A salary package worth Rs 1 crore a year sounds like the ultimate dream for many Indians. But according to an Indian professional living in New York City, that figure may not go nearly as far as people imagine once taxes and living expenses enter the picture.
Yash Sharma, who lives in the United States, recently sparked discussion online after sharing a video explaining what a Rs 1 crore annual salary in New York actually looks like in practice. In the clip, he argued that while the number appears impressive on paper, a significant portion disappears before it even reaches an employee’s bank account.
According to Sharma, multiple layers of taxation quickly reduce take-home income. He pointed to federal taxes, state taxes, New York City taxes, Social Security contributions and Medicare deductions as major expenses that employees must account for.
“Federal tax, state tax, New York City tax, Social Security and Medicare mean thirty-five to forty per cent of your package of one crore just went to tax,” he said.
But taxes, he argued, are only the beginning.
Sharma explained that housing costs in New York City can consume a substantial share of a person’s monthly earnings. Renting an apartment in the city, he claimed, can easily cost between Rs 2 lakh and Rs 3 lakh every month, making accommodation one of the biggest recurring expenses for professionals.
Watch the video here:
Beyond rent, residents also have to contend with healthcare costs, transportation, groceries, insurance and other day-to-day expenses associated with living in one of the world’s most expensive cities.
As a result, Sharma believes that salary figures should always be viewed in the context of local living costs rather than in isolation.
“So I think a guy earning twenty-five lakh rupees in India is happier than a guy with a package of one crore rupees in New York,” he said.
The video, titled “The Dark Side of a Rs 1 Crore Package in New York (USA)”, quickly gained traction online, prompting conversations about purchasing power, quality of life and the realities of working abroad.
Many viewers agreed that headline salary numbers can often be misleading when compared across countries. Others pointed out that factors such as healthcare, housing and taxes can dramatically alter how comfortable a person actually feels, regardless of how impressive their salary may appear at first glance.
– Ends
Source link
[ad_3]
