3 ms·
To be in the 30%+ tax brackets you would need an income of about $200k. The highest federal tax bracket is 39.6% so I'm not sure how you'd be in a 40% tax brack
by plandis 9y ago
To be in the 30%+ tax brackets you would need an income of about $200k. The highest federal tax bracket is 39.6% so I'm not sure how you'd be in a 40% tax bracket. Additionally you'd need to be making much more than $200k to have an effective tax rate over 30%.
If you're concerned about state taxes, well, nobody is forcing you to live in that particular state. I'm not sure what your point is but even in SF if you can live off of $200k+ a year you're leading a fairly excessive life on average.
- ringaroundthetx 9y agoPeople only care about what they get to take home. If you get hit with 30% by one institution, another 2% by the same institution in another category, and then another 10% by your state, people are going to say they got taxed 42%. I have lived as a resident in 3 states. The combination of city, county, and state taxes has always been around 10% for me. You are right though, I could have emancipated myself while a minor and moved to Florida where there is no income tax. I could have chosen a different university where I didn't have a scholarship. And subsequently I could have lived anywhere after that and enjoyed the lowest tax brackets because of my lower salary.