CNBC: Joe Biden to create 62% tax rate for California and New York

Do the Hollyweirdo and IT “woke” know about this?

Back in March, Joe Biden had said: “If you elect me, your taxes are gonna be raised, not cut!

Well, he meant it.

Robert Frank reports for CNBC, Oct. 19, 2020, that according to a study by the non-partisan Tax Foundation, high earners — those earning more than $400,000 a year — in California, New Jersey and New York, could face combined federal and state tax rates of 58% to more than 62% under Democratic nominee Joe Biden’s tax plan:

  • 62.6% for Californians
  • 58.2% for New Jersey
  • 60+% for New York state
  • 62+% for New York City.

If you include the contributions to the tax hikes by employers, which are often passed along to employees, the combined rates would rise even further — to over 65% in California, 62.9% in New Jersey and 64.7% in New York City. They could also jump higher if California and New York raise taxes on high earners, which some legislators have proposed to reduce multibillion-dollar budget gaps.

Tax Foundation’s Jared Walzcak said: “These rates would be the highest in about 3½ decades, and imposed on a broader tax base than was in place previously.”

Biden’s combined tax rates of more than 60% for top earners would be the highest in more than 30 years, and well above the rates under the Obama administration.

Currently, the top U.S. statutory tax rate is 37%; the effective rate (what taxpayers actually pay with help from their accountants) for top earners is 26.8%, according to the Tax Foundation.

Under Biden’s plan, the effective tax rate for the top 1% would increase from 26.8% to 39.8%, according to the Tax Policy Center. That means top earners in California and New York City would pay effective state and federal tax rates of around 53% — compared with the roughly 40% they pay in effective rates today.

See also:

~Eowyn

Drudge Report has gone to the dark side. Check out Whatfinger News, the Internet’s conservative frontpage founded by a military veteran!

Please follow and like us:

Share and Enjoy !

0Shares
0 0
 
Subscribe
Notify of
guest
6 Comments
Inline Feedbacks
View all comments
truckjunkie
truckjunkie
1 month ago

So the top 1% will move all their money to an offshore account,move their business holdings out of the US,move the family to Sweden,the US won’t get a cent from them so they’ll keep raising taxes on the 1%ers every quarter trying to make up the loss,which will make MORE high income business owners ALSO leave the US,so they’ll start raising taxes on everybody ELSE….See a pattern starting here? On and on,and BOOM-instant Third World S**t hole

Reuben G.
Reuben G.
1 month ago

These people you’re talking about like this, in fact they’d like it to be higher. In theory. In practice they attempt to reduce their tax burdens like everyone else. Contradiction doesn’t matter to leftists,

Auntie Lulu
Auntie Lulu
1 month ago

With news like this, it is unfathomable to believe that people would actually vote for this senile old pedophile. But then, I guess we all know those on the left suffer from mental illness.

TrailDust
Admin
1 month ago

That’s amazing, but nowhere near as amazing as the brainless masses of voters who don’t recognize any threat in Biden’s plan.

JayJay
JayJay
1 month ago

Today’s news. Boeing is moving its plant to South Carolina from Washington state..anyone surprised??

Anonymous
Anonymous
1 month ago

Pay attention folks, Joe can’t stop himself from the truth.