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A comment on Our Invisible Rich. Parent comment
Not true in 2014.
Obama raised a number of taxes for the top bracket: Ordinary income: 35% -> 39.6% Capital gains: 15% -> 20% Medicare tax: 1.45% -> 2.35%
Meanwhile in California: 10.3% -> 13.3%
Marginal taxes and the top for residents of California are: 39.6+2.35+13.3 = 55.25% The number is similar for New York City.
You have to go back to the Reagan's first term to find higher tax rates.
Now all we have to do is wait for the growth.
Not true in 2014.
Obama raised a number of taxes for the top bracket: Ordinary income: 35% -> 39.6% Capital gains: 15% -> 20% Medicare tax: 1.45% -> 2.35%
Meanwhile in California: 10.3% -> 13.3%
Marginal taxes and the top for residents of California are: 39.6+2.35+13.3 = 55.25% The number is similar for New York City.
You have to go back to the Reagan's first term to find higher tax rates.
Now all we have to do is wait for the growth.