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The way the progressive tax rates work in the US, you truly have to get to a pretty high level of adjusted gross income to average 34%. In 2011 the highest tax
by djrogers 11y ago
The way the progressive tax rates work in the US, you truly have to get to a pretty high level of adjusted gross income to average 34%. In 2011 the highest tax bracket was 35%, so you couldn't even pay 34% until you earned $379,151 or more.
Given that you'd only pay 35% tax on the money earned above $379,151, so it'd take a pretty darned high income to bring your total tax rate up to 34%.
- kbenson 11y agoFor federal taxes, yes. Was there a distinction by Buffet that he was referring to her federal tax burden, and not her combined federal and state burden? Nebraska's and New York (the places I figure she's likely to live/work out of) both seem to have state income tax rates between 6-7%. It's significantly easier to hit the 28% federal tax rate.
- shostack 11y agoCalifornia tax payer here--FML.
- lg 11y agodon't forget NYC wage tax...
- kbenson 11y agoSheesh, the worksheet[1] to compute your tax burden if you make more than $106k is annoying. I was just looking for an algorithm of some sort. From the under $106k table, it looks to be about 5%. That plus NY state taxes seems to put it on par with CA as a whole. That said, San Francisco appears to have an additional 1.5% flat income tax rate, which can raise the tax rate for high earners (well over $200k) in SF to close to 15% for combined state and local taxes. 1: https://www.tax.ny.gov/pdf/current_forms/it/it201i_nys_tax_computation_wkshts.pdf https://www.tax.ny.gov/pdf/current_forms/it/it201i_nys_tax_c...
- unprepare 11y agoI live in Michigan and i took home 66% of my gross income in 2015. I made under 60k.