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Not when you compute actual tax rate as opposed to marginal. For example a single person in SF making $250,000 a year will pay 35-40% of her income to taxes, de
by hundt 10y ago
Not when you compute actual tax rate as opposed to marginal. For example a single person in SF making $250,000 a year will pay 35-40% of her income to taxes, depending on how much sales tax she pays. [1]
That's assuming she does not contribute to a 401k, make charitable donations, or take advantage of any other tax incentives.
[1] https://smartasset.com/taxes/income-taxes#N6FTwRB1KN https://smartasset.com/taxes/income-taxes#N6FTwRB1KN
- rayiner 10y agoRight. You have to be making about $700k as a single person (almost a million as a married couple) in ordinary income in San Francisco before you exceed 45% total tax burden. Many people who make that much money will not pay that much in taxes because their compensation will come from capital gains (e.g. VCs earning carried interest capital gains).