Thread: Minimum Balance Plan
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Old 11-13-2022 | 05:41 AM
  #75  
Bottlen0se
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Originally Posted by Bucking Bar
In most states, "taxable income" for the final $ of yearly earnings is ~ 40%. The way it works out with the extra Net Investment Income Tax of 3.8% is going to be 35+7+3.8 for our family in 2022. ... 45.8%. The Paul Ryan/Trump plan moved the threshold for itemization. As a result, most people are taking their standard deductions.

Tax Rate Taxable Income
(Single) Taxable Income (Married Filing Jointly)
10% Up to $10,275 Up to $20,550
12% $10,276 to $41,775 $20,551 to $83,550
22% $41,776 to $89,075 $83,551 to $178,150
24% $89,076 to $170,050 $178,151 to $340,100
32% $170,051 to $215,950 $340,101 to $431,900
35% $215,951 to $539,900 $431,901 to $647,850
37% Over $539,900 Over $647,850
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Plus state. Georgia is 7%
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I am FOR the MBCBP.
I like having different pots of money to pull from at various stages of my life. Outside of my 401k and Roth IRA, I keep a brokerage account. I’d rather load up my brokerage and generate dividend income. So what if it’s taxable. I can use that money to work less perhaps later in my career.
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