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Except that it doesn't explain how somebody who makes $60k could be taxed at 30%. That's just not how taxes work. It doesn't work even if he's only talking ab
by readams 10y ago
Except that it doesn't explain how somebody who makes $60k could be taxed at 30%. That's just not how taxes work. It doesn't work even if he's only talking about marginal tax rates, and that would also mean he's switching from total tax rate for himself to marginal tax rate for his secretary.
So unless his secretary is sending in extra voluntary donations, it's hard to to imagine how both of these things can be true.
- evunveot 10y agoHe might be including the employer's share of FICA tax. If you're single and your AGI is $60,000, your taxable income is $49,700 (or lower, if you itemize deductions). You'll pay $8218.75 in Federal income tax, $3081.40 in social security, and $720.65 in Medicare, for a total of $12020.80 (24.2%). If you include the employer share of social security and Medicare, it comes out to $15,822.85 (31.8%). He probably should have mentioned it if that's what he really did, but those taxes are real. Ask someone who's self-employed.
- unprepare 10y agoI made under 60k in 2015, from a single job. I took home 66% of my gross income.