your hard-earned income [wealth?]“, or “give me your money because you do not deserve it more than me, who want it handed to me without earning it”, for socialist and communist purposes. obummer beats it like a dead horse from his preaching, perpetual-campaigning pulpit. the demoncrats feed on the idea of additional “revenues”, i.e., TAXES. they stay up all night trying to creatively tax the heart out of the Middle Class and above, yeah the 53% of the LEGAL citizens who pay all the taxes. kick the obummer OUT with his thugs in Nov 2012…or sooner by impeaching and immediately firing the entire badminnistration.
That’s right Richard and Anne. And after all the riches money is distributed and spent, then the whole countries starts to look like Greece.
Socialism is a good gig until everyone else’s money runs dry. Socialism has NEVER worked in any other country. Remember last year, when the United States, along with some other countries, like France, Italy, and Italy pooled together to bail out Greece just after all the riots there? The total giveaway was 1. 2 Trillion dollars.
Now, just 10 months later they need another infusion or injection like some would say. See, there is nothing sustaining these people. They continue to need a handout from other countries that have a least something going on. This is why Obama wants the United States to be among one of the Global nations who depend on “other peoples money.” Oh of course with them in control of the flow of money. These elite’s will live luxuriously and all the other minons will live on less or starve. I’m just starting to paint you a picture of a dictatorship…you think?
This is how dictators have done it over the many years and they always have a lot of useless idiots who are on the government hand out system to help them.
lets keep this simple people,,there is no such thing as taxing the rich,,why do u think the demorats want too..it is a ploy to keep the poor man poorer..
u tax the rich more,,they add the lost to the cost of there product or service and the poor pay more for there product,,and more tax to boot…cant u people understand simple economics
Pat, I agree with you. You have it right.
right on Pat
This is why it is such a healthy experience to run your own business. A person really learns what you said pat.
You see, nobama said that some of the “rich” only pay 1 % in taxes (in his 57 minute speech with 17 references to fair). What he is saying is that if a person has $100,000,000 in the bank, and earns $1,000,000, nobama wants him to pay taxes on the $1,000,000 plus taxes on the $100,000,000 as well. Now isn’t that a crock? Not only do 50% pay no taxes at all but he passes out free money to them as well. This NinC in the WH needs to go. The drive by media is constantly saying that he is like Lincoln, or T. Roosevelt, or Kennedy, or like FDR. He probably is. But it is when those people made the worst mistakes of their presidencies. Wonder just how many future presidents will compare themselves to nobama?
Lincoln, T.R. and JFK were real men, men of courage and honesty. If Obama’s mouth is open and his lips are moving he’s lying. We won’t even get into the courage part.
I would be all for a flat tax, but it would have to be applied to everyone and I don’t think that will ever happen. Does anyone think it will?
nope it will never happen
20 years ago I heard a respected Media Economist say that (at THAT time) it took $5Million + to be RICH. As it took that amount to be self maintaining on simple interest. Any amount below that would evaporate over a relatively short time.
i believe president obama is committing a huge error, how much a man has ,or how much a person has earned is no ones business . class envy is against the constitution. if a man earns money illegally that is one thing. but if he works legally it should NEVER be held in contempt. it should be lauded as a wonderful achievement. obama is trying to make the most wonderful thing a person can do in life , to enjoy the fruits of their own labor , an evil thing, to make a person feel bad that they did the most awesome thing a person can do achieve !!! this is evil slimey and low. he also capitolizes on this, using this horrible tactic to increase his powerbase and further his ideology of marxism. he is free to believ what h wants ,but he is trying to impose his horrible ideas on our nation, and alter our constitution. this is also evil.
OH come on cowboy! there are much more delectable items out there to sink out teeth into than the same old tax the rich moldy meal. Suggestions? veterans bodies in landfills, barrackhusseinobamas latest attempt at speech making, why voters are gravitating towards Pappa Newt rather than the cookie cutteresque Romney or why my cat chewed my toes this morning.
Hey Ed
But that moldy meal is really a diversion to keep us from realizing that Obama is out
to make America into a third world Socialist/Commie Country.
I would bet my life HE WILL BE RE-ELECTED . It is already in the works. God help America. Do you trust the ballot counting? I don’t
Hey Ray…another B.O shit sandwich served to the American people.
@andy in OR,
The Blacks, Liberals and jews “elected” Odumba once. They can do it again. The jews control the voting machines. Our vote really means nothing.
What a wonderfull thing for new york!! What would Donald Trump think of this?? All of the new yorkers will just put their money overseas!!! Great going new york, you sure outsmarted the big money boys!!! Now new york is full of fruits & nuts!!!
it always was and always will be
Yes, they sure do get what they paid for didn’t they?
How long does it take the elected ruling class to learn that if no one can get rich then no one will and we will all have less? America got wealthy as a nation because anyone could do it. The prototype American millionaire used to be guy with a pickup truck and a business. Now he is a politician with a Swiss bank account and a mistress. It is just that simple.
The Two Minute Conservative at http://adrianvance.blogspot.com for political analysis,
science and humor. In the top 3% on Kindle.
The elected class all know it. It’s the naive voters that don’t understand. The liberal politicians abuse that naivity in order to et elected. They couldn’t give a hoot about the future because they have the power and money to survive.
At least the high earners are not after the tax payers money for medical,education,food,clothing. raising
their children, free cell phones and anything they want. The goverment has land they need to make farms
for the mothers and fathers of welfare to work on for a living like I had to do and my mother. The government already has free day service for their children. I live on a small annuity and know what I can buy and what I cannot buy. I am so very proud of people that go to school work hard and get a great paying job and make a lot of money. Leave them alone and let them enjoy the fruits of their labor because occupy is out to get their money if they can. Capitalism is great gives all a chance to be the rich but some choose to
be burdens on tax-payers.
NO…The government does NOT have lands…These lands belong to the states, just another overreaching government move to control people.
In 2012 we will rectify this and whoever is president should order that, all property be returned to the states.
Government is NOT our leader anymore…Government should regulated and controlled by the people and NOT the other way around.
Reduce the authority of the government and the states will have to step up to the plate. The people will vote them in or out as THEY see fit.
Government should be place back to what it was intended…protecting the shores of the United States and regulating the safety of our infrastructure under the guidelines of the Congress, not the President!
Folks, you have to stop looking to the government for everything. I know it is hard, but anytime you do depend on them, they are more than willing to be their J0hnny on the spot, but it is going to cost you something. And it certainly has done that!
Your Social Security: Just in case some of you young whippersnappers (& some older ones) didn’t know this. It’s easy to check out, if you don’t believe it. Be sure and show it to your kids. They need a little history lesson on what’s what . . . . . and it doesn’t matter whether you are Democrat or Republican. Facts are Facts!!! Social Security Cards up until the 1980s expressly stated the number and card were not to be used for identification purposes.Since nearly everyone in the United States now has a number, it became convenient to use it anyway and the message was removed. An old Social Security card with the “NOT FOR IDENTIFICATION” message. Our Social Security Franklin Roosevelt, a Democrat, introduced the Social Security (FICA) Program. He promised: 1.) That participation in the Program would be Completely voluntary, No longer Voluntary 2.) That the participants would only have to pay 1% of the first $1,400 of their annual Incomes into the Program, Now 7.65% .. . . . on the first $90,000 3.) That the money the participants elected to put into the Program would be deductible from their income for tax purposes each year, No longer tax deductible 4.) That the money the participants be put into the independent ‘Trust Fund’ rather than into the general operating fund, and therefore, would only be used to fund the Social Security Retirement Program, and no other Government program. Under Johnson the money was moved to The General Fund and Spent.5) That the annuity payments to the retirees would never be taxed as income Under Clinton & Gore Up to 85% of your Social Security can be Taxed Since many of us have paid into FICA for years and are now receiving a Social Security check every month — and then finding that we are getting taxed on 85% of the money we paid to the Federal government to ‘put away’ — you may be interested in the following: ———— ——— ——— ——— ——— ——— —- Q: Which Political Party took Social Security from the independent ‘Trust Fund’ and put it into the general fund so that Congress could spend it? A: It was Lyndon Johnson and the democratically controlled House and Senate. ———— ——— ——— ——— ——— ——— ——— — Q: Which Political Party eliminated the income tax deduction for Social Security (FICA) withholding? A: The Democratic Party. ———— ——— ——— ——— ——— ——— ——— —– Q: Which Political Party started taxing Social Security annuities? A: The Democratic Party, with Al Gore casting the ‘tie-breaking’ deciding vote as President of the Senate, while he was Vice President of the US ———— ——— ——— ——— ——— ——— ——— – And until recently, many “do-gooders” FAVORITE leader (???) : Q: Which Political Party decided to start giving annuity payments to immigrants? A: That’s right! Jimmy Carter and the Democratic Party. Immigrants moved into this country, and at age 65, began to receive Social Security payments! The Democratic Party gave these payments to them, even though they never paid a dime into it ! ———— — ———— ——— —– ———— ——— ——— Then, after violating the original contract (FICA), the Democrats turn around and tell you that the Republicans want to take your Social Security away! The worst part about it is uninformed citizens believe it, and believe that the Democats are “for the people.” If enough people receive this, maybe a seed of awareness will be planted and maybe changes will evolve. Maybe not . . . . . . some Democrats are awfully sure . . . . . of what isn’t so. But it’s worth a try. How many people can YOU send this to? Actions speak louder than bumper stickers. AND CONGRESS GIVES THEMSELVES 100% RETIREMENT FOR ONLY SERVING ONE TERM
Link to comment
All these socialism/marxism/communism problems can be solved only by voting the Obama administration out of office and replacing all the regulators he is using to rewrite the rules and changing the way we live. The socialists in the congress, like Maxine Waters and Shelia Jackson Lee, should be defeated and replaced with people who are committed to a free society and less government.
instead of arguing who and how everything that walks or talks is taxed, maybe we should be arguing on how to stop spending so we don’t need all thoses taxes. hmmmmmm what a unique idea.
Thank You…Ray! I take back what I said in my post below that Nobody was talking about Spending Cuts. Their is another person who thought it important to mentioning it.
One has to run a business to understand how they need to cut their spending in order to be able to buy and save.
We have a lot of people in Congress who have never owned their own business. They have been feeding themselves at the Federal trough their entire lives.
Here we see the “Crony Capitalism” at it finest!
So what does this do to our very book smart, but practical dumb, Obomination, do to his hue and cry TAX THE RICH, HAVE EVERYONE PAY THEIR FAIR SHARE?
WHY is it that NOBODY, is willing to say what tax level is fair? Most are already paying over 50% of gross, when counting FED, State,City taxes!
Why should all have to run at full speed, just to stay even?
Cut the @#$%^&* spending, or we will cut each of you off, from the Public Trough!
Perry’ s right send them home after one term, and cut their incomes and work time in half! Plus ZERO pensions!
Why should they expect after only. . . . a 2yr stint, as a Congress Person, receive a pension???
Herman Cain said it…did you NOT hear or understand. Remember his 9-9-9 plan?
He said 9% flat tax. See, SOMEONE said it, but SOMEONE was NOT listening!
The first big step to curing Social Security problems is to take away the Congressional retirement plan along with all Government retirement plans and make them pay into SS, then when they retire, let them collect the same amount as the rest of us. I think that if that happened they would keep their grubby shithooks off of SS for anything other than retirement. They would have an interest to protect it, if they were to be recipient.
Isn’t it funny how they make laws that everybody else has to follow, but they exempt themselves. Just like Insider trading, Social Security, and the special privileges of being a member of congress such as free from speeding tickets, parking tickets and a whole host of other privileges while going to or from work.
This Crap has to end.
Federal employees hired after 1983 DO pay sociial security. SSA is a big portion of their retirement.
Congressional people should have NO federal retirement because it was never intended to be a career job.
The only reason the democrats want a tax increase is so they can use it as a campaign issue against Tea Party republicans that vote for it.
I would have less of a problem with a millionaire surcharge IF and ONLY IF they make some significant spending cuts FIRST.
Buffett, Shut up and pay your own taxes and don’t tell the rest of us what is FAIR.
Being on a fixed income, having $2000.00 makes me rich in my world.
By the worlds standard of rich, anyone who receives a welfare check in the United States is rich compared to people living in 3rd world countries. Anyone who has a toilet in their house is rich to those who don’t. Being rich is really all about relativity.
Don’t any of these people in our Federal Government ever spend time, thinking?
Good reason for the United States to institute a flat tax system. This would tax everyone’s income at the same rate. The American Dream is to work hard, save, invest and have a part in helping America grow and prosper. Taxing these performers only hinders growth, by taking more away from those who have succeeded, thus penalizing them for their efforts.
This is one of biggest reasons, why companies have taken their businesses out of the United States. Other governments are not trying to confiscate the large portion of their profits.
If you have never run your own business, I would not expect you would understand this post.
B. Hill,
Kind of like the saying, “in the land of the blind, the one-eyed man is King.
This is NOT about Payroll Tax Cuts…This IS about SPENDING CUTS dammit. When the Democrats agree to Spending Cuts, then Republicans will work with them on coming to some fair tax on incomes. One without the other is a stalemate. This is where we are folks!
So, I read all these posts and NOBODY is talking about the “CUTS” that are needed in order to offset the Payroll reduction taxes. The country needs to continue running, but there is a lot of fat entitlements programs that need serious slashing.
Sure in New York City it would take $2,000,000.00 to be middle income. Hell, even the Garbage collectors make in excess of $80,000.00 a year and they just barely get by, with the cost of living and the taxes they have to pay.
They have a cure for alcoholism in NYC, its called poverty, because you will go broke before you can get drunk.