I believe a millionaire in NYC pays more than 50% in total taxes...Am I right..? (sales, mortgage)

[wenge2ful]

I think NYC is the #1 location for highest taxation in USA.

I suspect that the total taxation,
federal+state+municipal+ property+ whatever surcharges for an individual making more than 1m/year,
is more than 50%...

Do we have a...millionaire,or an accountant or somebody else who knows well the tax inferno of NYC..?

[Cavaturaccioli]

NYC=Tax Hell.

I make a good deal less than a million and pay close to 40% in total taxes when things like sales tax are figured in.

[TurtleCreek80]

First, being a millionaire means having a net-worth (assets minus debts) of $1M. I suspect you are asking about those who make $1M annually.

$1M annual salary minus federal, state, and NYC taxes leaves a single person with $513k in 2010. (49% tax rate). This does not account for any taxable deductions (mortgage interest, property taxes, charitable donations, or business and medical expenses that can be written off). That would change the tax rate dramatically and could lower the total tax bill to 40% or less. It also doesn't include any taxable capital gains which would raise the tax bill.

It's difficult to give a specific answer, but someone making $1M would probably have a tax bill in the 40% range. You can add another 5-10% to that tax bill for 2012 when Obama's proposed tax policies go into effect. Yup, that means people making $1M will have a tax burden of nearly $600k next year.

[wenge2ful]

I consider an individual making 1 million net per year...

Many people at that level buy homes to have the mortgage interest deduction & then they are hit with property taxes....

Unfortunately,they don't complain because...the rest 500K is sweet...& they may have only 15-20 years to live...so...they don't have time or desire to fight...

[mathjak107]

no its less , even with the amt tax its not 50%. i believe the federal state and local were just under 40%..

[TurtleCreek80]

Originally Posted by mathjak107

no its less , even with the amt tax its not 50%. i believe the federal state and local were just under 40%..

I used the calculator on PaycheckCity.com | Web-Based Paycheck Calculators and ran the numbers for a single person, no deductions. It's pretty accurate.

[bluedog2]

Not sure NY has the highest tax burden at all.

I'm pretty sure both New Jersey and Hawaii and probably and others are higher.

I saw a list a few years ago somewhere and I remember NY being something like 8th or 9th.

NYC has one of the lowest property tax rates in the country.

[wenge2ful]

That's why we need commentators with...first hand experience...

[bluedog2]

Originally Posted by wenge2ful

That's why we need commentators with...first hand experience...

I'm sure you don't even need commentators.It can probably be googled.

[wenge2ful]

Such info are sure only by experience,otherwise everybody speculates & guesses...