The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: 102% tax rate||Date: 2/5/2012 3:54 PM|
|Author: JAFO31||Number: 114962 of 121175|
ptheland: "102%?? Piker.
I've had clients who pay 200% and 300% of their taxable income in Federal taxes."
Peter, you did not read the link clearly.
From the link in the OP:
"Yet Mr. Ross told me that he paid 102 percent of his taxable income in federal, state and local taxes for 2010. “This does not include real estate taxes, sales taxes and other taxes I paid for 2010.”
Not entirely clear, but it looks like state and local income taxes are included, too.
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