NEW PLAN WOULD PUSH TOP TAX RATE TO ALMOST 60 PERCENT IN THESE 4 STATES:

“…“For New Yorkers earning more than $5 million, the combined city, state and federal tax rate would skyrocket to 61.2% under the House plan,” Fox Business reports. “The combined rate in California, meanwhile, would spike to 59.7%, while the wealthiest individuals living in New Jersey could pay a rate as high as 57.2%. In Hawaii, the combined marginal rate would be an estimated 57.4%.”

That’s right: High-earning residents of these states could end up paying nearly 60 percent tax rates on their income earned above a certain level. That’s an obscene and fundamentally unfair level of taxation. But such punitive levels of taxation are also highly impractical and certain to have adverse economic consequences…”