Antoun's right, there is no limit. If a baseball star earns $10 million a
year as normal income, his boss should be withholding roughly $3.9 million
of it for the IRS.
However, if you're earning in the high six figures, you have more options
(shelters, etc.) for avoiding taxes legally than do the rest of us. You
also can spend a few $K on lawyers and accountants to save a few hundred
$K. Down at the average income level, people generally can't afford such
high-level help.
-Matt Jensen
NewsBlip.com
Seattle
On Mon, 19 Mar 2001, Antoun Nabhan wrote:
> At 06:18 PM 3/19/01 -0500, Grlygrl201@aol.com wrote:
> >regarding percentage of taxes paid (another post i'm too lazy to look for
> >now) is it not true that anything over $800k in income is not taxed?
> >
> >geege
>
> Geege, that's an outrageous rule if it exists. I don't think it does,
> though. I've got the handy CCH-published version of the Federal Income Tax
> Codes & Regulations in front of me and the tax brackets in sec 1(a) always
> list the top as "over $x," where x is $250K for marrieds filing jointly,
> heads of households, and singles, and $125K for marrieds filing separately.
> There are *lots* of funky things buried in other 2027 pages of the tax
> code, but page one says that you pay 39.6% on everything above $X, on up to
> infinity.
>
>
> --A.
>
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