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Money and Finances
Reply to "What was your effective tax rate???"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Wow it's crazy how much higher the rate gets as you make more. [/quote] And yet it doesn't come close to the 50% some people say they pay.[/quote] I think those people are factoring in state taxes and employment taxes. If you pay 36% fed, plus 10% state, maybe 1-2% local, add on for personal property tax, etc., you might get close to 50% in some places (maybe NYC?). I still don't know that it's fully accurate, but I think that's what people mean when they quote those higher numbers.[/quote] Correct, even 30% is nuts, [b]you basically are giving away 1/3 of what you make.[/b] Add in a 5% sales tax, local tax, personal property tax it gets very close to 50%. [/quote] :shock: Giving away? Do you like being protected by a strong military? Do you like knowing the food you eat is safe? Do you like clean air and clean water? Do you like a legal system that enforces the rule of law? [/quote]
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