Nationwide, the average top marginal rate will rise from 41.8% to 47.8%. In New York, California and Hawaii, the top marginal income tax...
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And it won't be enough ... rates on average income Americans ... the middle class not the so called 1% will have to go to 68% or higher to pay for Obamatopia. The govt is going to hit the tax tipping point long before then ... the economy will move underground and reciepts will plumet (see Greece).
A new study out from economists at Lynchburg College calculates the effective top marginal tax rates on various forms of income. While most of the media focuses on the federal top marginal income tax rate, Professors Gerald Prante and Austin John have factored in all of the taxes both nationwide and in each individual state and found that the average rate across the country will approach 50% - surpassing it in three different states.
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