Wealthy New Yorkers Could Face 61.2% Combined Tax Rate

PublishedSeptember 14, 2021 10:46 AM EDT|UpdatedSeptember 14, 2021 10:46 AM EDT

Are you a top-earning New Yorker hoping to pay even higher taxes to the inept government who will then decide how your tax dollars should be spent? You may soon be in luck, as the Democrats in the House of Representatives are proposing throwing a 3% surcharge on those earning over $5 million a year.

There would also be an increase in the top marginal income tax rate that would take that number from 37% to 39.6%. Oh, but there are even more taxes! The Democrats are also proposing to "preserve the 3.8% net investment income tax, and extend it to certain pass-through companies."

When all is said and done, New York City residents in the top-earning bracket could see a total tax rate (city, state & federal) of 61.2%. In California, that marginal tax rate would sit at 59.7%; New Jersey top earners would be at 57.2% and Hawaii is looking at a 57.4% rate.

This is the world Alexandria Ocasio-Cortez wants to live in. In January, AOC pushed for a $50 billion state tax increase on top-earning New Yorkers. And then Monday night she paraded around the Met Gala in her 'Tax the Rich' dress in the Chick-fil-A font.

(Photo by Jamie McCarthy/MG21/Getty Images for The Met Museum/Vogue )

So while the tax experts on social media are busy arguing amongst themselves over how the rich don't pay taxes or the rich pay too many taxes, blah, blah, blah...let's stop and think about the government getting its hands on more money.

Do you trust any of these people with the new tax money? I'm just an ordinary guy in Ohio just going through life, but this smells like a chance for politicians to get their hands on even more money to keep paying back those who keep them in power. Again, I'm a nobody, it's just a hunch. And it's veiled as money that's going to help even the playing field.

Uh, I don't believe any of you.

Do you trust this lady with more tax dollars?