If you’re hip and liberal, your kids don’t have to go to school with the gardener’s kids.
by Victor Davis Hanson // National Review Online
Strip away the veneer of Silicon Valley, and it is mostly a paradox. Almost nothing is what it is professed to be. Ostensibly, communities like Menlo Park and Palo Alto are elite enclaves, where power couples can easily make $300,000 to $700,000 a year as mid-level 
dot.com managers.
But often these 1 percenter communities are façades of sorts. Beneath veneers of high-end living, there are lives of quiet 1-percent desperation. With new federal and California tax hikes, aggregate income-tax rates on dot.commers can easily exceed 50 percent of their gross income. And hip California 1 percenters do not enjoy superb roads and schools or a low-crime state in exchange for forking over half their income.
Housing gobbles much of the rest of their pay. A 1,300-square-foot cottage in Mountain View or Atherton can easily sell for $1.5 million, leaving the owners paying $5,000 to $6,000 on their mortgage and another $1,500 to $2,000 in property taxes each month. Add in the de rigueur Mercedes, BMW, or Lexus and the private-school tuition, and the apparently affluent turn out to have not all that much disposable income. Continue reading “The Bay Area’s 1 Percenters”
