"Most of us wage earners are paying 39.6 percent in taxes and add in another 12 percent in New York state and city taxes and we're paying 50 percent of our income in taxes," Dimon said in defense of his fellow Wall Street bankers.
Second, no your top marginal tax rate is not 39.6%. It 35%. Ok, add a bit for Medicare, which still doesn't get you all the way to 39.6%, which was the rate pre-Bush tax cuts.
Third could somebody at the AP have pointed out the error?
Fourth, a big chunk of your income is (presumably) not wage income, so you're paying less.