No one is sure what's exactly in this gigantic clusterfuck spending bill, but there's one thing that's certain.
It's gonna cost ya. Big time...
It's gonna cost ya. Big time...
He actually had the balls to say that this thing 'Won't cost a dime'.
He musta got that bullshit from his former paramour Barry...
He musta got that bullshit from his former paramour Barry...
The average top tax rate would reach 57.4 percent, and the top rate would breach 50 percent in all 50 states
The top marginal tax rate at the federal level would be 51.4 percent
Most states also deduct an income tax, the average being 6.0 percent, which would bring the top rate to 57.4 percent
Taxpayers in California would take the biggest hit at 64.7 percent, and New York, 66.2 percent.
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The top marginal tax rate on income at the federal level is currently 37 percent, scheduled to raise to 39.6 percent in 2026. The marginal rate only applies to those making above the top threshold of half a million dollars per year.
The new top rate would surge the US to the front of the pack of the 38-member Organisation for Economic Co-operation and Development - ahead of Japan at 55.9 percent, France at 55.4 percent, Austria at 55.0 percent and Greece at 54.0 percent, according to the Tax Foundation.
The US' current top income tax rate, 42.9 percent, leaves the nation at 23rd out of 38 countries. Hungary and the Czech Republic currently have the lowest top rates at 15 percent.
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Under the plan, eight states plus the District of Columbia would have top rates over 60 percent. Taxpayers in California would take the biggest hit at 64.7 percent, and New York, 66.2 percent.
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Under the plan, the wealthiest US households would face a 5 percent surcharge on modified adjusted gross income (MAGI) above $10 million, plus a 3 percent charge on MAGI above $25 million, according to the analysis.
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