3 ms·
> my effective tax rate is 50% For this to be true, your income must be in the realm of $10 Million / year. If that's the case, congratulations—that is phenome
by the_gastropod 10y ago
> my effective tax rate is 50%
For this to be true, your income must be in the realm of $10 Million / year. If that's the case, congratulations—that is phenomenal. But pardon me for not crying you a river ;-)
- kion 10y agoNot if you include CA state taxes and property taxes. You can pretty easily hit 50% somewhere north of 250k, which for a 2 income household in the bay isn't outlandish.
- rsync 10y ago"For this to be true, your income must be in the realm of $10 Million / year." No, the threshold is lower than that. Of course I don't count assessed property tax, since that is based on assets, not income. But I do count parcel taxes[1] which occur per-parcel, regardless of value. USA + CA + Marin County. Note, I am not losing sleep over any of this and I don't identify myself as anti-tax, by any means. I just think it's worth considering that a qualitative change in taxation has occurred once you go north of the 40% number. [1] https://en.wikipedia.org/wiki/Parcel_tax https://en.wikipedia.org/wiki/Parcel_tax
- the_gastropod 10y agoAhhh. I'd never ever heard of Parcel Tax. Thanks for the info. I stand corrected!