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Politics : Formerly About Advanced Micro Devices

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To: SilentZ who wrote (767069)	1/30/2014 4:15:54 PM
From: Tenchusatsu	Read Replies (1) of 1578198

Z, I ignored the rest of that post you linked to, probably in the interest of time. A windfall of $200K or more (after deductions) in a year gets taxed pretty heavily, and it only goes up from there. You argue that it doesn't fall in the highest tax bracket, but that doesn't matter. The progressive tax curve on the federal level is rather sharp, and even at $200K, marginal income is taxed at above 30%. Then add in state taxes, which here in California would be 9-10%, depending on how much marginal income above $200K you have. Add that you and you get something like 42%. That means every EXTRA dollar you earn gets taxed 42 cents on the dollar. Do you see how that tax rate is the equivalent of lotto taxes? And this is NOT a rare scenario at all. This goes to the heart of small business and the nature of their unsteady incomes, not to mention individuals who work on contract, entrepreneurs, and other pursuers of the American dream. Tenchusatsu

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