Report: New York and California Implements 50% Top Tax Rate on Wealthy

[UpAndComing]

NYC's ultra-rich face 52% combined top income tax rate, highest in U.S.


50% tax rate on people making $1 million or more
"In addition, New York City may not remain on top for long. California lawmakers have introduced bills that could raise the top combined rate in that state to 54%"
Didn't Governor Cuomo say he'll do anything to get the rich back into NYC in 2020?



New York and Cali are really dumb for doing this. Don't they realize when you higher the tax rates for the wealthy, it makes it worse for the Middle Class?



Rich people are able to dodge taxes by leaving the state altogether, have Offshore accounts, or pay high priced CPAs and Lawyers to strategize and limit their taxes

Then that Tax burden goes to the Middle Class and Upper Middle Class, making it harder for them to live

After so many decades the Government still doesn't get it

 

[Asicz]

OP you made a typo people making1$ or more.

Also wealthy generally means 300k or more.

This tax hike is for 1 million or more in income


New York's state senate on Tuesday passed a deal to raise the income taxes collected on those with annual earnings above $1 million. The tax hike for millionaires still must pass the state legislature's lower house and be signed into law by Governor Andrew Cuomo, both of which now seem likely to happen.


NYC's ultra-rich face 52% combined top income tax rate, highest in U.S.

 

[Paper Boi]

good

 

[UpAndComing]

OP you made a typo people making1$ or more.

Also wealthy generally means 300k or more.

This tax hike us for 1 million or more in income


New York's state senate on Tuesday passed a deal to raise the income taxes collected on those with annual earnings above $1 million. The tax hike for millionaires still must pass the state legislature's lower house and be signed into law by Governor Andrew Cuomo, both of which now seem likely to happen.


NYC's ultra-rich face 52% combined top income tax rate, highest in U.S.

Thanks I'll fix it

 

[Vilify]

That's high but I'm not about to sympathize with people making 20x the average income.

 

[Elim Garak]

As it should be America did very well when those top marginal rates were high now do it federally.

 

[ORDER_66]

 

[KidJSoul]

I'd rather they simply made it so that our taxes stopped going towards corporate bailouts, and corporate grants

 

[Pimp]

Stupid. If you work your way up to that salary you should be able to benefit from it instead of paying more tax.

 

[gho3st]

The dumb ass politicians act like rich people can’t leave the state so they don’t have to pay taxes at all

 

[Paper Boi]

The dumb ass politicians act like rich people can’t leave the state so they don’t have to pay taxes at all

but they won't.

maybe if it was Wyoming

 

[staticshock]

If I was rich and talking about taking half my shyt I’m moving

 

[RARI_Godwind]

I'd rather they simply made it so that our taxes stopped going towards corporate bailouts, and corporate grants

The dumb ass politicians act like rich people can’t leave the state so they don’t have to pay taxes at all

Where are they gonna go?

 

[Elim Garak]

If I was rich and talking about taking half my shyt I’m moving

That's not half your money it's a top marginal rate.

 

[Scustin Bieburr]

As it should be America did very well when those top marginal rates were high now do it federally.

B-B-but that's socialism!

Glad to see that more people ain't falling for that bullshyt. It shouldn't be considered radical to take the tax rate back to what it was before. That's what kind of time the so called 'conservatives' should be on. Regular peoples taxes shouldn't be subsidizing the lifestyles of the wealthy