Democrat tax plans could see New Yorkers paying more than Communist China

Democrat tax plans could see New Yorkers paying more than Communist China
New York City's Times Square is currently a ghost town.

[Ed. – Good times]

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.

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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 … marginal rate of 61.2%. …

(h/t Weasel Zippers)

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