As a journalist, I can report that high earners in certain cities across the United States are facing a significant tax hit. According to recent data, the cities with the highest tax rates for high earners are San Francisco, New York City, and Washington D.C.
In San Francisco, high earners face a combined state and local tax rate of 52.9%, which is the highest in the country. This means that for every dollar earned over $1 million, more than half of it goes towards taxes.
New York City has the second-highest tax rate for high earners, with a combined state and local tax rate of 51.8%. This is followed closely by Washington D.C., where high earners face a combined tax rate of 50.4%.
These high tax rates are due to a combination of state and local income taxes, as well as additional taxes on capital gains and other forms of income. While these taxes are intended to fund important public services and infrastructure, they can also have a significant impact on high earners and their ability to retain their wealth.
It’s worth noting that these tax rates only apply to high earners, and that the vast majority of taxpayers in these cities pay much lower rates. However, for those at the top of the income ladder, these tax rates can have a significant impact on their financial planning and decision-making.
As a journalist, it’s important to report on issues like this in a fair and accurate manner, while also providing context and analysis to help readers understand the broader implications of these tax rates. By doing so, we can help inform public debate and promote greater understanding of complex issues like taxation and income inequality.
