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 that 50% tax rate is just the taxes people pay as actual taxes. If you add in the increased cost of every single product you buy and every single service you pay for that is due to taxes on the businesses and utilities that supply those goods and services, tax rates on individuals is already well over 50%. How much cheaper would everything we buy be if the companies were not taxed and regulated so heavily and then forced to pass those expenses on to the consumer? We probably already are spending well over 60% of our earnings to pay taxes once those costs are factored in - and it's still not enough! Why does nobody talk about this? It's spending thats crushing our country, and it's unsustainable.
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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