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by RHSeeger 1961 days ago
I'm picking the year 2015 because you're clearly talking about the past in your statement, so bear in mind the numbers change over time.

In order to hit 8% (8.82%) in NYS in 2015, you needed to make a little over a million dollars a year (single) or 2 million (joint).

The next lowest is 6.85%, for 212k single, 318k joint.

For federal to hit 35%, you need to make 411k (single or joint.. which makes no sense).

So your numbers more or less stand up to scrutiny for marginal income, but I would guess not even close to that for effective tax rate. I don't think it's fair to present your marginal tax rate as "your tax rate" in a discussion about how much of your income you get to keep. That's even more so when it's before you account for deductions.

1 comments

Do you consider sales tax, etc as tax?
I do not consider it because the discussion was about how much of your salary you get to keep, which implies income taxes.

Sales tax, gas tax, land tax, etc all come later. They can be significant, but aren't part of the discussion of take home salary.

They absolutely are. You don’t get to artificially limit scope just because it suits you. If you get robbed both at the ATM and on the way home you’re still coming back with less cash!
I didn't say I don't consider them to be taxes. I said I don't consider them in this discussion because they're not part of how much of your salary you take home.

To look at it from another point of view... If _all_ the money you made came from long term capital gains, the taxes you pay on it would be based on totally different tax rules. Capital gains taxes are certainly impacting how much you "spend" on taxes, but they don't impact how much of your "salary" goes to taxes.... because you don't have a salary.