If New York and California weren’t close enough to bankruptcy already, a Biden win could very well do the trick.
High earners in New York and California could face combined federal and state tax rates of 62% under Democratic presidential nominee Joe Biden’s tax plan, according to tax experts.
While Americans earning less than $400,000 would, on average, receive tax cuts under Biden’s plan, the highest earners would face double-digit increases in their official tax rates, according to nonpartisan analyses. In California, New Jersey and New York City, taxpayers earning more than $400,000 a year could face combined state and local statutory income tax rates of more than 60%.
In California, top earners could face a state and federal tax rate of as much as 62.6% under the Biden plan, according to calculations from Jared Walczak of the Tax Foundation. In New Jersey, the combined rates could be just over 60%, while in New York state they could reach 58.2%.
Read the full story from Front Page Mag
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