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I don't have to imagine it, I live in California. Top federal income tax: 37% Top California income tax: 13.3% Federal Medicare tax: 1.45% Additional f
by philsnow 6y ago
I don't have to imagine it, I live in California.
Top federal income tax: 37%
Top California income tax: 13.3%
Federal Medicare tax: 1.45%
Additional federal medicare tax*: 0.9%
The "additional" Medicare tax is only on whatever income is over $200k/$250k for single/joint filers. Call it "0.55% effective".
Adds up to 52.3%.
There's also a sizeable additional capital gains tax for three lucky ones who live in California.
- masonic 6y agoTop California income tax: 13.3% That's the marginal rate applicable to each additional dollar over the threshold, not an overall rate.
- philsnow 6y agoI honestly don't know, is that (progressive taxation) not the case in e.g. Ireland?
- callmeed 6y agoDon’t forget almost 10% sales tax on most things you buy, the most expensive gas in the country, and property taxes that–while low compared to other states–are still applied to much more expensive properties. At least our public schools are ranked 38th.
- philsnow 6y ago> At least our public schools are ranked 38th. My go-to is "at least we'll have a fast train between Bakersfield and Fresno in 2040" but damn, you hit me in the feels with that one.
- Jommi 6y agoAre you also making 10M a year?