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December 5, 2012

High-income Californians may pay nation's highest tax rate

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.

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.

Their report was published by the Social Science Research Network.

Read more here: http://blogs.sacbee.com/capito.....e.html#storylink=cpy

Millionaires were becoming Billionaires when the tax rate was over 90%!

so what if they were becoming billionaires....the issue is not how much $$ you make but the levy of the tax code...

IT'S UNFAIR, UNOBTAINABLE, UNTRUTHFUL AND IMPOSSIBLE TO DEFINE FOR ALL PARTIES INVOLVED....

so if I'm a millionaire and I invest some cash overseas or some business venture for a buddy that takes off and I get return, your
lack of income(which is not true) is my problem?

GET THE FLAT FU(KING TAX GOING......it's the ONLY TRUTH...and the ONLY WAY to know where one stands in this system as to
responsibility....

this discussion could go on forever about who has what and who should fu(king give it to who and what is a fu(king fair share

we don't even know what FU(KING VALUE IS.....IE:
value of taxes collected
value of services promised
value of interest rates
value of international/national fiats

etc etc etc.........