You are not being taxed at a 57% rate on 55,000 income.
Hmmmm.
Income tax.
Sales tax.
Property tax.
State income tax.
Gasoline tax.
And the not really a tax taxes:.
Fees.
FICA.
Bond debts.
Costs of regulations.
Special assesments.
Indirect taxes passed on to the consumer:
Tariffs.
Inventory tax.
Compliance costs.
Payroll tax.
57% is probably pretty close. Maybe low?
OK, then after Federal income tax, state sales tax, city sales tax, gas tax, property tax, fuel tax, school tax, liquor tax, home phone tax, cell phone tax, electric tax, garbage pickup tax, vehicle tag tax, occupational license tax, water service tax, (and any others I might have missed)
What IS my tax rate?
NY is no place for a young family with kids. WAY too expensive.