4 ms·
News to me, I spent less than 50% of my income last year on everything. Not just taxes, everything. And I'm in roughly the highest tax bracket in the US and hav
by mgraczyk 4y ago
News to me, I spent less than 50% of my income last year on everything. Not just taxes, everything. And I'm in roughly the highest tax bracket in the US and have roughly the highest state and local taxes.
I would guess my effective tax rate including sales and local and healthcare and everything else is ~40%
- PenguinCoder 4y agoYou single and don't have a personal vehicle? I'm Married, and have kids, in a lower COL area. I paid ~9% federal income tax, ~7% state income tax, ~1% of that in property tax, without attributing for healthcare insurance every paycheck, and uncounted more in sales tax, gas tax, etc etc. I have spent ~90% of my take home income trying to barely survive in the last year. Being able to save 50% of your income is a level of privilege many don't have regardless of effective tax rates.
- mgraczyk 4y agototally agree, but it sounds like you're paying way less in taxes than you would be paying in Europe.
- PenguinCoder 4y agoTook the time to add it all up. Between federal,state,city income tax, sales tax, property tax, excise taxes, healthcare (which European taxes pay for already) premiums; I pay 53% of my income in some form of taxes. I'm not sure if that's less taxes than in Europe, but I'm pretty sure they don't pay 50%+ of their pay towards tax.
- mgraczyk 4y agoIncredible. I wonder what you're doing differently. My rate is around 30% and I live in San Francisco and pay ~9% to the state. Like most of my 150,000 coworkers, I pay ~0% out of pocket for healthcare. Maybe that's the main difference?