97%? I don’t think it’s that high, and I’m pretty pessimistic on this.
Inflation is the worst tax of them all.
If you try to save money, the more diligent you are, the worse off you’ll be. It’s so insidious.
I suspect the base rate is something like 45-55% without a state tax, but with inflation it can potentially go above 100% in terms of annual earnings, if you’ve saved a lot, and easily hit 60-70%.
With state tax it can go higher, of course. I wouldn’t dare try to calculate New York City or California.
97%? I don’t think it’s that high, and I’m pretty pessimistic on this.
Inflation is the worst tax of them all. If you try to save money, the more diligent you are, the worse off you’ll be. It’s so insidious.
I suspect the base rate is something like 45-55% without a state tax, but with inflation it can potentially go above 100% in terms of annual earnings, if you’ve saved a lot, and easily hit 60-70%.
With state tax it can go higher, of course. I wouldn’t dare try to calculate New York City or California.