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That's a marginal 28% tax, too. Per https://en.wikipedia.org/wiki/Rate_schedule_(federal_income_tax)#Application https://en.wikipedia.org/wiki/Rate_schedule_(fe
by wging 13y ago
That's a marginal 28% tax, too. Per https://en.wikipedia.org/wiki/Rate_schedule_(federal_income_tax)#Application https://en.wikipedia.org/wiki/Rate_schedule_(federal_income_..., even without tax breaks a single person making more than $87,850 would only get taxed 28% on the portion of their income above $87,850.
- icedchai 13y agoMost people don't live in tax-free states. Many people actually have local taxes (property taxes, city sewer fees, etc, etc) to deal with, also. There's also social security/FICA. When you factor all this in, staying the typical six figure earning is paying 35%+ "in taxes" is not unrealistic.