Taxes May Increase to Over 58 percent for NY and NJ Residents Under Joe Biden

According to an analysis of Former Vice President Joe Biden's tax proposal, residents of the one percent in New York and New Jersey could see a massive rise in federal and state taxes, reaching over 58 percent. 

Any American earning under $400,000 will have their taxes cut in half, but those making more can face double-digit increases, the Washington DC Tax Foundation found.

In New York, city, state, and federal taxes could rise to more than 62 percent.

The Biden Administration could also remove the $10,000 cap on state and local deductions, which lower the above-average earners' tax rates.

By 2030, Biden's tax plan will lead to a 6.5 percent decline in after-tax income for the top one percent of taxpayers and a 1.7 percent decrease in after-tax income for all taxpayers.

Biden, as well, plans to increase the corporate tax rate from 21 to 28 percent and raise the minimum tax for corporations earning profits of $100 million or greater.

Photo by Adam Schultz