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News & Politics News & Politics

Whoa! If federal taxes increase, Californians might pay almost 52 percent

Posted by on Dec. 6, 2012 at 8:55 AM
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Gerald Prante, an economics professor at Lynchburg College in Virginia, andAustin 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.

Proposition 30 added three percentage points to the marginal state income tax rate for California’s highest-income taxpayers, bringing it to 13.3 percent. That action raised California over other high-tax jurisdictions to a marginal rate of 51.9 percent, slightly higher than New York City’s level. Hawaii was the only other place with a calculated rate above 50 percent.

by on Dec. 6, 2012 at 8:55 AM
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