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Sure. But I want to correct you on one thing: the US median income is $52,000. While the marginal tax rate for that amount, when filing as a single, is 25%, the
by enraged_camel 10y ago
Sure. But I want to correct you on one thing: the US median income is $52,000. While the marginal tax rate for that amount, when filing as a single, is 25%, the effective tax rate is only 19%. When filing jointly, it is 16%.
You don't reach 30% effective rate (single) until you make $500,000, at which point you're pretty well off. :)
- ryanwaggoner 10y agoTrue, but that ignores FICA, state income tax, city income tax (rare), sales tax, property tax, etc, etc. Granted, these aren't all income taxes, they have their own curves, etc, but still, paying an overall effective rate of 30% isn't that difficult.
- enraged_camel 10y agoThe numbers I provided include FICA.
- deleted 10y ago[deleted]