Joe Biden’s proposed tax plans could raise federal and state tax rates by more than 58 percent, according to the New York Post.
The state of New York could see a 58.2 percent increase, while New Jersey’s could reach 60 percent.
California’s taxes could be raise by 62 percent.
New York City’s taxes could be raised by more than 62 percent, according to reports.
As the New York Post wrote, “By 2030, the analysis found that Biden’s tax plan would lead to a 6.5 percent less-after-tax income for the top 1 percent of taxpayers and a 1.7 percent decline in after-tax income for all taxpayers.”
From The New York Post:
The Tax Foundation noted that although the US’ statutory tax rate is 37 percent for those in the highest tax brackets, they usually pay 26.8 percent after taking advantage of deductions and loopholes in the tax laws.
The Biden administration, with the help of a Democratic-controlled Congress, could remove the $10,000 cap on state and local deductions, helping to lower the tax rates of the higher earners.
It also found his proposals would raise federal tax revenue by $3.05 trillion over the next decade but reduce the Gross Domestic Product by 1.47 percent over the long term.
Besides raising taxes on those making above $400,000, Biden would increase the corporate tax rate from 21 to 28 percent and increase a minimum tax for corporations earning profits of $100 million or higher.