3 ms·
The US taxes sales twice. You get taxed on the sale itself, which is the scenario you describe. Then you get taxed on your income at the end of the year, which
by deelowe 8y ago
The US taxes sales twice. You get taxed on the sale itself, which is the scenario you describe. Then you get taxed on your income at the end of the year, which is the "38% marginal" rate being described here.