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New Tax Rate On California Millionaires: 54%

  • 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 pandemic.
  • The proposal would raise taxes on California millionaires, and result in a top tax rate of nearly 54% for federal and state taxes for the highest earners.
  • The plan follows proposals in New York state to raise taxes on the wealthy to pay for a widening budget deficit.

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