4 ms·
In San Francisco if you make $1M as a W-2 employee your marginal tax rate is ~53% and your effective tax rate is ~47%. If you make $1M on your own the rates ar
by ehmmmmmmmm 2y ago
In San Francisco if you make $1M as a W-2 employee your marginal tax rate is ~53% and your effective tax rate is ~47%.
If you make $1M on your own the rates are even higher.
(That's not including the 10% sales tax you pay on almost everything you buy with the money you have left, property taxes on property you thought you owned, property taxes landlords financially pass onto you as a renter, etc.)
- seanmcdirmid 2y agoProperty taxes are the only thing in California that are pretty mellow given prop 13. Well, unless the property was just turned over.
- throwaway2037 2y agoDon't worry, the home prices in SF are still much cheaper than Sydney or Hongkong.