5 ms·

300k gross income at 50% income tax is $150k net.

• actsasbuffoon 9y ago
  That's not how tax brackets work. You only pay the higher rate on the income over the bracket. For instance, (assuming you're filing single) you pay 10% tax on the first $9,525 of income. You pay 12% on the next $21,175, and so on. Here are the tax brackets for this year: $0.00+ 10% $9,525.00+ 12% $38,700.00+ 22% $82,500.00+ 24% $157,500.00+ 32% $200,000.00+ 35% $500,000.00+ 37% Only 1/3 of your income would be subject to a 35% tax rate. Less than half of it would would be hit by a 32% rate. The majority of your income would be taxed at 24% or less.
  • softawre 9y ago
    People not understanding progressive taxation on a thread about making 300k+ is a bit funny.
    • antisthenes 9y ago
      I wonder how many libertarian ideologies get forged simply because they don't understand progressive tax rates.
      • krapp 9y ago
        If you already believe taxation is theft, why would you bother with the specifics?
        • dragonwriter 9y ago
          IME, lots of people start out with revulsion to the specifics (often based on popular misunderstandings of those specifics) and only later adopt a “taxation is theft” ideology to rationalize that revulsion. So, I understand GPs question.