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Bonus Caps Make It Hard For 350-500k/Year Wage Earners To Make Ends Meet

Andrew Schiff, 46, is facing another kind of jam this year: Paid a lower bonus, he said the $350,000 he earns, enough to put him in the country’s top 1 percent by income, doesn’t cover his family’s private-school tuition, a Kent, Connecticut, summer rental and the upgrade they would like from their 1,200-square- foot Brooklyn duplex.

“I feel stuck,” Schiff said. “The New York that I wanted to have is still just beyond my reach.”

The smaller bonus checks that hit accounts across the financial-services industry this month are making it difficult to maintain the lifestyles that Wall Street workers expect, according to interviews with bankers and their accountants, therapists, advisers and headhunters.

“People who don’t have money don’t understand the stress,” said Alan Dlugash, a partner at accounting firm Marks Paneth & Shron LLP in New York who specializes in

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Added: Feb-29-2012 
By: Nurb
In:
Politics
Tags: ceo, broker, banker, 1%, one, percent, ows, wallstreet, wage, sacrifice, bonus, bailout, school
Views: 7130 | Comments: 51 | Votes: 2 | Favorites: 0 | Shared: 0 | Updates: 0 | Times used in channels: 2
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