Top earners in New York City could face a combined city, state and federal income tax rate of 61.2%, according to plans being proposed by Democrats in the House of Representatives.
The result is a top marginal federal income tax rate of 46.4%. The marginal rate is the rate for every dollar above the tax bracket income threshold. The House plan is still a proposal and could change. Yet the combined rates for New York City would be among the highest in nearly 40 years.
They will find a way how to avoid it, don't worry
And the term “top earners” is deceiving . Anybody making more than 200K will be impacted harshly . Billionaires wont be hit at all because they have millions way to save taxes. Only the hard working upper middle class will pay.
What a joke this administration is. Why bother working 60-70 hours a week to provide for your family. The opportunity cost is way out of proportion to make it worth doing.
Seems fair
Do it! They’ll just keep moving to red states and bringing their jobs with them.
The line has got to stop at half. Alternative maximum tax needs to be implemented.
Which NYers … the rich ones have all moved to Florida!
Ugh. More future Texans
Be more accurate when you say Top, your being misleading about income level that would pay that.
Hot Biden administration stock $uhaul What a run since he was elected. Any bets on people moving to high tax cities? This is proof his tax plan will break America
Good!
They are moving to Florida and Texas.
Joe Biden’s America
Paid fot by Billionaires and Millionaires who cheat taxes using business as a shelter.
The problem w/this headline is that people don’t understand it’s a progressive rate - it’s not 59% of all income. It’s 59% of dollars over x amount…
And they have no one to thank but the DemocRats. And it’s only going to get worse as the continue to give more of your tax money to the poor and lazy.
They say tax the rich but they are working hard to repeal Trump’s SALT tax. Can’t wait to see how they manage raising and lowering taxes at the same time while the media covers up their hypocrisy.
Tax wealth appreciation
Tax the Rich - is the rally cry for politicians to set up… “Everybody pay their share”. They raise taxes on every bracket on all incomes. Building shelters for super rich in exchange for campaign donations. That is how Dems and Reps work the plan.
Increasing taxes is not the solution for any administration, first they should concentrate reducing on expenses & giving benefits. If Country is not able to support expenses shouldn't think of increasing taxes to fill the gap.This doesn't encourage new manufacturing plants in US
Good.
Biden’s America 🤡
Who cares.
The super rich with always find a way to shelter money from taxes. The group slammed by this will be upper middle class professional households… no shelters or deductions. Don’t be surprised if your doctor has cut hours. Why work if incremental dollars are taxes away.
Marginal tax brackets
But the Fed and Congress can continue to trade on inside information and generate wealth. When will the commoners realize that voting for Democrats is dangerous to your wealth?
And no one will actually pay anywhere close to that...
And with all the loopholes their rates drop to the ground, that’s what you SHOULD be reporting, instead of this clickbait BS! Stop looking for outrage and what you’re should be, a journalist!
Biden dropped the Trump’s Salt Tax.
The rich gets scot off and pay little nothing, while commoners like u and me, pay a lot … Elon musk pay 8k in taxes .. so what’s going on huh
Give demoRats control of anything and they will ruin it as fast as they can blink an eye.
You are welcome in Texas. We have zero income taxes…
So?
Don’t worry (everyone reading this) you don’t make enough money to be impacted.
Tax = price hike
this is probably why everyone is moving to florida
If these people leave NY, who is gonna sponsor AOC?!
The top 5% is currently responsible for 46% of the total amount that goes to the gov, let that sink in for a second. Balance a budget and stop with useless spending. I don't mind paying my taxes, but damn enough is enough.
It doesn't matter. They will just avoid paying them.
Are you sure people like Bezos couldn’t avoid tax anymore? Seems you plan has no new restrictions for them.
Taxes are an investment in society
Not gonna happen!
Just wanna say they won’t pay shit on the eased taxes. They dodge them with loopholes. This shit is solely to make common folk believe a change is being made.
They are still have all kinds of way to deduct it all. We need to fix the deduction side of the equation too.
Great. They like Democrats so much.
California is the greatest greatest state in the Union, all the other states piggyback off our GDP we are what keep the US strong, if you don’t like it go back to Mississippi!
Nice
Nice way to skew the real info & mislead those who only read headline. Only if you make $5 MILLION/yr then taxes go up slightly… & it’s a marginal tax rate, so if you make $5,000,001, the additional tax is only on the $1. It should be even higher for billionaires! Do better!
Who will pay the taxes? Those who can afford them, or those who can't?
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