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And likewise with income taxes. The paper cited I the source article accounts only for fed taxes. Cali income tax would toss another 8-10% on top of that 33.x%
by alexeisadeski3 13y ago
And likewise with income taxes. The paper cited I the source article accounts only for fed taxes. Cali income tax would toss another 8-10% on top of that 33.x% number.
Low tax America!
Well, I guess it is low tax it you're not rich, haha.
- spikels 13y agoIn California the highest marginal total income tax rate is 56.7%. While this is for incomes over a million dollars, if you make around $100,000, you face a marginal tax rate of 52.6%. I'm sure there are places with even higher marginal taxes but these don't seem low. BTW - What is really fucked up is the way very poor people face the very highest marginal tax rates due to means testing of various programs (often over 100%) but that's another story.
- aidenn0 13y agoIt has been as high as around 90%: http://en.wikipedia.org/wiki/File:Historical_Mariginal_Tax_Rate_for_Highest_and_Lowest_Income_Earners.jpg http://en.wikipedia.org/wiki/File:Historical_Mariginal_Tax_R...
- alexeisadeski3 13y agoThere were loads of loopholes back then. And before someone responds with, "there are loopholes now too, har har!": No, there really aren't those kinds of loopholes anymore. The 90% income tax existed in name only, whereas today there actually are people paying ~50% income tax in the US.