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<p>What do they think about this?</p>
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<p>Median household income is around $55K. Let’s say $4K in Federal Income Taxes, $4K in payroll taxes, $2.5K in MA income taxes. Now add in your 40% for education taxes for $22,000. So that’s $32.5K in taxes (we’re not including sales and other taxes for simplicity). So they have $22.5K after taxes.</p>
<p>Let’s say that they spend $400/month of $5,000 for food per year. Add in health insurance for $4,000/year. Then rent for $12,000/year (which doesn’t get you much in MA). So they have about $3,000 left. We haven’t included transportation, clothes, shoes, school fees, etc.</p>
<p>Here’s an exercise for you. Quit school, find a job, donate 40% of your income to your university and then tell us how it goes.</p>