3 ms·
What about the 18% increase for a $10,000 BI per household. The 90th percentile household makes ~$140k. Even at California's tax rates such a household currentl
by vostok 9y ago
What about the 18% increase for a $10,000 BI per household. The 90th percentile household makes ~$140k. Even at California's tax rates such a household currently pays ~30% in income taxes including payroll taxes if you assume no mortgage or retirement savings. If they don't live in California, save for retirement, or have a mortgage then they pay less.
Under the 18%/10000 proposal, this household would pay an effective rate of 41-42%.
This doesn't even account for the fact that BI would reduce welfare, social security, etc. After accounting for that, we're probably closer to 35% than to 40%, but you can make a rough estimate on your own.