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

clee12089 Wrote: Dec 06, 2012 10:14 PM
California is way to high on income taxes. Chris Owner Cel Financial Services IRS Registered Tax Return Preparer Registered bonded California CTEC Tax Preparer Please visit my website for all your Fillmore Income Tax needs.
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...