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

Bob from PA Wrote: Dec 06, 2012 12:24 PM
the Dems want to tax the rich but somehow they find a way for them to use all those loopholes they create for themselves. I want a Hollywood/ Pro Sports Tax to be adopted with a marginal rate of 90% after the first $250,000. Pay up liberal rich people! $250k is more than enough to live on.
snappercat Wrote: Dec 06, 2012 12:40 PM
Those people are making millions, not any couple hundred thousand (and having lived in CA with friends still there, I can assure you that $250,000/year income allows you to buy a 1200 square foot house on a quarter acre lot in a not-great school district - and you pinch pennies all the time) I've moved to PA and feel like I'm living in Fat City, USA - even though the weather stinks.
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...