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by nbouscal
4551 days ago
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You are correct, and I'm just nitpicking, but I do think it's worth pointing out that in NYC the effective tax rate can get close to 50% even for relatively entry-level salaries (low six-figures). Federal, State, and Local income taxes, plus FICA taxes... it adds up. For top earners, effective rate can definitely reach 50%. Again, I'm just being pedantic; you're absolutely right that in most of the country the effective rates are nowhere near that high. Sadly, most people just don't understand how marginal rates work. |
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