3 ms·
20%, you mean, for federal long term capital gains. Plus 3.8% for Net Investment Income Tax. Plus, he resides in CA, so tack on ~12% (he's making so much marg
by akavi 7y ago
20%, you mean, for federal long term capital gains.
Plus 3.8% for Net Investment Income Tax.
Plus, he resides in CA, so tack on ~12% (he's making so much marginality doesn't really affect things) in state taxes.
~36% in total, which is a lower effective tax rate than many people here, but not quite as outrageous.
- gok 7y agoThere's actually another 1% in CA on income over $1 million in California, so it's 13.3% + 23.8% = 37.1%