> my effective tax rate is 50%
For this to be true, your income must be in the realm of $10 Million / year. If that's the case, congratulations—that is phenomenal. But pardon me for not crying you a river ;-)
For this to be true, your income must be in the realm of $10 Million / year. If that's the case, congratulations—that is phenomenal. But pardon me for not crying you a river ;-)
No, the threshold is lower than that.
Of course I don't count assessed property tax, since that is based on assets, not income.
But I do count parcel taxes[1] which occur per-parcel, regardless of value. USA + CA + Marin County.
Note, I am not losing sleep over any of this and I don't identify myself as anti-tax, by any means. I just think it's worth considering that a qualitative change in taxation has occurred once you go north of the 40% number.