I think it is more like $9500, because you need to deduct the standard deduction:
(720K * 0.6 – STD ) * 0.34
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Wrong. Though your point might be correct for those in lower income ranges (e.g. 100K and less),
the truth is that for most people in the 200K + tax bracket that they pay enough in state income tax and property tax alone to exceed the standard deduction.
