General Discussion
Showing Original Post only (View all)I'm not crazy about the $400,000 limit, but I can live with it. Here's why. [View all]
When I think of people making that kind of money, I think of doctors and lawyers (and, unfortunately, investment bankers).
I think of professionals with advanced degrees and, in most cases, a TON of student loan debt.
I think it's important to realize that many of these people make a handsome salary, but they're not able to keep all of it. If they have $300,000 in student loan debt (which is very common these days), they'll have to pay upwards of $4,000 each month just towards their student loans. Have a two physician/lawyer couple? Then double those monthly loan payments.
Combine this with the fact that those loans come due at the same time these individuals are trying to buy a home, start a family, start to save for retirement (which can get delayed up to 20 years compared to most workers), and I think you'll find that many aren't exactly living in luxury. They're living well, to be sure, but certainly nothing compared to the 1%.
As for the investment bankers, well fuck them of course, but they'll always get off easily.
So that's why I'm somewhat disappointed by the $400,000 ($450,000 for couples) cut off, but I can ultimately live with it.