For related posts, click the "income inequality" label below. Here's one: real wealth.
WSJ: ... Schiff says his $350,000 salary just isn’t enough. “I feel stuck,” he told Bloomberg.
He says he struggles to pay rent for their duplex in Brooklyn, as well as the summer rental in Connecticut and the $32,000 a year tuition for his daughter’s private school.
“I can’t imagine what I’m going to do,” Schiff told Bloomberg. “I’m crammed into 1,200 square feet. I don’t have a dishwasher. We do all our dishes by hand.”
He said that it would cost at least $1.5 million to buy even a modest apartment nearby.
“All I want is the stuff that I always thought, growing up, that successful parents had,” adding that he “didn’t want to whine.”
I called Schiff and he confirmed his quotes in the article. He said that the main point he was trying to make was that the costs of living well in New York have soared beyond the reach of even the affluent.
“Look, I know my salary of $350,000 is high,” he said. “My whole point is that education and housing in New York are now priced for the wealthy, not the garden variety wealthy. I’m not living high on the hog and going to St. Barts. I mean my summer rental is bare bones, it’s not the Hamptons. ”
He also said that 48% of his salary goes to taxes. “The taxes I pay are absurd,” he said. “Between Federal, New York state and local.”