I want to find out how best to know at what income level is it that it’s not worth it to continue working for each year.
If most of the income is capital gains, if it gets to just under $400,000 will continuing to go for $500,000 be a detriment, actually backing up, or just making so little on it, may as well vacation the remainder of the year?
Or, would it be better to put yourself as an employee, pay so much in wages it nullifies the 43% capital gains that they are planning to make retroactive to the beginning of the year this year?
I have a friend that gets into a 63% loss of his income to taxes sometimes. He resents it so much I wonder if he would just do better to take a vacation 6 months of the year rather than get into that level. If he makes 1.5 million & keeps only 555K. 945K goes to taxes. Not fair in my opinion. That’s .37 cents on the dollar.
It’s 172K, leaving 228K. Yup, I know it’s leaving money on the table. Personally at that point I’d probably take off 6 months though, or buy something that’s deductible to negate it to zero. I hate over taxation to the point I would prefer that to funding the leftist state.
Also the layoffs I would have to do with the ones I know vote democrat would give me and them the opportunity to let them know why they wont have work. It MIGHT wake them up, but brainwash is often permanent…