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Ocasio-Cortez Tax Plan Creates 82.7% Top Income Tax Rate for New Yorkers
In an upcoming 60 Minutes interview, Congresswoman Alexandria Ocasio-Cortez (D-N.Y.) will call for federal income tax rates of up to 70 percent as part of a proposal to create vast new government spending programs.
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%
TOTAL: 82.696%
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.
Further, while Ocasio-Cortez has not released details of any other tax hikes to pay for her plan, this would likely not be the only income tax increase if she had her way. For instance, Senator Bernie Sanders (I-Vt.) proposed a $2 trillion 2.2 percent payroll tax on all families and a $10 trillion 6.2 percent payroll tax on all businesses as part of his socialized healthcare plan.
Congresswoman Rosa DeLauro (D-Conn.) and Congresswoman Jan Schakowsky (D-Ill.) have proposed numerous tax hikes including a new, 5 percent surtax on those making $500,000 per year and an increase in the Obamacare payroll tax from 0.9 percent to 4 percent.
Regardless of the specific proposal, it is clear that Democrats want higher taxes on the American people as they made clear when they changed the House rules to make it easier to raise taxes.
Just last night, Democrats rejected a proposal to make permanent the $2,000 child tax credit (up from 1,000) and the $24,000 standard deduction for families (up from $12,000).
Based on their record this will not be the first of many cases where Democrats oppose middle class tax relief and advocate for higher taxes on the American people.
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