Truly rich people don't get most of their income reported on a W2, hell they don't even really have much income...it's dividends, capital gains, stock grants, etc. Anyone who has income on a W2 is basically fucked, because there are precious few ways to hide/reduce your taxable income. They generally are: 401(k) contributions, mortgage and property tax deductions (itemized deductions), child care, children, investment property, home office. There are far more ways to creatively use the tax code to shelter income and earnings if you're a corporation or run a business.
And Prophylaxis is right...these people are not really rich. In fact, the whole article has an agenda in labeling upper middle class or lower upper class people as rich, when people who are really rich are not even in the same ball park as the couple who earns $500K jointly. However, this couple is easier for certain people to relate to and hate, therefore they are used as an example. This article pretends that it is sympathetic but it really wants people to hate them.
The $60,000 price for college is for tuition AND expenses. Most private schools are going to cost about 35-40K in tuition, regardless of how highly ranked they are. The benefit of elite education (Ivy League) in the US is not the education, which is not going to be significantly better than what you can obtain at a good state school. The primary benefit is the creation of a (hopefully) life-long social network of successful people (and their highly successful parents), that are suitable for either marriage and/or other future networking/employment opportunities. Elite education is about social capital. The name brand is also a benefit, as it is a mark of excellence widely recognized by everyone and an indicator of superior ability (whether actually present or not is irrelevant, that's what it signifies).
And Prophylaxis is right...these people are not really rich. In fact, the whole article has an agenda in labeling upper middle class or lower upper class people as rich, when people who are really rich are not even in the same ball park as the couple who earns $500K jointly. However, this couple is easier for certain people to relate to and hate, therefore they are used as an example. This article pretends that it is sympathetic but it really wants people to hate them.
The $60,000 price for college is for tuition AND expenses. Most private schools are going to cost about 35-40K in tuition, regardless of how highly ranked they are. The benefit of elite education (Ivy League) in the US is not the education, which is not going to be significantly better than what you can obtain at a good state school. The primary benefit is the creation of a (hopefully) life-long social network of successful people (and their highly successful parents), that are suitable for either marriage and/or other future networking/employment opportunities. Elite education is about social capital. The name brand is also a benefit, as it is a mark of excellence widely recognized by everyone and an indicator of superior ability (whether actually present or not is irrelevant, that's what it signifies).