4 ms·
Yes, most people are thinking about individuals in high income tax states because that's where most high earners live (CA, NY, MD, CT, NJ all come to mind immed
by bpt3 1y ago
Yes, most people are thinking about individuals in high income tax states because that's where most high earners live (CA, NY, MD, CT, NJ all come to mind immediately).
So we'll go with your CA example given the site we're on. Only 11 countries have a higher tax rate, and how much higher is it for them vs. how much higher it would be for the median income household in the state?
Also, that CA resident has to pay a 13.3% state capital gains tax, pushing it over 30% (in the best case) in total for high earners, which is higher that the vast majority of developed nations.
Corporate income taxes are a separate beast to some extend, but until recently the US had the second highest rate in the world.