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| *Loan,banking and credit>>>tax bracket |
Is it possible to be in a 50 percent tax bracket? |
Somebody told me they once were and I didn't think that was possible. If it is, what amount of income would pay that much. Federal tax rates at high income levels reached 50% and much higher not so many years ago. Now, the maximum rate is 35%. Not for US Federal Income Tax. In other countries, it happens. It might happen in some states, but I doubt it. The federal estate and gift taxes are high percentages. I'm blanking on the actual numbers right now, but they do approach 50%. http://www.irs.gov/newsroom/article/0,,i... If you add Federal, State, Local, FICA and sales tax, 50% is achievable. The maximum Federal is 28%, ignoring corporate tax rates. States can get up to 6% or more, FICA is about 6% and sales tax can be up to about 8% (varies widely and only applies to purchases, not income). Property Taxes can be up there as well, but again is hard to estimate due to the high amount of variance from place to place. It depend where your friend was based at that time.Here in UK we have 3 brakets i.e @10%,22% & 40% for income tax.Inhertance tax is @ 40%.Even we don't have a taxation @50% for companies.Your friend might have confused something with that calculations.Check with him or otherwise eloborate on your question, specially where your friend was based at that time & time, as rates varies for different financial years Currently 35% is the highest Federal income tax rate in the US. During WWII, the highest rate was 94%. http://www.treas.gov/education/fact-shee... |
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