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> It's very complicated but the last time I did taxes I paid north of 40% effective It's not that complicated. In order for you to have a 40% effective tax rate (including Federal, State, Local and FICA), assuming you ONLY took the standard deduction and you file single, you'd need an income of just over $450,000/year. https://smartasset.com/taxes/income-taxes#VL01ZILZtI That assumes you have 1 exception, no deductions for retirement (which would actually reduce your effective rate) and only taking the standard deduction (you can't get lower!) In fact, if you want to tax EVERY POSSIBLE tax into account (sales, property, fuel, etc), you'd need to make $300,000/year to achieve a 40% effective tax rate across all taxes. So either you make a mountain of money, you have a terrible accountant, or you are lying. |