Thanks to passage of Proposition 30 last month, high-income Californians would pay the nation’s highest marginal income tax rates – nearly 52 percent – if President Barack Obama and Congress fail to make a deal to avoid the so-called “fiscal cliff,” according to a new study.
Without a fiscal cliff deal to the contrary, the Bush era tax cuts on high-income taxpayers would expire next year and rates would return to their previous levels.
Gerald Prante, an economics professor at Lynchburg College in Virginia, and Austin John, a Lynchburg economics student, calculated marginal tax rates – the highest rates on the highest levels of income – for all 50 states. They combined state, federal and, where applicable, local income taxes, plus payroll taxes for Social Security and Medicare and included the deductibility of some taxes.
Ah but Obama wants higher taxes and from the looks of it the republicans are willing to give in to him.
Ain’t life great if you are a democrat/sarcasm
Read more here: Capitol Alert: High-income Californians may pay nation’s highest tax rate[/LEFT]