zlacker

You might want to check what the difference between mean and marginal tax rate is. For somebody with a lifestyle in which $162k a year is considered "barey livable" that should be sth very easy to understand.

>save up money for parental elderly care

Sorry, what? Your parents? I can see that paying for 3 generations on one income can be hard.

>>finite+(OP)
> difference between mean and marginal

I was writing mean rates, not marignal.

For 300K in CA:

- marginal is 35% federal, 9.3% state, 2.35% FICA

- mean is 24.74% federal and 8.06% state, 4.79% FICA.

> I can see that paying for 3 generations on one income can be hard.

Yes, most working class people have to care for 3 generations. Parents being wealthy enough to take care of their own retirement expenses is a small, small number. Working class people in their middle ages choosing to not have kids is also a small number.

>>dheera+I
37.5% total taxation.

Someone in the UK on £236K ($300K) currently takes home only 57%, and doesn't have access to 30 year fixed rate mortgage loans