Wednesday, March 12, 2008
Obama's tax plan would destroy California.
If Obama's tax plan were to become law, California voters in the highest marginal income tax rate would pay 64.2% of their next dollar of income earned. Ouch. Talk about an incentive to move to Nevada. (Details: Obama wants to lift the cap on Social Security wages that are subject to tax. That would mean a 15.3% tax on each dollar of income earned. Obama wants to raise the top income tax rate to 39.6%. As a result, this would mean 39.6% + 15.3% + California's top rate of 9.3% = 64.2%. Ouch.