Quote:
Originally Posted by Arragonis
What kind of proportion of income is it though, typically ?
|
If you pay 100% of your earnings to the various taxes until the end of July, every year, then you are paying 7/12ths of your income in taxes of the various sorts. About 58% (just a rough guess based on some assumptions).
When Harry Truman left the US Presidency, he sold his memoirs for $400k. The post WW2 tax rates skyrocketed as the US actually tried to pay off the enormous debt from WW2. Max rates were 93%. Old Harry got about 10% of his $400k after Federal taxes.
There was no pension for the President at the time he retired, so he lived on his military pension from service in WW1.
Compare that to what Clinton has made after his two terms and the pension he is paid.
Heck there are some people living in certain areas of the country that are paying 30k in property taxes per year on a 500k home.
regards
Mech