Biden's tax plan could see rates up to 62% for wealthy in some states - Business Insider

📆 10/20/2020 11:14 PM
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Biden's K-shaped tax plan: Earners under $400,000 could see tax cuts, but rates could spike to as high as 62% for richer Californians and New Yorkers

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An analysis in September by the University of Pennsylvania's Wharton School of Business' Budget Model concluded that households earning under $400,000 won't see their taxes increase under Biden's proposal.High-income earners in states such as California and New York could be hit the hardest from Joe Biden's tax plan if he wins the race for the White House.

Furthermore, the study concluded that if Democrats win back the Senate, therefore taking majority control in Congress, then the Biden administration will be in position to pass legislation that would remove the $10,000 cap on state and local tax deductions. This would help reduce the tax rates for high-income earners.

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