Biden's tax plan will lead to a combined rate of at least 62% for those making more than $400k in some states - the highest increase in three decades, tax group claims | WHAT REALLY HAPPENED

Biden's tax plan will lead to a combined rate of at least 62% for those making more than $400k in some states - the highest increase in three decades, tax group claims

The highest earners in the states of New York, New Jersey and California could end up facing a combined state and federal tax rate of 62% under Democratic presidential nominee Joe Biden's tax plan, in what would be the highest tax rate implemented in more than 30 years.

The high rate would affect those earning more than $400,000 whilst those earning below that level would likely receive tax cuts, according to the Tax Foundation, a low-tax advocacy group.

The analysis does not reflect what people pay in reality, because it does not include any tax dedications, offests or credits, which people all routinely claim and which lead to the effective tax rate.

Tags:

Comments

SHARE THIS ARTICLE WITH YOUR SOCIAL MEDIA