BIDEN PLAN’S TOP TAX RATES EXCEED 60% IN 3 STATES AND NYC

Key Points:

  • New analysis from the Tax Foundation found that the Biden tax plan would yield combined top marginal state and local rates above 60% in three states and New York city.
  • California would have the highest rates at 62.64%, followed by New York City at 62.03%, Hawaii at 60.34%, and New Jersey at 60.09%
  • The lowest combined tax rate would be 49.34%, held by 9 states including in Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming.
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