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A comment on The IRS Sets a Trap for Cryptocurrency Tax Cheats. Parent comment

Re:The IRS Sets a Trap for Cryptocurrency Tax Cheats by PaulDavisThe1st on Saturday September 26, 2020 @02:23PM (#24600958)
also, as ever, we have to note, since so many people do not understand it, you do NOT pay 35% federal tax on your income, you only pay 35% of your income above a certain level.
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Re:The IRS Sets a Trap for Cryptocurrency Tax Cheats by seangrogg on Saturday September 26, 2020 @02:44PM (#24601140)
Marginal tax rate (which is specified) is at least how much you'd owe on every dollar of income after. Average tax rate is how much tax you actually paid against income.
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Re:The IRS Sets a Trap for Cryptocurrency Tax Cheats by PaulDavisThe1st on Saturday September 26, 2020 @05:18PM (#24602212)
Most people (particularly in the US) do not understand this. In addition, the actual placement of the tax makes a great deal of difference. Owing 35% on income above $35k is very different than owing 35% on income above $220k. Very people know where the tax brackets are.
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