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this post was submitted on 12 Oct 2023
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Typically, when people say tax the high wage earners, they aren't talking about your average person even in high COL areas.
I can't speak for what exactly OP was envisioning, but I generally agree with the comment. In my mind, the tax wouldn't apply to anybody making less than $500k a year (or $1mil if filing jointly).
If you're making that much money.. you don't have my sympathy with taxes. I have family in the SF area, that would be a life changing amount for them.
The current wage cap is $160k
That's not poor in CA, but that's still struggling to own modest property territory.
The problem with federal wage taxes is that it doesn't account for cost of living. $80k is very comfortable in some areas of the country, and renting a room and living frugally in another.
im with you that that wage cap is too low. But I think it should also be progressive and cut off at like 250k in today’s dollars.