Categories

Economy & Politics

Tools

  • Economy & Politics
  • Investing
  • Personal Finance
  • Related Posts


    If You Take Him At His Word, Obama Is Insane
    Harry Reid Loses Both The Vote And The PR Campaign As Constitutional Amendment Bill Goes Down In Flames
    One Third Of Voters Don’t Even Know Which Party Controls House, Senate
    China Daily: ‘Western Sanctions Will Make Moscow Back The Yuan Against The Dollar’
    Retail Sales “Ex-Autos” Growth Slowest Since January
    As Turkey Refuses To Join ‘Anti-ISIS’ Coalition, John Kerry Comes Begging
    Meet The Puppet Masters: The 25 Most Politically Influential Billionaires In The U.S.
    Russia Warns Obama’s “Two-Faced” Strategy In Syria Will Lead To “Huge Escalation In Middle East & Africa”
    How You Know The Time For More QE Has Come
    You’re More Likely To Be Shot By A Police Officer Than A Terrorist
    Over 80% Of California Is Now In Extreme Drought
    My Post-Watergate Flight To Kansas With Bob Dole
    For Once, The EU Surprises Putin
    Senate Democrats Waste Their Time And Ours
    Ted Cruz’s Empty ‘Sister Souljah’ Moment


    If Tax Cuts Expire, Earners In Three States Will Pay More Than Half Of Income In Taxes In 2013

    If the tax cuts passed during President George W. Bush’s term expire as scheduled on Dec. 31 and return to previous levels, taxpayers in three States will see their marginal tax rates exceed 50 percent, according to a study by two Lynchburg College economists.

    Gerald T. Prante and Austin John recently compared State-by-State estimates of the top marginal effective tax rates (METRs) on wages, interest, dividends, capital gains and business income for the 2012 tax year and rates scheduled for 2013 under current law. They found that the highest earners in California, Hawaii and New York will pay more than half their income to government.

    Californians would get a double whammy. The first blow came from Proposition 30, which passed last month and increased sales and income taxes retroactively to the beginning of the year. The second will come if Congress and President Barack Obama fail to negotiate a deal to continue the lower tax rates in the so-called fiscal cliff negotiations. Obama seeks to raise taxes on those earning more than $200,000.

    According to the study, the top marginal rate for Californians will climb to 51.9 percent. Hawaiians will see their rate increase to 50.5 percent. New Yorkers will have a rate of 50.3 percent.

    Discuss this Story:

    Comment Policy: We encourage open discussion. Comments including racist statements, profanity, name calling or spam will be removed at our discretion. We use filters for spam protection. If your comment does not appear it is likely because it violates the policy.

    Russia Sanctions Are A Race To The Bottom
    State Of Our Recovery
    An Independent Scotland?
    The ‘No Strategy’ Strategy
    The Tory Moral Hazard Of Scottish Independence
    We Are No Longer A Serious People
    Tea Party Keeps Winning In Wisconsin
    U.S. Retail Sales Increase Broadly; Import Prices Subdued
    U.S. Import Prices Post Largest Decline In Nine Months
    Feel Any Safer After Obama’s ISIS Speech?
    Harry Reid’s Attack On The Constitution Backfires
    Commissioner Koskinen Says IRS Tries To Follow The Law ‘Whenever We Can’
    Obama, Democrats Advocate Arming Syrian Rebels As Key ISIS Strategy
    Poland Says Russian Gas Deliveries Tumble By 45 Percent As Europe Warns New Sanctions To Launch On Friday
    Scottish Jitters Past Peak?
    Summarizing The President’s Speech
    Goldman Declares The “End Of The Iron Age”
    President Obama Unveils The “It’s Different This Time” ISIS Strategy – Live Feed
    The Black Swan Of Scotland
    Trust In US Government On Domestic, International Issues At Record Lows
    How The China Boom Unravels: One Person At A Time
    Obama Plans To Fight ISIS By… Giving More Weapons To ISIS?
    Investors Haul In Nearly Half The Tobacco Settlement Cash
    Scottish Independence Is A Matter Of Identity
    Monetary Policy Isn’t Class Warfare
    Obama’s Next Move Against Islamic State
    Rhode Island’s Trillion-Dollar Lesson For America
    Eric Cantor’s Companions In Defeat
    If Democrats Lose Senate, They May Not Get It Back
    Japan Business Mood Turns Positive: Government Survey
    Read more from Economy & Politics...

    Liberty Investor Digest

    Get today's most important
    financial headlines all in
    one place by email!



    Sources


    close[X]

    Sign Up For Liberty Investor Digest™!

    Get Liberty Investor Digest FREE By Email!

    Input your name and email address in the fields below and get today's most important financial headlines sent straight to you inbox!

    Privacy PolicyYou can opt-out at any time. We protect your information like a mother hen. We will not sell or rent your email address to anyone for any reason.