Perhaps. Federal Income Tax rates are marginal tax rates. You would need a sizable taxable income to have 1/3 taken for taxes (Federal taxes) as the highest marginal tax rate is 37%. For example, a taxable income of $1M would have an effective Federal tax rate of about 30%.
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Originally Posted by Topspinmo
Employee pays into furs and government matches up to 5% or so. Accumulated in stock market over career. If you don’t pay in you don’t get much. Then, when you collect after retirement up to 1/3 taken for taxes depending on amount.
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