Soak the Rich, California Edition
Travie McCoy should probably think twice before pursuing his dreams in California.
In his new report, economist Gerald Prante finds that if the Bush tax cuts expire, the Golden State’s wealthiest residents will pay a marginal income tax rate of nearly 52 percent. Hawaii and New York would also have rates above 50 percent.
(That’s five times more than even God asks for, as the saying goes.)
Prante and his assistant, student Austin John, reached that sum by tallying up federal, state, and local taxes on the rich.
Don’t expect to find much sympathy from the American public, though. A new Quinnipiac poll shows that 65 percent of voters want tax hikes for those making over $250,000 a year.