So calculate NYC tax after Biden.
39.6% federal +12.4% payroll SS + 2.9 % payroll medicare + 8.001 tax on medicare/ss taxes + 8.82$ state + 3.876 City = 75.597% top tax rate!
Heck even in no state tax Florida one would pay
39.4% +12.4% +2.9 % + (12.4+2.9)*39.4% = 60.7% !
That worse than tax rate before Reagan, probably one of the highest tax rates anywhere in the world!
What do you think? Who will give three quarters of his money to the government. I hope Bloomberg will?
The very rich were leaving USA for quite a while, especially Obama was chasing them away.
I would expect mass exodus. To Bermuda or Ireland.
Tax reform act 1986 lowered top tax rate to 28%, while eliminating a lot of deductions.
Since then, we are seeing interesting trend.
Bush the elder, Clinton, Obama and Biden rising taxes on the “rich”. Demagogued: “Let them chip in a little bit! They have the money!
Bush the younger and Trump lowered taxes on everybody!
Demagogued: “They cut taxes for the benefit of the rich!”
In result we have a situation when half of the people do not pay any taxes, while the rich will be supposed to chip in 60-70% of their income. Basically the “rich” tax rates will more than double relative to 1986, while the “poor” rates are actually quite lower than in 1986.
We are already having too progressive tax, and Biden will trump that! It is not healthy! Getting back to “malaise”?