Originally Posted by Fedaykin
Didn't say 40% to the feds. I said 40%.
about 18% income, 12-16% payroll (taking into account employer portion), 4% state income, 7% sales tax
18+12+4+7 = 41%
18+16+4+7 = 45%
The upper 1% don't have significant payroll, income or sales tax. They pay almost exclusively LTCG, which is 15%.
I know you want to remain willfully ignorant of the tax system, but after a while explaining this **** to you gets old.
BS rich people pay state income tax and sales tax also.