Tax hike on California millionaires would create 54% tax rate

A proposal to raise taxes on California millionaires would result in a top tax rate of nearly 54% for federal and state taxes. Democrats in the California state legislature this week proposed a tax hike on the state’s highest earners to help pay for schools and services hurt by the coronavirus pandemic. Legislators say the tax hike would raise more than $6 billion a year, and would redirect funding from the wealthy to those who have been hit hardest by the Covid-19 crisis.
Read more: https://www.cnbc.com/2020/07/30/tax-hike-on-california-millionaires-would-create-54percent-tax-rate.html?source=Snapzu