Author Topic: To save money, you need to travel.  (Read 2554 times)

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Offline pinnies4me

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Re: To save money, you need to travel.
« Reply #15 on: April 04, 2013, 08:49:03 AM »

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For the record, Retropin is correct -

Anyone paying 30% or more tax needs to be individually earning $300,000.00 to result in an overall total tax of a little over $100,000.00. This is because of the tiers.

A business owner with a spouse/partner and a structure that allows for a trust distribution, the income after expenses (ie profit in the hand) would have to be $600,000.00 to result in an overall tax rate of 30%. To be lumped with 40% tax overall, that example would need an income of $800,000.00.

We certainly have very high rates, but very, very few of us would be paying "30-40% tax".

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