1) Where do you live?
2) Are you in the top 1%?
3) In your location, what is the effective income tax rate for top 1%?
That would depend on how you classify 1%.
The effective tax rate for an individual earning $400k would be around 31%.
Like I said, even approaching 40% is obscene. 50-55% is absolute thievery. I would relocate from Texas if my effective tax was even close to 40%.
That would depend on how you classify 1%.
The effective tax rate for an individual earning $400k would be around 31%.
Like I said, even approaching 40% is obscene. 50-55% is absolute thievery. I would relocate from Texas if my effective tax was even close to 40%.