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This year, I'm writing a check for nearly 50% of what I earned in 2020. I have it saved up in account, and I'm paying it in one lump sum to the government. It's a fucking brutal check. Imagine having 50% of your total yearly earnings in a bank account you have to give away.

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freelancing in CA is a bitch 😭

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you need to get out its not gonna get better

(((theophilus))) Outgoing Hulud

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Yes! Working from home can happen anywhere, no(?)

Sceptical Aussie Our hair, our choice #MahsaAmini

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Most people with a decent accountant or knowledge about the tax system don’t actually pay 50% though. I never have. Obscure things like breast reduction can be taken off taxable income. You just have to do your research.

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imo this is even worse

Sceptical Aussie Our hair, our choice #MahsaAmini

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Paying less tax is worse? Okay mate. 😂

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no it's shitty that taxes are essentially higher for people too poor, sick, and/or overwhelmed to hire an accountant or spend a ton of time and energy learning the tax code

Sceptical Aussie Our hair, our choice #MahsaAmini

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No mate. If you’re in a 50% tax bracket, you ain’t poor. 😂 Haven’t you paid tax before?

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self employment tax is 15%, combine that with a 10% state income tax and it doesn't take that much money to hit 50%. Plus you gotta cover your own healthcare etc. when self employed.

6:56 AM · Mar 21, 2021

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Surely it's a progressive system - like your marginal rate might be at 50% for some (large) chunk of income but not the total? I mean if it is then must be a better way of structuring things? Else maybe look for people living in Monaco or the Isle of Man on your questionnaire!

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