Are you assuming no pension payments, just living off your capital? I doubt there is such a thing as non-taxable income. Also remember income tax isn't the only kind. How about property, VAT, automobile, etc.?
Yes, assuming no pension payments, i.e. someone who has yet to reach retirement age.
> Also remember income tax isn't the only kind. How about property, VAT, automobile, etc.?
My question is about the yearly national/federal+state taxes. Ignore consumer taxes.
What if you're retired and have no taxable income, only financial gains from some investment portfolio?