Posted on 09/13/2021 10:19:36 AM PDT by Hojczyk
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 plans being proposed include a 3% surtax on taxpayers earning more than $5 million a year. The plans also call for raising the top marginal income tax rate to 39.6% from the current 37%. The plans preserve the 3.8% net investment income tax, and extend it to certain pass-through companies.
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.
In New York City, the combined top marginal state and city tax rate is 14.8%. So New York City taxpayers who earn more than $5 million a year would face a combined city, state and federal marginal rate of 61.2% under the House plan.
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.
Top earning Californians would face a combined marginal rate of 59.7%, while those in New Jersey would face a combined rate of 57.2%. Hawaii could face combined rates of 57.4%.
(Excerpt) Read more at cnbc.com ...
Well Florida will be blue in a couple of years..all the fools will vote democrat
Bringing FDR’s New Deal of 1936 with his 60% tax on the income of the “wealthy”.
Democrats pass this monstrosity of a tax hike and they can kiss the House & Senate buh-bye in Nov. 2022. It’ll be a slaughter unlike anything we’ve seen before, including 1994.
The same old Democrat plan.
Tax and Spend....
It never works...
“Should five percent appear too small
Be thankful I don’t take it all
‘Cause I’m the taxman
Yeah, I’m the taxman”
Taxman, by the Beatles
Good. Confiscate their wealth and kick them to the curb. Pain is the only thing that will create necessary political change.
I might be ok with this.
They’ll have less money to donate to liberal causes.
“Top earners in New York City...”
Oh, the same people who literally HATE OUR GUTS and did everything they could to prevent Trump from winning in 2016 and getting re-elected in 2020. They can f-themselves for all the hell that I care. Let them pay for the huge government they’re dumping on us.
Good, the more productive people they drive out the better. They’ll look good as third world sewers.
It is interesting to see both NY and CA loosing its wealthy. Many states are recruiting well off business owners to relocated their businesses to more tax friendly states.
The wealthy folks’ tax attorneys will have a little heart with them and explain to them how much it will cost them to keep official residence in NY and CA....
and you can guess what happens next.
Taxing the very wealthy is like herding cats.
Basically at confiscation at these levels. Insanity.
"Congress is not empowered to tax for those purposes which are within the exclusive province of the States." —Justice John Marshall, Gibbons v. Ogden, 1824.
Otherwise, it would be great to hear rich people get in the faces of corrupt, post-17th Amendment ratification federal lawmakers and presidents and complain about unconstitutional federal taxes, taxes that Congress cannot reasonably justify under its constitutional Article I, Section 8-limited powers.
The remedy for unconstitutionally big, alleged election-stealing, Democratic-pirated federal government that is oppressing everybody under its boots...
Consider that all the states can effectively “secede” from the unconstitutionally big federal government by doing the following.
Patriots need to primary federal and state elected officials who don't send voters email ASAP that clearly promises to do the following.
Federal and state lawmakers need to promise in their emails to introduce resolutions no later than 100 days after start of new legislative sessions that proposes an amendment to the Constitution to the states, the amendment limited to repealing the 16th and ill-conceived 17th Amendments.
Insights welcome.
Throwing the Democrats into the sea would be good for America.
“Well Florida will be blue in a couple of years..all the fools will vote democrat”
Yep. Democrats are a virus. They kill their home, (host). Then leave to find a healthy home to destroy without any thought to what is causing their homes to die.
That’s worse than Canada.
Still better than Sweden. Of course taxation is their national sport.
They can not just F*** themselves, they can do it with a wire brush for all I care.
I see you found my 4/15 Playlist
Tax avoidance schemes just increased in value—there are limitless ways for the very wealthy to avoid these taxes.
There was a great post a couple of weeks ago about insurance policies that shield almost all the income of wealthy folks from taxation—while still giving them access to all their money.
Some lefty Congress-critters squawked about it, but the loopholes will stay.
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