In Canada (unrelated to article, but similar.) I'd need a 16% raise to keep pace with inflation. Since 52% tax bracket.
Meanwhile homeowners do nothing and have tax-free returns. Yearly returns larger than my net salary.
Collapse is a matter of perspective. Being in the working class sucks and everyone knows it.
This is a much better article:
Collapse Won’t Reset Society https://palladiummag.com/2022/04/11/collapse-wont-reset-soci...
It will take time, but I'm confident things will change.
What do you mean, their theoretical home value going up? What good is that until or if they sell, better home equity loans?
I had a peer and we both made 120k with 35% taxes. In the last 10 years he made 2.5 million trading up houses tax free. Roughly 2x our salary per year tax free.
A lot of jealousy going around. I try to say good for him, but a lot of people have more trouble with that.
Your real tax rate is likely close to 50%. You’re almost certainly not including payroll tax, sales tax, and property taxes in that number at that income level.
I also excluded registration and Licensing fees, and capital gains.
Round number example: $150k gross, $100k net and $100k of expenses. Expenses go up to $108k. If your top marginal tax rate is 50%, you need a $16k raise to match it. 10.6% raise (not 16% though).