3 ms·
> supply fresh, gullible, overpaid talent, working not just to pay high rents but high everything, including state income tax, while saving very little IDK, mo
by thatfrenchguy 7y ago
> supply fresh, gullible, overpaid talent, working not just to pay high rents but high everything, including state income tax, while saving very little
IDK, most people in know in California seem to be saving 30-50% of their post tax income. That's clearly not the case anywhere else in the world.
- JimmyAustin 7y agoAnd 30-50% is A LOT more in absolute dollars than it is outside of Cali.
- newnewpdro 7y agoThat's great, but maybe you know exceptionally high earners with good money sense? Or maybe I just know exceptionally low earners with poor money sense. Given the constant furor surrounding housing affordability in California's desirable cities, I'm leaning towards the former.
- jjtheblunt 7y agoWould that mean that, since California + Federal taxes are something like 46%, post tax income is roughly 54% salary? If so, they're saving only roughly 15-25% income?
- jedberg 7y ago> California + Federal taxes are something like 46% 49.3% is the top rate you'd pay in California at the highest bracket (or 50.3% if you make over a million) . If your income is over 2 million a year you'd pay an effective rate of 44%. If your income is $200K, your effective rate is about 34%.
- chii 7y agoat higher and higher incomes, it makes more and more sense to try and deduct income via investment costs (such as interest on borrowing). So your optimized effective tax rate would be a lot lower.