Quote:
Originally Posted by Schneed10
And may I add that the $250K budget I drew up was for a family living in the DC area, one of the highest cost of living locations in the US.
If you live here in Philly, $250K takes you further. In places like Charlotte NC and other cities all across the land, it takes you much much further.
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True, but it also doesn't account for student loans, which can exceed $100k easily for law/medical school. That can add an extra $15k-20k/year.
If you have at most one kid in daycare and no student loans, I agree.
If you have young kids requiring daycare and student loans, this budget goes out the window, and the 3% is going to be felt.
Your budget is a useful discussion point, but you haven't proved the $250k cutoff is optimal.
I still agree that it is affordable, though. The point of the article (and one that I agree with and I think you agree with) is that Obama has labeled this income bracket as "wealthy", which is not likely true for most of the demographic. That's fine to increase it 3% now, but it's not a well you can keep going back to.