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Biden's tax plan could create rates as high as 62% for New Yorkers, Californians


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by Eric Holder   $0.10 total tips   💰tip   follow   2020 Oct 21, 10:06am  

In California, individuals earning more than $400,000 could face a state and federal tax rate as high as 62.6% under a Biden presidency, the analysis showed. In New Jersey, the combined rates could be a little more than 60%, while in New York City, the combined city, state and federal income tax rate would be roughly 62%, the highest in about 30 years.

https://finance.yahoo.com/news/bidens-tax-plan-could-create-192452142.html

Comments 1 - 7 of 7   

1   Eric Holder   2020 Oct 21, 10:08am  

Basically a family of 2 FAANG engineers would be hit by this shit hard. But they are voting Dem (judging by all the anti-Trump pro-donkey hysterionics we saw from the employees of these companies) so it's all good.
2   FortwayeAsFuckJoeBiden   2020 Oct 21, 10:16am  

Eric Holder says
Basically a family of 2 FAANG engineers would be hit by this shit hard. But they are voting Dem (judging by all the anti-Trump pro-donkey hysterionics we saw from the employees of these companies) so it's all good.


Its about 25/75 in Biden favor because of Silicon Valley bias.
3   Dholliday126   2020 Oct 21, 10:53am  

Ooof....chasing off all the smart, talented high earners. Awsome!! Inc. or die baby, I wouldn't be a W2 in Ca.
4   SunnyvaleCA   2020 Oct 21, 10:55am  

Dholliday126 says
Ooof....chasing off all the smart, talented high earners. Awsome!! Inc. or die baby, I wouldn't be a W2 in Ca.
California is also trying to get rid of contractors, so good luck with that! See all the craziness surrounding Lyft and Uber.
5   clambo   2020 Oct 21, 11:12am  

A lot of people are not actually aware of the effects of taxes on them, or don’t care. I know several of them.

Smug Californians can keep running on the hamster wheel; I’m departing the cage soon.
6   Dholliday126   2020 Oct 21, 11:20am  

SunnyvaleCA says
Dholliday126 says
Ooof....chasing off all the smart, talented high earners. Awsome!! Inc. or die baby, I wouldn't be a W2 in Ca.
California is also trying to get rid of contractors, so good luck with that! See all the craziness surrounding Lyft and Uber.


Inc's an inc, as long as you can get money into it you're good.
7   cisTits   2020 Oct 21, 12:51pm  

Eric Holder says
In California, individuals earning more than $400,000 could face a state and federal tax rate as high as 62.6% under a Biden presidency, the analysis showed. In New Jersey, the combined rates could be a little more than 60%, while in New York City, the combined city, state and federal income tax rate would be roughly 62%, the highest in about 30 years.

https://finance.yahoo.com/news/bidens-tax-plan-could-create-192452142.html


...except under ANY Woketard plan, the full deduction of SALT expenses would be restored.

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