Taxpayers in California, New Jersey and New York who earn more than $400k a year could face combined state and local income tax rates of more than 60%
Tax payers would be unlikely to pay the full rate after various deductions, credits, offsets and loopholes worked through by accountants
There is currently a $10,000 cap on state and local tax deductions which Democrats could push to remove should they win the senate
Biden would also raise taxes on corporations by raising the corporate income tax rate and imposing a corporate minimum book tax
The Biden tax plan by 2030 would lead to about 6.5 percent less after-tax income for the top 1 percent of taxpayers and about a 1.7 percent decline for all
The current top federal statutory tax rate is 37% with the average earner in the highest tax bracket paying 26.8% after deductions, credits and in some cases, help from their accountants.
In California, the maximum statutory rate in state tax is currently 13.3% for people earning more than $1 million.
The statutory tax rate is the rate imposed by law on taxable income that falls within a given tax bracket while the effective tax rate is the percentage of income actually paid by an individual or a company after taking into account tax breaks, including loopholes, deductions, exemptions, credits and preferential rates.
Biden's plan would see the effective tax rate for the top 1% - those with incomes of more than $400,000 per year - increase to 39.8% from 26.8%.
His campaign has not said whether the $400,000 figure is for single earners or married couples, or if it would be pro-rated for married couples.
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No wonder fiddy bailed on him, of course he mouth pieces that promote him will get breaks
and the more he bring sin the more he can funnel to himself and hsi brother and his son.
Coastie Patriot
SIC SEMPER TYRRANIS
THE SAME PEOPLE WHO SAID NO GUNS BECAUSE OF POLICE NOW WANT TO DEFUND THE POLICE!!!!
Dr Thaddeus They
They don't really care whether the truth gets out, because the public no longer knows what's meant by "the truth."
Well, I mean, no one can tell the difference anymore between what's real and what's fake.
Anyway, the point is, I can tell you all of this, right out in the open, because it doesn't matter who knows about it. They won't know whether to believe it or not.-
X Files: Lost art of Forehead Sweat
A gun is a tool, Marion, no better or no worse than any other tool, an axe, a shovel or anything. A gun is as good or as bad as the man using it. Remember that.
-SHANE-
Jefferson Smith: You see, boys forget what their country means by just reading The Land of the Free in history books. Then they get to be men they forget even more. Liberty's too precious a thing to be buried in books, Miss Saunders. Men should hold it up in front of them every single day of their lives and say: I'm free to think and to speak. My ancestors couldn't, I can, and my children will. Boys ought to grow up remembering that . - MR Smith Goes To Washington-
to grow up remembering th
My oath to support and defend the constitution against all enemies foreign and domestic has no expiration date!!!
Ten Bears : It's sad that governments are chiefed by the double tongues. There is iron in your words of death for all Comanche to see and so there is iron in your words of life. No signed paper can hold the iron. It must come from men. Outlaw Josey Wales
United States
