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

rman859 Wrote: Dec 06, 2012 1:56 PM
Back in the US. Back in the US. Back in the USSR. You don't know how lucky you are boy.
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...