salary

Like many other young people, her salary has been cut, she adds.

Oppenheimer had a nepotism rule, however; if Lillian and Elliot wanted to hire their son, they had to pay his salary for the first year, while others determined if he was worth paying at all.

“For others, it’s about taxes—if you’re earning an average salary in New York, you’re still paying a lot. And then there are those chasing a better lifestyle—warmer climate, more space, lower costs.”

How did she manage this on a government salary that never exceeded $145,000?

Freezing the thresholds means that, as salaries rise over time, more people reach an income level at which they start paying tax and NI or qualify for higher tax rates.