Tax hike on California millionaires would create 54% tax rate

Re:Tax hike on California millionaires would create 54% tax ... by hnmullany on Friday July 31, 2020 @01:47PM (#24011348)

Marginal tax rates in California for top earners (including the medicare surcharge) are already about equivalent to France. 37% fed + 13.3% CA + 1.45% Medicare = 52%. Compared to France's 45% income + 7.5% social security taxes.

[ Parent | on HN ]

Re:Tax hike on California millionaires would create 54% tax ... by shuckles on Friday July 31, 2020 @02:27PM (#24011930)

I’ve always observed that California has European tax rates on income. Is there a good understanding of why the outcomes are worse? I could imagine:

- Ineffective spending

- Lower taxes on wealth (i.e. non-income)

- Higher taxes on consumption

- Higher taxes in Europe on employers (i.e. non-personal income)

- Higher taxes on capital income

Do people have good resources to understand the relative source of discrepancy?

[ Parent | on HN ]