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> Individual tax rates in California are as high as like 52%. Is that a marginal tax rate (not very useful for comparison) or an effective tax rate? Also, can
by throwaway2037 2y ago
> Individual tax rates in California are as high as like 52%.
Is that a marginal tax rate (not very useful for comparison) or an effective tax rate? Also, can you explain why income level is required to achieve 52% "individual tax rate"?
- arcticbull 2y agoYes, the top marginal rate is 37% federal + 13.3% state + 0.9% surtax -- and note the state tax is generally double-taxed at this income level thanks to the SLPT cap. Can it also be an effective rate, yes, pretty close anyways.
- throwaway2037 2y agoAt what personal income level does this top marginal rate apply? 250K? 500K? 1M?