Free Republic
Browse · Search
News/Activism
Topics · Post Article

To: Kaslin
He estimated that his tax rate (and others [similarly] situated) will go from mid-30% to 56%,

Those numbers make no sense at all. NY State's top income tax rate is 8.82%. NYC's top income tax rate is 3.876%. Add those together and you get 12.696%. If that entirely deductible for someone at 2017's top income tax rate of 39.6% you would have a net marginal state and city rate of 7.67%. So you would pay an total marginal rate of 7.67%+39.6%=47.27%. Compare that to 2018 with 37% federal + 12.696% state & city= 49.696%.

No, you aren't going up 20%. Maybe 2.4%, but not 20%. And you would need an income of more than a million dollars to hit those rates.

It might be higher if you have a huge mortgage on a very expensive property and are hitting the mortgage deduction and real estate tax deduction for the huge amounts.

50 posted on 12/30/2017 7:26:17 PM PST by KarlInOhio (The Whig Party died when it fled the great fight of its century. Ditto for the Republicans now.)
[ Post Reply | Private Reply | To 1 | View Replies ]


To: KarlInOhio

MATH!

The only subject more revealing of ignorance in (most) Americans than geography.


57 posted on 12/30/2017 8:05:32 PM PST by antidisestablishment ( Xenophobia is the only sane response to multiculturalismÂ’s irrational cultural exuberance)
[ Post Reply | Private Reply | To 50 | View Replies ]

Free Republic
Browse · Search
News/Activism
Topics · Post Article


FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson