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Top Marginal Tax Rate Will Exceed 50% in California, New York and Hawaii in 2013

Top Marginal Tax Rate Will Exceed 50% in California, New York and Hawaii in 2013

Paul L. Caron
December 05, 2012

Gerald T. Prante & Austin John (both of Lynchburg College, School of Business and Economics), Top Marginal Effective Tax Rates by State and by Source of Income, 2012 Tax Law vs. 2013 Scheduled Tax Law:

This paper compares state-by-state estimates of the top marginal effective tax rates (METRs) on wages, interest, dividends, capital gains, and business income for tax year 2012 to the rates scheduled for 2013 under scheduled law. Scheduled tax law for 2013 assumes the expiration of the 2001 and 2003 tax cuts and the new PPACA taxes.

Overall, the average top METR on wage income is scheduled to increase by approximately six percentage points (41.8% to 47.8%), while taxes on dividends would increase the greatest (19.0% to 47.9%). The top METRs on wages, dividends, interest, and partnership/sole proprietor income would exceed 50% in California, Hawaii, and New York City.

http://taxprof.typepad.com/taxprof_blog/2012/12/federal.html



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Note - 14 trillions

When the national debt was 14 trillion and there were roughly 144 million taxpayers. Each taxpayer was on the hook for almost 85K according to the turbo tax website.

So in essence, all that needs to be done is for Charlie Sheen to pitch 100K like he did for Lohan to several hundred thousand people to get the ball rolling lol

donvino

Cyril's picture

Woohoo.

Woohoo.

"Cyril" pronounced "see real". I code stuff.

http://Laissez-Faire.Me/Liberty

"To study and not think is a waste. To think and not study is dangerous." -- Confucius

California and NY?

Was there any doubt this?

If taxes were 90 per cent there, it still would not be enough. lol

donvino

No doubt We're Headed for 90% and Economic Death

Buying Gold and Silver is a must for me...

Cyril's picture

Totally. Same here.

Totally. Same here.

I don't want TO CRY myself to death when it's too late.

Don't forget the food, water filters, alternate energy transformers, the ammos, etc.

"Cyril" pronounced "see real". I code stuff.

http://Laissez-Faire.Me/Liberty

"To study and not think is a waste. To think and not study is dangerous." -- Confucius

Roger That Good Buddy!

...and don't forget, banding with like minded individuals is important..You don't want to be left standing alone when the music stops..

lol..