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- Jan 30, 2012
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- 13,339
You don't start paying the 10.75 until you hit $5M, so it won't be quite so bad.
Excellent point. So he'll be paying 9% (or 8.97% to be exact) on the vast majority of his earnings. Still a heck of a bump above federal income taxes. Even Taxachusetts has only a 5% flat rate.