Quote:
Originally posted by UnclePecker
I think your right. These guys also must not understand tax brackets.
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Correct. The highest tax bracket starts at $312K, but that doesn't mean if you make $312K you get taxed at 35%, it's that everything AFTER that get's taxed at $35%. In fact someone that made $312K a year only pays 27% total in income taxes. Now this same person also has $224K exempt from social security taxes. Poor people don't get such exemption.
When all is said and done someone who is "in the top tax bracket" of $312K in income, still takes home $218K a year after income and FICA taxes. Now if you can't live off of that then I have ZERO sympathy for you. I would GLADLY pay 35% in income taxes if I could make that amount of money.