Posted on 10/20/2020 7:24:21 AM PDT by Oldeconomybuyer
High earners in New York and New Jersey could see federal and state tax rates of more than 58 percent under former Vice President Joe Biden’s tax proposals, according to an analysis of the plan.
While Biden would slice taxes for Americans earning under $400,000, those making more than that would face double-digit increases, the Washington, DC-based Tax Foundation found.
The Empire State could see a 58.2 percent increase, while New Jersey’s would rise to slightly more than 60 percent and California would hit 62 percent, according to an analysis by Jared Walczak of the Tax Foundation.
In the Big Apple, city, state and federal taxes would rise to more than 62 percent.
The Tax Foundation noted that although the US’ statutory tax rate is 37 percent for those in the highest tax brackets, they usually pay 26.8 percent after taking advantage of deductions and loopholes in the tax laws.
The Biden administration, with the help of a Democrat-controlled Congress, could remove the $10,000 cap on state and local deductions, helping to lower the tax rates of the higher earners.
By 2030, the analysis found, Biden’s tax plan would lead to a 6.5 percent less-after-tax income for the top 1 percent of taxpayers and a 1.7 percent decline in after-tax income for all taxpayers.
It also found his proposals would raise federal tax revenue by $3.05 trillion over the next decade but reduce the gross domestic product by 1.47 percent over the long term.
(Excerpt) Read more at nypost.com ...
bttt
RE: NY, NJ could see taxes increase over 58 percent under Joe Biden: analysis
Most people don’t give a crap about tax increases AS LONG AS IT DOES NOT AFFECT THEM!
So, Joe and Kamala assure everyone that it will only affect those whose incomes are $400,000 and up.
Of course, most folks don’t realize that it is these folks who create the jobs that they have and if they leave for friendlier places, that’s the end of their jobs.
NY, NJ could see taxes increase over 58 percent under Joe Biden: analysis!
That will be just the beginning with Joe Braindead!
Apparently taxes are not important voters, the subject of taxes is not on this Thu debate. Biden and Harris will raise peoples taxes by repealing the Trump tax cuts, imposing green new deal taxes, Obamacare taxes reparations etc. etc.
Andy the Nursing Home murderer will put up a fight.
Make less money overall and pay more taxes on it at the same time...and fewer jobs and a less competitive job market to go along with it, resulting in even lower pay.
From the same people who said "If you like your insurance", "If you like your doctor", "Savings of $2,400 per year on health costs" over and over and ... This is the Democratic Manchurian Candidates doing the Nancy Pelosi "pass the bill to see what is in the bill" dance!
First thing on their agenda if elected (please God NO!) is to end the TCJA (Trump Tax Cut)! So we revert to higher tax rates, old itemizing of deductions, higher corporate tax rates and higher gift & death tax exposure. Then the Harris team (25th Amendment Joe!) will craft a replacement for the 'under $400k' crowd, only the increased TRUMP deficit means, sorry (croc tears), it is now $350k. Oh, and to help these blue states by covering the full deductibility of their taxes, it is now $325k.
Rinse and repeat!
Biden would not slice taxes for anyone!!
But they are forgetting that Biden is going to repeal the Trump Tax cuts he and harris have said this over and over again so if he gets in everyones will go up.
If Biden wins it will be 3rd term of Obama but worse.
But they are forgetting that Biden is going to repeal the Trump Tax cuts he and harris have said this over and over again so if he gets in everyones will go up.
If Biden wins it will be 3rd term of Obama but worse.
They had a huge tax increase under trump too. Haha. I’m glad. They saw their ability to put full property taxes as a deduction.
No he won’t.
The big money a-holes that contribute to the dems and want them to crush us under their jackboots will be hardest hit? No they won’t. They’ll take their fasicst-leaning politics to other states because they are hypocrites who want us to squirm under the weight of a crushing fedgov burden but they simply will not. They will hide assets, they will relocate, they will do whatever they have to in order to make sure they are insulated from the horrible things they want to inflict on us.
bkmk
I do know some morons will tell us that taxes are good because they do this and that etc but most individually despise taxes but collectively cheer the tax the rich and give to the poor bullsh*t.
Someone explain how someone pays 50% to 60% more tax. Most people live paycheck to paycheck. They basically have a financial house of cards. They lose a job, they lose the house. So where does the average New Yorker get more money? They cannot get a pay increase of 50%, they cannot reduce their spending to pay 50% more in taxes.
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