Inappropriate posts have been removed.
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".
