No. of Recommendations: 13
I absolutely loved giving 40% (marginal) to Feds and 11+% to California...
If you had some dollars taxed at 40%, you were making more than $470K per year (if married) while living in California. Congratulations, you're in the top 4% of earners in the US. You're also one those "coastal elites" that the MAGA people hate (insert smiley face here).
Can't wait for Democrats to feel entitled to even more of my money.
1) People in high-tax coastal states can make the argument that Trump felt he was entitled to more of their money. Thousands of people in NJ, CA, NY and CT paid thousands more in Trump taxes because Trump took away their ability to deduct their mortgage, property taxes and state taxes in full. I don't think the full SALT tax deduction is ever coming back.
2) The top tax bracket was 35% all through the George W Bush (Republican) years. In 2013, the Obama administration signed into law a new 39.6% bracket for any dollars earned above the $400K mark. But that new bracket was approved by and passed by the Republican majority-led house. So congressional Republicans in 2013 are also to blame for that new tax rate.
3) Trump's Tax Cuts and Jobs Act was passed in 2017, and got rid of the 39.6% bracket. However, due to concerns that the lower rates could increase the budget deficit by $3 trillion over 10 years, there was an agreement back then that the new tax brackets would expire in 2025. Even Trump and Republicans understood at the time that getting rid of the highest tax bracket would be temporary.
Since MAGA people hate the "coastal elites", I'm actually curious if Republican "elites" mainly voted for Nikki Haley (who would have lowered their taxes) or if they voted for Trump and agree with the MAGAs that the "elites" are the problem :)
