> Meanwhile, a 20-something engineer at a six-figure salary can tell you how much of that they get to keep. (hint about half here in California)
This is patently false. Before even counting any deductions a married couple with a joint income of $300k in CA pays an effective income tax rate (Fed,State,Local) of 29%. Single at the same income pay 38%.
Once you add 401k contributions and the variety of pretax spending benefits, it goes even lower.
You have to be earning $3 million a year before you hit an effective tax rate of 50%.
People making that kind of money and more in SV aren't usually making it via regular income but rather via tax minimizing deferred compensation plans taxed at much lower rates.
This is patently false. Before even counting any deductions a married couple with a joint income of $300k in CA pays an effective income tax rate (Fed,State,Local) of 29%. Single at the same income pay 38%.
Once you add 401k contributions and the variety of pretax spending benefits, it goes even lower.
Go ahead and model it:
https://smartasset.com/taxes/california-tax-calculator
You have to be earning $3 million a year before you hit an effective tax rate of 50%.
People making that kind of money and more in SV aren't usually making it via regular income but rather via tax minimizing deferred compensation plans taxed at much lower rates.