Just how much of each dollar you earn should the government be allowed to take from you? The modern income tax signed by Woodrow Wilson had the highest income-earners paying a statutory 7% on the income they earned over $500,000. At the time, some states did collect income taxes as well, but nothing like today.
If Joe Biden’s Build Back Better bill passes, high-income earners will be leveled with high tax rates on income. At the federal level alone over half, 51.4%, of every dollar earned by high-income earners will be redistributed by the government via income taxation alone. If you live in a state with high taxes, high-income earners can expect to pay nearly two-thirds of every dollar they earn in income taxes. Americans for Tax Reform have compiled a list of the states where high-income earners will endure the greatest loss to income tax collections if Build Back Better passes. Here are the top 10 (with D.C. included, despite not being a state):
- New York: 66.2%
- California: 64.7%
- New Jersey: 63.2%
- Hawaii: 62.4%
- Washington, DC: 62.2%
- Oregon: 62%
- Minnesota: 61.3%
- Maryland: 60.4%
- Vermont: 60.2%
- Kansas: 59.6%
If the Democrats’ tax-and-spend reconciliation bill is enacted, the average top tax rate on personal income would rise to 57.4 percent, according to the Tax Foundation.
This would give the U.S. the highest tax rate in the developed world, and stick all 50 states with a combined federal-state tax rate higher than 50 percent.
Action Line: What a rogue’s gallery. Who would want to live in a state like New York, where the government takes nearly two-thirds of your earnings, but still can’t keep the streets safe or the children educated? Instead, you should look for a Super State, where your money and freedom will be respected.
E.J. Smith - Your Survival Guy
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