From last Sunday's New York Times came a brilliant article by Allen Salkin titled, "You Try to Live on 500K in This Town." President Barack Obama wants to put government assisted bankers on a $500,000 yearly salary diet. In his article, Salkin looks at the actual yearly expenses of New York bankers:
- Two children in private school: $32,000.
- Private tutoring: $3,750.
- Federal taxes on a $500,000 income: $130,000.
- Social Security: $31,000.
- Medicare: $7,228.
- State taxes: $35,000.
- City taxes: $19,000.
- Two vacations a year: $16,000.
- Mortgage on a modest three bedroom apartment: $96,000.
- Co-op maintenance fee: $96,000.
- Mortgage on summer home in Southampton: $240,000.
- Armed chauffeur/bodyguard: $125,000.
- Garaging the car: $8,400.
- Personal trainer three times a week for $80/per.: $4000.
- Three formal gowns for charity balls: $35,000.
- Brooks Brothers suit: $1000.
- Total yearly cost of being a rich New York banker, before food: $975,378.
In the end, it's nice to know that the really rich live just like the rest of us: paycheck to paycheck.
(NYT)
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