Biden's plan would see the effective tax rate for the top 1% increase to 39.8% from 26.8%. The highest earners in California and New York City would be lumbered with effective state and federal tax rates of around 53%. Currently they pay around 40% in effective rates.
If Democrats manage to win the Senate they may also be able to pass legislation that would remove a $10,000 cap on state and local tax deductions enabling the tax rate for the highest earning members of society to be even lower.
Despite such promised, it would still see combined tax rates at their highest level for more than 30 years, according to MSN.
The top marginal tax rate would rise from 37% to 39.6% with an additional 12.4% payroll tax according to Jared Walczak of the Tax Foundation. In California the highest income tax rate for those earning the most would be 62.64%. New Jersey would see a combined rate would be 58.2% while in New York it would be even higher at 62%.
The rates could rise even further if tax hikes placed upon employers are passed along to their workers. Walczak suggests that the top combined rates might soar to more than 65% in California, 62.9% in New Jersey and 64.7% in New York. 'These rates would be the highest in about 3½ decades,' said Walzcak, 'and imposed on a broader tax base than was in place previously.'
Who told him Trump doesn’t like Black people?
This is the BS we have to deal with.
Turdy scent still doesn’t get it right with the hate black people comment.
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What astounds me is all those Hollywood elites who live on the West Coast fall into the $400K or more a year bracket. Yet they still support Biden/Harris. WTH????
Yeah, cuz nothing says you hate people of color like fostering an economy with record low unemployment rates for them.
LOL.
Trump doesn’t like Black people? Sheesh...
It never ends...