5 ms·
The tax amounts don't include state and local taxes. NYC residents pay ~12.8% state/local tax on top of federal taxes.
by apaprocki 14y ago
The tax amounts don't include state and local taxes. NYC residents pay ~12.8% state/local tax on top of federal taxes.
- majormajor 14y agoIncluding state and local taxes opens up a huge additional can of worms since that varies so much; if you want to do it really thoroughly, you have to start looking into how common renting vs buying is and how property taxes vary. You could also throw sales taxes in. This would show how its impact is felt more at certain income levels.
- muzz 14y agoThey also don't include nearly the amount of deductions and exemptions that Americans actually use. For the most recent year of data, the average American paid 7.2% of income in Federal income tax. Even the Top 1% of income earners only paid 21% and the next 4% paid 14.6% [1] [1] http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?Docid=456 http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?Doc...
- rayiner 14y agoThere are people who pay 40%+, however they're a relatively small bunch. Basically singles making $250-$400k in ordinary income. Basically, no quintile, nor the top 5% or 1% sub-groups pay more than about 30% on average: http://www.ctj.org/pdf/taxday2011.pdf http://www.ctj.org/pdf/taxday2011.pdf
- hnwh 14y agoAnd that's just coming in.. add 5%-9% as soon as you spend that dollar