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MyStackRunnethOver t1_ivpqgn6 wrote

Reply to comment by noob_tube03 in In divided U.S., Massachusetts turns deeper blue; Turnout in Cambridge, Somerville is under 50% by blackdynomitesnewbag

What. What definition of upper middle class expects to make significantly over $1million in a single year, ever? Let alone so much over so often that they find a 4% tax on the overage burdensome?

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noob_tube03 t1_ivpstir wrote

I'm sure many folks in the tech/pharma space have found themselves in that spot. plenty of mass based startups have given locales overnight windfalls. Why should the burden on the mass education system fall on their shoulders? Just increase corporates taxes. What do you have against people keeping the money they earned?

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I mean hell, anyone who bought property in cambridge in the 90s or even 2000s probably have seen their property value double. just because it passes the million dollar mark doesnt mean they should suddenly owe the state more money

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IamUnamused t1_ivq020p wrote

I bought a house in cambridge in 2010. It's now worth $700k more than I bought it for and will very easily sell for over $1M if I were to sell today. I'm happy to pay more on that sale, it's the right thing to do.

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blackdynomitesnewbag OP t1_ivtwrxj wrote

Even if Q1 applied to house sales, it still wouldn't apply to you cause the diff in value isn't high enough

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IamUnamused t1_ivu874a wrote

when I sell it after my daughter graduates college (in 15 years) I'm sure it will be

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noob_tube03 t1_ivq2ttw wrote

and I bet you elect to pay the higher tax rate every year too

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IamUnamused t1_ivr5wif wrote

I pay the tax rate on the assessed value. should I make some more tax donations to make you feel better about yourself?

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Master_Dogs t1_ivq6sas wrote

> I'm sure many folks in the tech/pharma space have found themselves in that spot. plenty of mass based startups have given locales overnight windfalls. Why should the burden on the mass education system fall on their shoulders? Just increase corporates taxes. What do you have against people keeping the money they earned? > >

Very few people are making >$1M over the course of their lifetime. Startups that pay out that kind of money are extremely rare too. Even joining a FANG isn't likely to net you $1M unless you work there for decades.

> I mean hell, anyone who bought property in cambridge in the 90s or even 2000s probably have seen their property value double. just because it passes the million dollar mark doesnt mean they should suddenly owe the state more money

You don't "suddenly" owe the State more money. It's anything above a million. You still get a million bucks at the existing tax rate. If you have >$1M in housing equity, you're extremely well off and can afford a higher tax rate.

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OverToneMusic t1_ivs07pk wrote

The idea that the burden falls on their shoulders is untrue. People with money aren’t heroes, stuff just costs money. It’s a privilege to pay more in taxes.

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pajamaset t1_ivuzxm6 wrote

Ok so reading this I’m curious about something… do you think this taxes assets?

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