4 ms·
My wife and I are high income earners in the state of California. Looking at our 2019 tax returns, I see our effective tax rate was 29%. Property taxes were 4.5
by sundaeofshock 5y ago
My wife and I are high income earners in the state of California. Looking at our 2019 tax returns, I see our effective tax rate was 29%. Property taxes were 4.5%. So, together a smidge below 34%.
To get to a 50% tax burden, the remaining 66% of our income would have been taxed at a ~24% rate. Of course that didn't happen since we spent on things like our 401(k) and food (both of which are not taxed), plus our cash savings.
I stand by my statement that any high-income earner paying 50%+ in taxes needs to get a better accountant.