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rojerono
Happiest.
Member since 8/06 13803 total posts
Name:
Jeannie
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Re: Fiscal Cliff.. is anyone worried about this?
I really hate when people start slicing and dicing other people's income and deciding what they should do with their money to make it go further or last longer.
Of course people can make do on Long Island with $300K. I make it (barely) with a LOT less. And you know what? There are plenty of people I know who do it on way less than I have.
But it still sounds wrong that I can work my tail off and have 3 degrees and become the best in class at what I do so that I can make 300K.. and then the government says "You have too much now.. we are only letting you keep 180 of that money."
Again - I do think other tax loops need to be closed up or tightened.. you can only get x% of your real estate investment as a tax cut, investment income tax deductions should be capped, there should be some rules in place to ensure that those in the top earning bracket are not allowed to bend rules in such a way that they wind up paying 10% income rather than a fair share, etc.. but to take 40 dollars for every 100 earned.. I don't love it.
I guess that makes me a cold-hearted, rich person sympathizer..
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Posted 12/31/12 8:45 AM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
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Fiscal Cliff.. is anyone worried about this?
Reading some of these responses, all very interesting and making me think.
One question that popped into my head: can you be considered rich/wealthy if you have a significant (or any) debt?
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| Posted 12/31/12 9:14 AM |
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Lillykat
going along for the ride...
Member since 5/05 16253 total posts
Name:
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Re: Fiscal Cliff.. is anyone worried about this?
I won't throw numbers around but those who are doing well or are comfortable (honestly is subjective bc some can barely make ends meet and make more than someone who is maybe more responsible with their money) shop, take vacations, and they are the ones I know donate a lot to charities. The shopping and trips keeps the economy going and people in jobs, the donations to charities help those in various needs. If taxes go up a lot for some in that middle area people are talking about the 1st thing those people cut is their charitable donations and cut back their shopping. There are no perfect solutions. When the rest of Americans cut back those who are doing well help keep some in jobs. The other downside is smaller businesses will cut back on jobs as well. I personally hope that donations don't go down bc there are many that need that money to feed, clothe, cure diseases etc. There must be a better way.
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| Posted 12/31/12 9:14 AM |
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computergirl
LIF Adult
Member since 5/05 3118 total posts
Name:
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Re: Fiscal Cliff.. is anyone worried about this?
Posted by EatingMyVeggies
Reading some of these responses, all very interesting and making me think.
One question that popped into my head: can you be considered rich/wealthy if you have a significant (or any) debt?
I would say personally no, but I am definitely a Dave Ramsey type. They may be high earners for sure, but to me wealth is defined by what you save, not what you earn.
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| Posted 12/31/12 9:34 AM |
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Jenhos
Maeve
Member since 6/05 3273 total posts
Name:
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Re: Fiscal Cliff.. is anyone worried about this?
I do choose to own a good size house in a very nice neighborhood. I did choose to have my 3 kids. My DH and I both work really hard and make a very good salary. I don't apologize for that. I am by no means rich. We are comfortable. I don't think the gov't should get to decide that I have too much and need to take a step back in my lifestyle so that I can give more to others. I just don't. Especially when they want to raise taxes (regardless if it is on the wealthy or everyone) just tpo continue spending the way that they do. They have to start cutting back on things. Generations that are coming up behind us are doomed. Our generation is doomed if they don't fix SS. Something most of us have been paying into for years and won't see a dime of!
Eliminate loopholes for individuals and companies. There has to be better ways to do this than taxing people all over the place.
For once I would just like the gov't to think big picture for once. They do everything short sited. And the band-aids don't work.
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| Posted 12/31/12 9:37 AM |
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JenniferEver
The Disney Lady
Member since 5/05 18163 total posts
Name:
Jennifer
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Re: Fiscal Cliff.. is anyone worried about this?
I don't think the government is trying to tell anyone they have too much. it's just that right now because of all of the deductions we essentially have a regressive tax system. I'm in favor of a progressive tax system. DH and I pay a TON in taxes. My mom pays nothing. I like it that way. I can afford it, she can't.
They need to raise the money somehow. Another thing we're not realizing is that we're talking about a rollback in tax cuts, not raising the rates. It's the same thing in practice, but it's not the same thing. I think we need to put something in place, maybe not the Buffet rule, but something that makes it fair. For someone trying to raise a family on $40K, higher taxes means you can't afford medicine and goreceries, for me and DH, it means he has to bring lunch or we can 't take a vacation, for someone who is really wealthy, it might mean less in savings. It's a very big difference depending on your income level.
Even for us, we get slammed by the AMT, which is fine, but should we be paying a MUCH higher tax rate than someone like Warren Buffet or Mitt Romney? That's not fair either. IF you're the upper middle class family with a $3K mortgage and 2 kids and a dog, the tax increase hurts you more than it hurts Warren B.
If the money has to be made anyway, there should me more from those with higher incomes. JMO. But everyone brings up a good point, maybe there should be a zip code based cost of living adjustment when it comes to the increased tax threshold. It wouldn't be totally fair because you could live in a trailer in a nice zip code. or a mcmansion in a crappy zip code, but it would account for the fact that $100K is a comfortable or struggling life in LI wheras you might as well be a millionaire in Kentucky with that much
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| Posted 12/31/12 9:58 AM |
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Janice
Sweet Jessie Quinn
Member since 5/05 27567 total posts
Name:
Janice
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Fiscal Cliff.. is anyone worried about this?
Cost of living isn't that far off for people in different areas.
Groceries, gas, utilities...all the same.
Cars cost the same.
Real estate is the only difference...if you are not interested in paying property tax..then you should rent. It is a choice.
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| Posted 12/31/12 10:48 AM |
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tara73
carseat nerd
Member since 11/09 3669 total posts
Name:
Buttercup
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Re: Fiscal Cliff.. is anyone worried about this?
Posted by Janice
Cost of living isn't that far off for people in different areas.
Groceries, gas, utilities...all the same.
Cars cost the same.
Real estate is the only difference...if you are not interested in paying property tax..then you should rent. It is a choice.
That's not true. Real estate is NOT the only difference in cost of living estimates.
My groceries, gas, utilities? Some have decreased in CT (gas, groceries.. CT and Long Island have the highest utility costs in the nation behind Hawaii).
I have had numerous conversations with friends out of the northeast, by and large their groceries, gas and utilities are MUCH less than ours. A gallon of milk being 20 to 30 cents cheaper, a dozen eggs being a dollar cheaper, all of that adds up.
Cars themselves may cost the same but the taxes attached to those cars are not the same, the cost to insure, operate and own that vehicle isn't the same throughout the nation.
Childcare is WAY more up here as well. I have friends who pay $400/MONTH for full time care for infants, some of us pay that per WEEK up here.
And property tax being astronomical is a problem even for those who rent, since it translates to higher RENT prices.
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| Posted 12/31/12 11:03 AM |
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Onemoretime
LIF Adult
Member since 9/12 1077 total posts
Name:
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Re: Fiscal Cliff.. is anyone worried about this?
Posted by tara73
Posted by Janice
Cost of living isn't that far off for people in different areas.
Groceries, gas, utilities...all the same.
Cars cost the same.
Real estate is the only difference...if you are not interested in paying property tax..then you should rent. It is a choice.
That's not true. Real estate is NOT the only difference in cost of living estimates.
My groceries, gas, utilities? Some have decreased in CT (gas, groceries.. CT and Long Island have the highest utility costs in the nation behind Hawaii).
I have had numerous conversations with friends out of the northeast, by and large their groceries, gas and utilities are MUCH less than ours. A gallon of milk being 20 to 30 cents cheaper, a dozen eggs being a dollar cheaper, all of that adds up.
Cars themselves may cost the same but the taxes attached to those cars are not the same, the cost to insure, operate and own that vehicle isn't the same throughout the nation.
Childcare is WAY more up here as well. I have friends who pay $400/MONTH for full time care for infants, some of us pay that per WEEK up here.
And property tax being astronomical is a problem even for those who rent, since it translates to higher RENT prices.
Exactly. COL is enormous in this area.
Did you move form LI to CT? Just curious 
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| Posted 12/31/12 12:34 PM |
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tara73
carseat nerd
Member since 11/09 3669 total posts
Name:
Buttercup
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Fiscal Cliff.. is anyone worried about this?
Yes, moved from LI to CT last year.
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| Posted 12/31/12 12:37 PM |
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Onemoretime
LIF Adult
Member since 9/12 1077 total posts
Name:
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Re: Fiscal Cliff.. is anyone worried about this?
Posted by Janice
Cost of living isn't that far off for people in different areas.
Groceries, gas, utilities...all the same.
Cars cost the same.
Real estate is the only difference...if you are not interested in paying property tax..then you should rent. It is a choice.
We were looking at home rentals in my area, and it worked out to be the same amount per month for rent as our principle+ taxes. The DP out of the account and repairs is what's burdening us.
These people want 2800.00 a month for a home rental 
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| Posted 12/31/12 12:37 PM |
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Onemoretime
LIF Adult
Member since 9/12 1077 total posts
Name:
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Re: Fiscal Cliff.. is anyone worried about this?
Posted by tara73
Yes, moved from LI to CT last year.
Do you like it? I've been looking at the property taxes seem to be half of what we are paying right now
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| Posted 12/31/12 12:38 PM |
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tara73
carseat nerd
Member since 11/09 3669 total posts
Name:
Buttercup
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Fiscal Cliff.. is anyone worried about this?
LOVE it. We are in Stratford, CT. We are nearly the same distance from NYC as we were on LI, but driving in is easier than it was from LI. Train is about the same, but you go to Grand Central instead of Penn.
The taxes are less, but so are home prices. Lots of people around here complain about the high taxes, but in general I think they're lower. Average tax in our area is about 5-6k, some as high as 8 but it varies per town. And you don't have to live in a cruddy school district to have decent taxes. Actually, Bridgeport's taxes are HIGH and their schools are atrocious. I think we get so much more for our money here and I think the pace of life is much better. CT's electric prices are the same as LIPA's so you don't get a break there. Any savings on your car insurance will also be eaten up by CT's vehicle property tax too. But, we pay less in sales tax, so it seems to even out. My grocery bill and cost of other goods is less here as well.
Jobs are about the same, depends on your field. Our situation was reversed on LI, DH had trouble finding a job in his field, I had no problem, but here I am having trouble finding a job, though I know it will work out in the end :)
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| Posted 12/31/12 12:48 PM |
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MrsA1012
love my little girl !
Member since 9/10 5777 total posts
Name:
Me
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Re: Fiscal Cliff.. is anyone worried about this?
Posted by rojerono
I really hate when people start slicing and dicing other people's income and deciding what they should do with their money to make it go further or last longer.
Of course people can make do on Long Island with $300K. I make it (barely) with a LOT less. And you know what? There are plenty of people I know who do it on way less than I have.
But it still sounds wrong that I can work my tail off and have 3 degrees and become the best in class at what I do so that I can make 300K.. and then the government says "You have too much now.. we are only letting you keep 180 of that money."
Again - I do think other tax loops need to be closed up or tightened.. you can only get x% of your real estate investment as a tax cut, investment income tax deductions should be capped, there should be some rules in place to ensure that those in the top earning bracket are not allowed to bend rules in such a way that they wind up paying 10% income rather than a fair share, etc.. but to take 40 dollars for every 100 earned.. I don't love it.
I guess that makes me a cold-hearted, rich person sympathizer..
People also forget that it usually takes graduate education at a highly ranked school to make that salary. I know many couples who earn in that range but have 300 k in debt between them. Factor that in with the cost of living in the tri state area, 40 % of the salary lost to taxes and huge monthly debt payments and you aren't so rich anymore. I'm not saying you are poor, but this is a very difficult area to live in.
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| Posted 12/31/12 1:38 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19461 total posts
Name:
L
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Re: Fiscal Cliff.. is anyone worried about this?
Posted by computergirl
Posted by EatingMyVeggies
Reading some of these responses, all very interesting and making me think.
One question that popped into my head: can you be considered rich/wealthy if you have a significant (or any) debt?
I would say personally no, but I am definitely a Dave Ramsey type. They may be high earners for sure, but to me wealth is defined by what you save, not what you earn.
No, I don't think you are wealthy if you have no savings despite high earnings.
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| Posted 12/31/12 1:54 PM |
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Pray4Baby2010
<3 Cutest Giants Fan
Member since 10/09 5796 total posts
Name:
MB
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Re: Fiscal Cliff.. is anyone worried about this?
Breaking News from CNN:
"It appears that an agreement to prevent" the fiscal cliff tax hike for Americans set to hit at midnight "is within sight, but it's not done," President Barack Obama said today.
The agreement would extend tax credits for families with children, for tuition, and for clean energy companies, the president said, adding that it would also extend unemployment insurance.
The deal being discussed will ask the wealthiest 2% of Americans to pay higher taxes for the first time in two decades, Obama said.
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| Posted 12/31/12 2:03 PM |
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NervousNell
Just another chapter in life..
Member since 11/09 54921 total posts
Name:
..being a mommy and being a wife!
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Re: Fiscal Cliff.. is anyone worried about this?
Posted by Pray4Baby2010
Breaking News from CNN:
"It appears that an agreement to prevent" the fiscal cliff tax hike for Americans set to hit at midnight "is within sight, but it's not done," President Barack Obama said today.
The agreement would extend tax credits for families with children, for tuition, and for clean energy companies, the president said, adding that it would also extend unemployment insurance.
The deal being discussed will ask the wealthiest 2% of Americans to pay higher taxes for the first time in two decades, Obama said.
Let's see if they can get it done now!!
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| Posted 12/31/12 2:10 PM |
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ElizaRags35
My 2 Girls
Member since 2/09 20494 total posts
Name:
Me
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Fiscal Cliff.. is anyone worried about this?
All I know is I feel very poor after reading this thread.
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| Posted 12/31/12 2:12 PM |
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rojerono
Happiest.
Member since 8/06 13803 total posts
Name:
Jeannie
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Re: Fiscal Cliff.. is anyone worried about this?
Posted by Pray4Baby2010
Breaking News from CNN:
"It appears that an agreement to prevent" the fiscal cliff tax hike for Americans set to hit at midnight "is within sight, but it's not done," President Barack Obama said today.
The agreement would extend tax credits for families with children, for tuition, and for clean energy companies, the president said, adding that it would also extend unemployment insurance.
The deal being discussed will ask the wealthiest 2% of Americans to pay higher taxes for the first time in two decades, Obama said.
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| Posted 12/31/12 2:16 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19461 total posts
Name:
L
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Re: Fiscal Cliff.. is anyone worried about this?
Posted by rojerono
Posted by Pray4Baby2010
Breaking News from CNN:
"It appears that an agreement to prevent" the fiscal cliff tax hike for Americans set to hit at midnight "is within sight, but it's not done," President Barack Obama said today.
The agreement would extend tax credits for families with children, for tuition, and for clean energy companies, the president said, adding that it would also extend unemployment insurance.
The deal being discussed will ask the wealthiest 2% of Americans to pay higher taxes for the first time in two decades, Obama said.
Then they are going with the lower income levels as the top two percent is about 300k....
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| Posted 12/31/12 2:22 PM |
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Bearcat
Love my little girls!!! <3
Member since 6/10 10818 total posts
Name:
E
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Re: Fiscal Cliff.. is anyone worried about this?
Do we have official word on where that "2%" line is drawn?
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| Posted 12/31/12 2:24 PM |
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Janice
Sweet Jessie Quinn
Member since 5/05 27567 total posts
Name:
Janice
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Re: Fiscal Cliff.. is anyone worried about this?
Posted by tara73
Posted by Janice
Cost of living isn't that far off for people in different areas.
Groceries, gas, utilities...all the same.
Cars cost the same.
Real estate is the only difference...if you are not interested in paying property tax..then you should rent. It is a choice.
That's not true. Real estate is NOT the only difference in cost of living estimates.
My groceries, gas, utilities? Some have decreased in CT (gas, groceries.. CT and Long Island have the highest utility costs in the nation behind Hawaii).
I have had numerous conversations with friends out of the northeast, by and large their groceries, gas and utilities are MUCH less than ours. A gallon of milk being 20 to 30 cents cheaper, a dozen eggs being a dollar cheaper, all of that adds up.
Cars themselves may cost the same but the taxes attached to those cars are not the same, the cost to insure, operate and own that vehicle isn't the same throughout the nation.
Childcare is WAY more up here as well. I have friends who pay $400/MONTH for full time care for infants, some of us pay that per WEEK up here.
And property tax being astronomical is a problem even for those who rent, since it translates to higher RENT prices.
I 100% disagree.
If you pay more for childcare-believe me, you are getting more.
I feel like produce here is more expensive.
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| Posted 12/31/12 2:36 PM |
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headoverheels
s'il vous plaît
Member since 6/07 42079 total posts
Name:
LB
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Re: Fiscal Cliff.. is anyone worried about this?
I might be naive but I'm not worried. I've been watching CNN. Seems like a lot of posturing and name calling and I cannot stop 
This is just reinforcing my belief that all politicians are azzholes.
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| Posted 12/31/12 2:50 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Fiscal Cliff.. is anyone worried about this?
Posted by EatingMyVeggies
Reading some of these responses, all very interesting and making me think.
One question that popped into my head: can you be considered rich/wealthy if you have a significant (or any) debt?
Wealth is determined by net worth, not by total debt.
A person who owes 200k on an 800k house, has 50k in the bank and has 100k in student debt is WAY wealthier than somebody who rents and has 100k saved in the bank.
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| Posted 12/31/12 2:52 PM |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Re: Fiscal Cliff.. is anyone worried about this?
Posted by Janice
Posted by tara73
Posted by Janice
Cost of living isn't that far off for people in different areas.
Groceries, gas, utilities...all the same.
Cars cost the same.
Real estate is the only difference...if you are not interested in paying property tax..then you should rent. It is a choice.
That's not true. Real estate is NOT the only difference in cost of living estimates.
My groceries, gas, utilities? Some have decreased in CT (gas, groceries.. CT and Long Island have the highest utility costs in the nation behind Hawaii).
I have had numerous conversations with friends out of the northeast, by and large their groceries, gas and utilities are MUCH less than ours. A gallon of milk being 20 to 30 cents cheaper, a dozen eggs being a dollar cheaper, all of that adds up.
Cars themselves may cost the same but the taxes attached to those cars are not the same, the cost to insure, operate and own that vehicle isn't the same throughout the nation.
Childcare is WAY more up here as well. I have friends who pay $400/MONTH for full time care for infants, some of us pay that per WEEK up here.
And property tax being astronomical is a problem even for those who rent, since it translates to higher RENT prices.
I 100% disagree.
If you pay more for childcare-believe me, you are getting more.
I feel like produce here is more expensive.
I know for a fact that electricity costs less because a friend of mine who moved go NC last year told me she pays about $175 a month for a brand new 3 story, 3000 square foot home with electric heat and central air. I pay $150-ish a month for a 2 bedroom, 1000 square foot home.
Gas is on average 25 cents cheaper a gallon when I visit family in PA
Eta: forgot about car insurance - my friend who moved to NC pays about half of what we pay in NY
Renting is not cheaper here because the rent needs to cover the mortgage and the property taxes. Our mortgage is actually the same if not a little less than most houses go for renting in the area, and you can't claim rent on your tax return so it doesn't pay...
I think people who live out of state (not saying you, just people in general who I've encountered) think that long islanders are rich people who make all this money, when really we are just making enough to afford our sky high property taxes and inflated cost of living...
Message edited 12/31/2012 3:01:36 PM.
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| Posted 12/31/12 2:58 PM |
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