UpstateNYUPSer(Ret)
Well-Known Member
I understand it to be just the money above $450k.
A good accountant could negate the higher tax rate rather easily.
They need to streamline the tax code, eliminate the loopholes and limit deductions.
In 2011 my gross pay was $65,495 yet my taxable income was only $48,005. My early estimate for 2012 is gross income of $67,115 and taxable income of $37,434. The difference was my 401k contributions.