 |
Please notify me via FReepmail if you would like to be added to or taken off the Oregon Ping List.
Posted on 07/15/2009 8:42:17 PM PDT by Salvation
July 14, 2009
Couples Earning More than $1 Million Hit with 5.4% Surtax
Washington, DC, July 14, 2009 - A third updated Tax Foundation report shows that 39 states would see top tax rates exceed 50% under a health care funding plan announced today by House Democrats.
The latest proposal—one of several floated on Capitol Hill in the past few days and the third analyzed by the Tax Foundation since Friday—would impose a surtax of 1 percent on married couples with adjusted gross incomes (AGI) between $350,000 and $500,000 (singles between $280,000 and $400,000); 1.5 percent on couples with incomes between $500,000 and $1 million (singles earning between $400,000and $800,000); and 5.4 percent on couples earning more than $1 million (singles beyond $800,000).
The Tax Foundation released an initial report Friday based on another plan that had been floated that included a 4 percent surtax, as well as an updated report yesterday based on a three-tiered structured with a maximum rate of 3% for couples earning more than $1 million.
"More than three-quarters of the states would face combined top income tax rates exceeding 50% under this latest health care funding proposal," Tax Foundation President Scott Hodge said. "That means government would be taking more than half of every additional dollar from high-income taxpayers. The lowest top tax rate would be about 47%—and that's in the nine states that don't tax wages."
Tax Foundation Fiscal Fact No. 178, "If Health Surtax Is 5.4 Percent, Taxpayers in 39 States Would Pay a Top Tax Rate Over 50%," may be found online at http://www.taxfoundation.org/publications/show/24863.html.
The hardest-hit states would be Oregon (57.5%), Hawaii (57.2%), New Jersey (57.1%), New York (56.9%), California (56.8%), Rhode Island (56.2%), Vermont (55.8%), Maryland (55.6%), Minnesota (54.4%) and Idaho (54.3%). Washington, DC, and New York City would see their top effective marginal rates rise to 55.0% and 58.7%, respectively. The effective marginal tax rate takes into consideration deductions and adjustments in order to present a truer measure of an individual's rate.
Top tax rates in the remaining 11 states range from 47.3% to 50%.
The Tax Foundation is a nonpartisan, nonprofit organization that has monitored fiscal policy at the federal, state and local levels since 1937.
###
Fiscal Fact No. 178 can be found at http://www.taxfoundation.org/publications/show/24863.html. To schedule an interview, please contact Tax Foundation Manager of Media Relations Natasha Altamirano at (202) 464-5102 or naltamirano@taxfoundation.org.
Oregon (57.5%),
Hawaii (57.2%),
New Jersey (57.1%),
New York (56.9%),
California (56.8%),
Rhode Island (56.2%),
Vermont (55.8%),
Maryland (55.6%),
Minnesota (54.4%) and
Idaho (54.3%).
Whoever has these state ping lists, please ping them.
|
Please notify me via FReepmail if you would like to be added to or taken off the Oregon Ping List.
I really don’t understand why they don’t just abolish the tax code. Think how many people would vote for them! Its not like we’d lose anything, they could just print the money or borrow it to pay for our services. I mean — really — is it so different than the farce we’re already in?
I see a lot of states losing millionaires.... I think Florida and Tennessee will see a boom in their populations and economy!
This is flat out immoral and wrong. I totally loathe Odumbo and his vision for this country. We need to fight him at every turn. I still can not believe so many people bought into his hype. I have talked to two people so far who have buyer’s remorse. They are just so surprized at what he is doing. Please!!! He telegraphed all of his moves before the election and people did not want to hear it.
What about the millionaires in Congress? Are they exempting themselves and their spouses??? Why don’t we just TAX them?? They including Obama are the richest in our country. Start with them.
Just an observation...but those are all liberal-minded states...except Idaho. They also have a significant amount of Hollywood types. I suspect that some folks are waking up this weekend...talking to the accountant, and realizing that they will start “donating” another $40k to the government and start to question the wisdom of this episode.
The other curious thing....if they make it all the way through and pass everything...won’t all these rich folks go back in to their favorite congressman...and get them to pass tax credits....so the $40k or $90k they are donating...simply comes back in another form? And if so...who really ends up paying for this mess in the end?
Right on! What a great quote. I wish Thomas was here right now to lead us on a march to Washington. And you know he would. Where is our Jefferson?
It’s time to leave or stop working. Fedzilla must starve.
Yeah, we’re #1!</sarc>
And the thing with this top ten list is most of them are already there without the 5% surcharge.
And that’s just income tax. Bring sales taxes and real estate taxes into the mix and you have a lot more of them bubbling up into tax hell. It changes the order around - Oregon doesn’t have a general retail sales tax so it’s position would change but remain in too high territory - these are representative of too much government, every bit of it grabbing for more power at this time. So wrong.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.