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

by Dr. Eowyn

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.
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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.

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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