Quote:
Originally Posted by kretinus
Do you get out much? Seriously.
$24K after taxes would be roughly around $19K a year.
That comes to $1583 a month. In my area, a decent 1 bedroon apartment will run you around $400 and that will generally include heat and water, our electric bill with 2 PCs a variety of electronics and tons of outdoor lighting runs around $100 so let's say $500 total for housing and utilities.
That would be in a town with a theatre, a really nice water park, tons of other tree filled parks, more than a few night clubs etc. Yeah, third world level living.
OK so then you have a little over $1000 a month in discretionary money. Car payment? yeah if you need something to impress the neighbors, that will cost you. But you can get safe, reliable transportation for a loan with payments of under $200 a month. If you haven't trashed your credit rating with credit cards buying shiny objects.
OK $800 left. Insurance, if you're a good safe driver will run you around $40 for state minimum liability, around $125 for the works. So let's say $125, $675 left.
Health insurance? I can get my own policy right now, standard 80/20 with prescription for about $150 a month or less, so you have $525 left.
Are you seeing a patterm here or do you want to insist that you can't live anywhere but a third world country on $24K a year.
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your math seems quite convincing, however you left out a considerable number of expenses, among which include food, clothing, gasoline and maintenance for the compact car, the 20% plus deductible for health care, toiletries, etc. etc. ad infinitum. not to mention a few luxuries such as the occasional cost of a theatre ticket or a beer at the local tavern. i'm not arguing that a person can't live on $24k a year, i lived on about half that for a lot of my working life. however, there's no way in hell i would say that i was happy with my economic condition. nor would i say that my standard of living was acceptable, especially compared to that of the people who profitted off my labor. and i certainly never asked anyone to support me. i've never drawn unemployment or welfare. but i damned sure didn't feel like i should have paid more in taxes that the millionaires. and i did!
i now earn approximately $34,000 a year. i am single, have no dependents, and other than some student loans, have no debt. while i am able to afford rent on a two bedroom house, have cable, internet, phone, and can buy a piece or two of stereo gear now and then, i would certainly not call my standard of living high. while it is far better than that of many other people, it is certainly not nearly as good as that of many others.
with a 10% tax, my yearly federal income tax would not change a lot, however, i don't only think of myself. i also consider those that are less fortunate than i am, as well as those who have everything, but never worked a day in their life.