Your $250,000 A Year Salary Won't Make You Rich

If New York’s oppressive housing market wasn’t enough to turn you off, now here’s another reason to move: Your $250,000 a year salary won’t go nearly as far in Manhattan as it would in Manhattan, Kan., reports Tom Foreman in a CNN Money video.

Democrats have been arguing that this salary signifies “rich,” and henceforth “taxable,” but now some Congressional Dems are backpedaling, finding that the taxes could hit closer to home.

Foreman offers an illuminating comparison of each city’s monthly costs, proving that no two salaries are alike in vastly different regions of the country:

New Yorkers earning $21,000 before taxes get to keep $7,066 of their income; in Kansas that number is closer to $12,370.

The average mortgage in New York, meanwhile, costs $4,997 per month, while in Kansas the same monthly payment is $1,126.

Health care costs are soaring, but that hasn’t hurt Kansans, who can afford to pay $254 per month, as opposed to $541 in New York. 

Even the monthly cost of owning a car is significantly cheaper in Kansas: There, residents pay a mere $318 for their wheels; in New York, they pay $455.

These so-called wealthy New Yorkers are struggling to get by, argue the Dems, and “if you tax these people as rich,” they’ll be hit even harder, notes Foreman. With more Dems residing in urban areas like New York, it make sense that they’re changing their tune.

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