Quote:
Originally Posted by bossku69
What 56% tax rate are you talking about?
I'm taxed at the standard rate of about 30% for income, then 14% for capital gains.
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35% federal + 10% state (if you happen to live in California) +15% Social security = 60%
(it's a bit more complicated than that, but it's possible that in certain income ranges, the effective tax rate would end up 56%)
and of course this doesn't even include any other taxes like real estate, sales, licenses, permits, etc...