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Study: 50% Tax Rates Coming for California and New York

arcman Wrote: Dec 06, 2012 12:40 PM
I have a solution. Let them tax themselves into oblivion; erect a fence around both states; don't give them any federal money; and see how long they last.
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.

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...