Americans For Tax Reform report that the “Ocasio-Cortez Tax Plan Creates 82.7% Top Income Tax Rate for New Yorkers.” Whoa! Let’s see how many good New York and California (83.30% tax) liberals jump on that train to nowhere.
The current top federal income tax rate is 37 percent, so the Ocasio-Cortez plan will nearly double the tax rate for the top bracket.
New York State has a top income tax rate of 8.82 percent while New York City has a top rate of 3.876 percent. So under this proposal, her constituents would pay a top combined income tax rate of 82.7 percent:
Federal income tax rate: 70.0%
NY state income tax rate: 8.82%
NYC income tax rate: 3.876%
New Yorkers would not be the only ones suffering under the Ocasio-Cortez plan. California taxpayers would pay a top rate of 83.3 percent (70 percent plus the California rate of 13.30 percent).
In addition to this high income tax rate, taxpayers would remain impacted by other taxes including payroll taxes, taxes on capital gains income and dividends, and the death tax.