> however it also includes enormous income tax hikes on anything above $1MM It's... | Hacker News

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		jedberg on Aug 23, 2020 \| parent \| context \| favorite \| on: Partying like it’s 1999 – Initial public offerings... > however it also includes enormous income tax hikes on anything above $1MM It's a 1% tax hike on income over $1M, 3% on over $2M, and 3.5% on income above $5M. I wouldn't call that enormous.

batt4good on Aug 23, 2020 [–]

At rates like this, the gov't (federal and state) are collectively taking more than half my income and still can't seem to function properly.

3% is enormous on top of existing sky high CA numbers...

octernion on Aug 25, 2020 | [–]

still far below historical highs if you are being taxed at that marginal rate.

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