Biden's tax plan could create a tax rate of as much 62% for New Yorkers and Californians, studies show

High earners in New York and California could face combined federal and state tax rates of 62% under Democratic presidential nominee Joe Biden’s tax plan, according to experts. While Americans earning less than $400,000 would, on average, receive tax cuts under Biden’s plan, the highest earners would face double-digit increases in their official tax rates, according to nonpartisan analyses.
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