If U.S. hikes taxes, high-income Californians might pay almost 52%

[red states rule]

It would be wonderful to see all the "rich" people flee the bluest of the blue state. Also this tax rate does NOT include the insanely high property tax rate CA imposes
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 (http://topics.sacbee.com/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, (http://topics.sacbee.com/income+taxes/) plus payroll taxes (http://topics.sacbee.com/payroll+taxes/) for Social Security (http://topics.sacbee.com/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 (http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2176526) was published by the Social Science Research Network.

Read more here: http://blogs.sacbee.com/capitolalertlatest/2012/12/high-income-californians-may-pay-nations-highest-tax-rate.html#storylink=cpy
http://blogs.sacbee.com/capitolalertlatest/2012/12/high-income-californians-may-pay-nations-highest-tax-rate.html

[aboutime]

And Gov. Brown of "Cali-tax-ya-to-death still denies there is an EXODUS of taxpayers leaving, while the other EXODUS from Mexico replaces them with More Government Dependents. Ain't LIBERALISM GREAT?

4110

[red states rule]

Of course this means rich libs will be fleeing CA and infesting other states with their tax and spend liberalism. They totally f*** up CA they run away and start the process to f*** up other states

[jafar00]

I pay 37% income tax plus 1.5% medicare levy and I'm not even in the top tax bracket. Then a 10% GST on everything I buy. Welcome to Australia ;)

[red states rule]

I pay 37% income tax plus 1.5% medicare levy and I'm not even in the top tax bracket. Then a 10% GST on everything I buy. Welcome to Australia ;)

Who cares what your tiny island nation does? We can export more libs to your country and you can enjoy their company

[aboutime]

I pay 37% income tax plus 1.5% medicare levy and I'm not even in the top tax bracket. Then a 10% GST on everything I buy. Welcome to Australia ;)


Who told you to move to OZ jafar?

Who broke your arm, and now commands you to complain about the taxes you pay there? As if any of us cared?

Doesn't matter what bracket you are in. Thank goodness you aren't HERE. ADDING to the Destruction of a nation.

[Robert A Whit]

And Gov. Brown of "Cali-tax-ya-to-death still denies there is an EXODUS of taxpayers leaving, while the other EXODUS from Mexico replaces them with More Government Dependents. Ain't LIBERALISM GREAT?



I live in CA and can recall when the state really was great. I still prefer the weather. These left wing ass holes are proud they screwed things up.

I can't get over just how proud of themselves they are.

[jafar00]

Who cares what your tiny island nation does? We can export more libs to your country and you can enjoy their company

Tiny?

http://farm6.static.flickr.com/5093/5448228707_82db33acd0.jpg

http://mrp.bigblog.com.au/data/7/36545/image/austeuropemap530768545183738692420090613172159.jpg


Who told you to move to OZ jafar?

Promotion.

[Kathianne]

I live in CA and can recall when the state really was great. I still prefer the weather. These left wing ass holes are proud they screwed things up.

I can't get over just how proud of themselves they are.

I can remember when IL had reasonable income taxes and very good roads. I can remember when traffic tickets were around $20 dollars, not $200+.

Now we've astronomical income tax, gasoline tax, 9% sales tax, crumbling roads, unsafe rail road crossings, etc. Add on increase of federal, not mentioning their increases on gas, utilities, etc., the top payers will most definitely be over the 50% level.

I can't wait to escape this state.

[Robert A Whit]

I can remember when IL had reasonable income taxes and very good roads. I can remember when traffic tickets were around $20 dollars, not $200+.

Now we've astronomical income tax, gasoline tax, 9% sales tax, crumbling roads, unsafe rail road crossings, etc. Add on increase of federal, not mentioning their increases on gas, utilities, etc., the top payers will most definitely be over the 50% level.

I can't wait to escape this state.

I thought you said you live in Chicago?

I agree though except now those red light camera tickets at stop lights set you back over $500. Does that 9 percent include the latest taxes voted in by my fellow nut cases?

I suspect if we included all of our taxes, we are already higher than that not counting the new changes coming.

[red states rule]

What is amazing in this discussion is now if you make $250,000/year you are considered "rich". Even being single, let alone with a spouse and a couple of kids; $250,000/year in LA or SF is NOT rich. Then you toss in the shitty schools and have to pay private school tuition so your kids do not grow up to be liberals - you are just getting by