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You won’t see 60% income tax on 400k. That would require an additional 10%+ new income tax (which no one is asking on a 400k income). Even then, you’d not lose
by bradlys 6y ago
You won’t see 60% income tax on 400k. That would require an additional 10%+ new income tax (which no one is asking on a 400k income). Even then, you’d not lose 60% of your income. You’d lose around 35%-40% to taxes still because of how tax brackets work.
- wolco2 6y agoAnything after 400k would be taxed at that rate, 62%. "In California, New Jersey and New York City, taxpayers earning more than $400,000 a year could face combined state and local statutory income tax rates of more than 60%" https://www.google.com/amp/s/www.cnbc.com/amp/2020/10/19/tax-rates-could-top-60percent-und.html https://www.google.com/amp/s/www.cnbc.com/amp/2020/10/19/tax... The question is how does this affect many FAANG employees? Is a move out of state an option?
- tiziniano 6y agoIt is an option, but remember something that the Democrat party was talking about in 2016... a global tax. Prediction, that will make a big comeback under Biden