Note: The combined MARGINAL tax rate has been approximately 50% for a while now (over a decade?)
The real headline is "California considers hiking tax rates by 3% for people earning over $2M in income".
Maybe worth editing the description.
The real headline is "California considers hiking tax rates by 3% for people earning over $2M in income".
Maybe worth editing the description.
37% federal
13.3% state
3.8% Net Investment Income Tax
54.1% total, before this new tax.
Are these large tax rates unusual in other states?