People making $100K in these Democrat-run cities are taking a big pocket punch: Report

According to a new report, there’s bad news for some high-earning workers in some of America’s largest cities — your six-figure salary may not be quite as much as you think.

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A recent analysis by SmartAsset revealed what a $100,000 salary actually costs in the largest US cities. While the six-figure salary mark has been culturally viewed as a sign of financial comfort and success, data has shown that take-home pay total less than $40,000 in New York City, Honolulu, and San Francisco, respectively.

Other Democrat-led cities that rounded out the top places where your paycheck doesn’t go as far include Washington, D.C., Long Beach and Los Angeles — which ranked fifth on take-home pay at $44,263 — San Diego, Oakland and Boston all make less than $49,000 for the highest earners.

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SmartAsset calculated the data by comparing after-tax income, the average cost of living per densely populated city, and the effect of inflation.

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Nancy Tengler, CEO and CIO of Laffer Tengler Investments, recently moved from California to Arizona, and argues that residents who make $100,000 or more flee these blue cities for one reason: It’s “all about taxes.” I’m in.”

“It trickles through everything,” Tengler said Friday on “Morning with Mariah.” “We’re seeing a huge influx of people moving from California to Arizona. And then I spend the other half of the year at Incline Village, Lake Tahoe, which is in Nevada, and that’s what we’re seeing — Californians fleeing the Golden Are.” State.”

“It’s really remarkable,” she continued, “and I think policy makers should stand up and take notice because you’re experiencing the same thing here, obviously, in New York.”

In 2022, California and New York suffered some of the largest resident losses, with California seeing its population decline by more than 343,000 people, and New York seeing its largest decline of 0.9%. These states are also known to have some of the highest tax burdens in the country.

“I see it every day,” Maslansky + Partners’ Lee Carter added to the conversation on Friday. “In New York City more than half your money is going to taxes by the time you pay city taxes and everything else, so it’s really staggering. It’s really bad policy.”

On the opposite side, SmartAssest’s report determined that $100,000 salaries earn the highest take-home salaries in Memphis, Tennessee, with $86,444. Texas cities also dominate the top 10, including El Paso, Corpus Christi, Lubbock, Houston and San Antonio.

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Top 10 Cities Where $100K Salaries Are Worth It least:

1. New York, NY
2. Honolulu, HI
3. San Francisco, CA
4. Washington DC
5. Long Beach, CA (tie)
6. Los Angeles, CA (tie)
7. San Diego, CA
8. Oakland, CA
9. Boston, MA
10. Seattle, WA

Top 10 Cities Where $100K Goes Farthest:

1. Memphis, TN
2. El Paso, Texas
3. oklahoma city, ok
4. Corpus Christi, TX
5. Lubbock, TX
6. Houston, TX
7. San Antonio, TX (tie)
8. Fort Worth, TX (tie)
9. Arlington, TX (tie)
10. St. Louis, MO

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Fox Business’ Megan Haney contributed to this report.