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A 90% federal bracket, combined with 10+% State tax (ex: 12.3% top bracket in CA), combined with no deduction for State and local taxes (because only standard d
by koolba 8y ago
A 90% federal bracket, combined with 10+% State tax (ex: 12.3% top bracket in CA), combined with no deduction for State and local taxes (because only standard deduction right?), would mean you’d literally lose money by making more money.
- isoskeles 8y agoDon't forget an extra 3.8% Medicare tax.
- koolba 8y ago“Why you’d quit?” “I couldn’t afford not to!”
- mcny 8y ago» “I couldn’t afford not to!” States will adjust their income tax brackets if we make taxes at the federal level reasonable. Perhaps, reasonable people will prevail and it well end state and local income taxes (and increase property taxes to a reasonable level instead).