NEW YORKERS FACE 61.2%

Top earn­ers in New York City could face a com­bined city, state and fed­er­al income tax rate of 61.2%, accord­ing to plans being pro­posed by Democ­rats in the House of Representatives.

The plans being pro­posed include a 3% sur­tax on tax­pay­ers earn­ing more than $5 mil­lion a year. The plans also call for rais­ing the top mar­gin­al income tax rate to 39.6% from the cur­rent 37%. The plans pre­serve the 3.8% net invest­ment income tax, and extend it to cer­tain pass-through companies.

The result is a top mar­gin­al fed­er­al income tax rate of 46.4%. The mar­gin­al rate is the rate for every dol­lar above the tax brack­et income threshold.

In New York City, the com­bined top mar­gin­al state and city tax rate is 14.8%. So New York City tax­pay­ers who earn more than $5 mil­lion a year would face a com­bined city, state and fed­er­al mar­gin­al rate of 61.2% under the House plan.

The House plan is still a pro­pos­al and could change. Yet the com­bined rates for New York City would be among the high­est in near­ly 40 years.

Top earn­ing Cal­i­for­ni­ans would face a com­bined mar­gin­al rate of 59.7%, while those in New Jer­sey would face a com­bined rate of 57.2%. Hawaii could face com­bined rates of 57.4%.

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