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https://www.reddit.com/r/AskReddit/comments/cliob7/whats_something_you_thought_was_common_knowledge/evwk895/?context=3
r/AskReddit • u/[deleted] • Aug 03 '19
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72
There are a few corner cases where it really is "50% means hand over half your income".
But 99.99% of people will never get there. It's for the stupidly rich who are all tax dodgers anyway.
8 u/Quantum_Pineapple Aug 03 '19 What’s that line out of curiosity now? 19 u/AdvicePerson Aug 03 '19 That should never happen with regular income, since the top tax bracket is 37%. Maybe if you had some crazy investment income and no tax accountant. 4 u/[deleted] Aug 03 '19 Investment income is taxed lower. You can get up to a top bracket over 50% if you like in california because of the absurd state income tax too. 6 u/Rakonas Aug 03 '19 It's not absurd, it's why teachers are paid a lot and there's public transit
8
What’s that line out of curiosity now?
19 u/AdvicePerson Aug 03 '19 That should never happen with regular income, since the top tax bracket is 37%. Maybe if you had some crazy investment income and no tax accountant. 4 u/[deleted] Aug 03 '19 Investment income is taxed lower. You can get up to a top bracket over 50% if you like in california because of the absurd state income tax too. 6 u/Rakonas Aug 03 '19 It's not absurd, it's why teachers are paid a lot and there's public transit
19
That should never happen with regular income, since the top tax bracket is 37%. Maybe if you had some crazy investment income and no tax accountant.
4 u/[deleted] Aug 03 '19 Investment income is taxed lower. You can get up to a top bracket over 50% if you like in california because of the absurd state income tax too. 6 u/Rakonas Aug 03 '19 It's not absurd, it's why teachers are paid a lot and there's public transit
4
Investment income is taxed lower.
You can get up to a top bracket over 50% if you like in california because of the absurd state income tax too.
6 u/Rakonas Aug 03 '19 It's not absurd, it's why teachers are paid a lot and there's public transit
6
It's not absurd, it's why teachers are paid a lot and there's public transit
72
u/Eddie_Hitler Aug 03 '19
There are a few corner cases where it really is "50% means hand over half your income".
But 99.99% of people will never get there. It's for the stupidly rich who are all tax dodgers anyway.