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Capitalism Part 2
2 Small for Porn,
Currently the US corporate income tax rate for regular corporations is a flat 21%.
A married couple that was getting all of their income from wages would need to be making around $900,000 in Federal Taxable income before they would be paying 30% of their income in federal income taxes and a single person getting all of their income from wages would need to be making around $500,000 in Federal Taxable Income before they would paying the same 30%
I don't think most people posting here are having to worry about making either the $900,000 or the $500,000 in taxable income.
Of course we are only talking about Federal income taxes and the State of California also taxes individuals and Corporation.
For those that are interested some more information is below.
For 2019 a married couple starts paying 32% to the Federal Government on taxable income that exceeds $321,450 and single individuals start paying 32% on taxable income that exceeds $160,725. The income tax paid on the taxable income less than $321,450 and $160,725 ranges from 0% to 24%. However as noted above you would have to reach much higher numbers before you would be paying a total of 30% of your taxable income to the IRS in income taxes..
Just so everyone understands Federal taxable income is a number that is arrived at by taking your total gross income and subtracting any adjustments to gross income such as IRA contributions (if your employer has no pension plan) and itemized deductions such property taxes. mortgage interest, etc or the standard deduction.
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