[funfan]

If the Munger tax was to get passed along with Obamacare taxes and the possibility all of our Federal tax brackets rising to the old rates before Bush I will have no disposable income oh and I forgot my sewer tax rate going up and my yearly 2% increase in my property taxes and the parcel tax that is on our November ballot. I am tapped out and am not happy about it. What is the point of hard work if all I have left at the end of the day is a bread crumb after I have been forced by the government to use up my income to feed and cloth my darn community.

[Kellis91789]

Well I am living off my IRA and because I am not yet 59 1/2 it turns out that CA has its own penalty on top of the tax rate, just like the Fed. The Fed penalty is 10% and the CA penalty is another 6%. Add in the income tax at Fed and State and I owe 40% of my IRA withdrawals. That’s a pretty high effective tax rate on $50K income.