You also have to pay federal tax. And if you are in the top tax bracket you are earning somewhere between 700k and infinity money so what you are taxed on in that bracket can be almost nothing or it can asymptotically approach 100% of your earnings. In any case the top federal tax brackets is 37% and the top california tax bracket as you said is 12.5% which so happens to add up to 49.5%. Plus all the other stuff like social security and whatnot.
You also have to pay federal tax. And if you are in the top tax bracket you are earning somewhere between 700k and infinity money so what you are taxed on in that bracket can be almost nothing or it can asymptotically approach 100% of your earnings. In any case the top federal tax brackets is 37% and the top california tax bracket as you said is 12.5% which so happens to add up to 49.5%. Plus all the other stuff like social security and whatnot.
Those tax rates are marginal. That’s not the literal rate you pay.
Yes I know how taxes work. Do you know how much money some people make?
And what are we even arguing about? I said the top tax bracket is in the 50% neighborhood and youve been trying to pedantically incorrect me.
Oh actually i guess youre a different redditor
You’re right. I’ve been trying to correct you. It seems like you’re wrong.