Is that 25% of gross?
Reader comment on: A 25% Top Tax Rate
Submitted by Lyle (United States), Mar 17, 2011 08:52
Or does it include all the deductions today. If you follow the deficit commission and do away with all deductions you get to under 25% including the worker part of FICA for those under 250k. Recall it's 8, 18 and 23%. Or does it include all the deductions and loopholes? Actually if you use Turbotax, on the summary sheet (2 year average) it tells you your average rate i.e. tax the tax divided by the taxable income, mine peaked at 25% in 2001. If one still has old tax returns it would be interesting to figure this out for the career. It looks like about 20% for the last 35 years (not counting FICA) for me.
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