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You're probably thinking of just your top marginal rate on income tax?
by afterburner 9y ago
You're probably thinking of just your top marginal rate on income tax?
- eadmund 9y agoNo, I mean that my income, capital-gains, sales & property taxes, along with fees like those for my car registration, equal roughly half my total income.
- afterburner 9y agoSeems highly unlikely unless you're not including the gains from your capital gains in your ratio. Do you know how the marginal rates work?
- eadmund 9y ago> Seems highly unlikely unless you're not including the gains from your capital gains in your ratio. Nope, I am. It's remarkable how high one's tax burden is, once one starts to actually track it. All those sales taxes and fees add up. > Do you know how the marginal rates work? Yup. I'm calculating (total government costs)/(total income), for all of my income and all costs-of-government.
- afterburner 9y agoYou're hitting the top marginal rates and seeing sales tax be a large burden? Weird. Are you spending more than you're currently earning?
- eadmund 9y agoI wouldn't say that sales tax is a large burden, but 8½% adds up over time. No, I spend less than I earn, and save quite a bit. Some of that savings is tax-advantaged, but overall I pay a huge amount of my income in taxes & fees. I don't mind that taxes exist, really; I don't mind paying for a social safety net. But I think something's wrong when half of my productive labour & investment income is taken from me every year.
- afterburner 9y agoSo you have an extremely high income and no investments? The top marginal rate is 40%, and that only applies to what you make over $420,000.