Tuesday, October 20, 2020

Experts say: NY, NJ could see taxes increase over 58 percent, California 62% under Joe Biden

That's a series tax increase that many Americans would face. 

And that doesn't include a raise in corporate taxes that would send American jobs overseas.   

NY Postreports high earners in New York and New Jersey could see federal and state tax rates of more than 58 percent under former Vice President Joe Biden’s tax proposals, according to an analysis of the plan.

While Biden would slice taxes for Americans earning under $400,000, those making more than that would face double-digit increases, the Washington, DC-based Tax Foundation found.

The Empire State could see a 58.2 percent increase, while New Jersey’s would rise to slightly more than 60 percent and California would hit 62 percent, according to an analysis by Jared Walczak of the Tax Foundation.

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