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SS and Medicare are largely capped at around $150k, and the 37% tax bracket doesn't kick in until an income well above $500k. Using those figures and claiming i
by seattle_spring 3y ago
SS and Medicare are largely capped at around $150k, and the 37% tax bracket doesn't kick in until an income well above $500k. Using those figures and claiming it means that your "tax rate is 50% right there" is extremely disingenuous, bordering on outright lying.
- alchemist1e9 3y agoA realistic expectation of most small entrepreneurs is to generate something around $1M/year and the overall tax rate for them will be around 50% or more.
- ceejayoz 3y agoThe people buying elaborate luxury bunkers in New Zealand aren’t “small entrepreneurs”.