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  • Tax Rates For New Yorkers Would Top 50% Under Obama

    07/18/2008 7:31:08 PM PDT · by Free ThinkerNY · 99 replies · 224+ views
    nysun.com ^ | July 18, 2008 | Julie Satow
    New York tax filers reporting more than $375,000 a year in earned income may end up paying nearly 60% of their wages in taxes to the government under a Barack Obama presidency, economists who have analyzed his plan said. The Democratic presidential candidate is proposing not only raising the federal income tax, but also adding a Social Security tax for those Americans earning more than $250,000 a year. For New Yorkers, that could mean that if the current Social Security rate is applied, the marginal tax rate, or rate on every extra dollar earned, could rise to 58%. "This is...