2007-07-01 04:28:42 · 7 answers · asked by gene_frequency 7 in Business & Finance ➔ Taxes ➔ United States
I recommend:
1) At no income bracket will IRS take anything 50% or higher. Maximum federal tax rate is only 35% right now.
However, you would also have state income taxes (not collected by IRS).
Depending on the state and your income, you could pay more than 35% of your income to taxes. The highest state income tax rate is Vermont at 9.5%. Also, there may be other state taxes such as salea tax, gas tax, property tax, excise taxes...etc.
Yeah... we do pay a lot of taxes.
Just Be!
2007-07-01 04:39:52 · answer #1 · answered by MBA Don 4 · 2⤊ 0⤋
Those brackets don't exist. When I first started working there was a 75% bracket (but at $7,000/yr I never approached that bracket).
2007-07-01 10:37:16 · answer #2 · answered by skipper 7 · 0⤊ 0⤋
Th 50, 75, nad 95 % tax brackets. Doh !!
2007-07-01 04:34:38 · answer #3 · answered by chick_fin 2 · 0⤊ 2⤋
There aren't brackets like that any more. The highest bracket is 35%.
2007-07-01 05:11:28 · answer #4 · answered by Judy 7 · 4⤊ 1⤋
The brackets don't go that high
2007-07-01 04:35:10 · answer #5 · answered by shipwreck 7 · 1⤊ 1⤋
The highest rate is 35%, so the answer to your question is: None.
2007-07-01 07:26:48 · answer #6 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Not anytime soon.
2007-07-01 06:57:37 · answer #7 · answered by Steve 6 · 0⤊ 0⤋