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There's quite a few of us here making more more than 400k/year but less than Billion dollar money. My effective tax rate between state and federal is something
by AndrewKemendo 6y ago
There's quite a few of us here making more more than 400k/year but less than Billion dollar money.
My effective tax rate between state and federal is something like 55% before including sales taxes.
These Billionaires find ways to pay basically nothing in tax because their wealth comes from capital gains and not from RSU + salary compensation which are taxed as normal salary.
The bulk of the burden of new tax increases will fall on people like me who make more than 400k but make it in easy to tax ways instead of changing the law and making it easier to heavily tax people in the 100M/yr+ category
These aren't complaints, just facts.
- MattRix 6y agoThere should definitely be efforts made to figure out how to tax those billionaires (and there are!), but that doesn’t mean that those making $400k shouldn’t be taxed way more as well. Let’s be honest, your life won’t change in any meaningful way because of this.
- deleted 6y ago[deleted]
- deleted 6y ago[deleted]
- jcheng 6y ago> My effective tax rate between state and federal is something like 55% before including sales taxes. That seems extremely high, what state is this? Do you mean the top marginal rate, or is that literally the effective rate when you file your 1040?
- deleted 6y ago[deleted]
- benhurmarcel 6y agoAnd my effective tax rate on the total my employer pays is 52% (excluding VAT), and I earn at least 6 times less than you. I’m in Europe so public services include more than the US, but paying 55% on $400k isn’t something to complain about. You’re very rich, you get taxed as such.