We are talking state income tax rates only here. Now you must add to these your federal income taxes, your capital gains taxes and your property taxes on your house to name just a few to come out with a total dollar amount of tax you pay. In many states that could amount to 50-60% of your gross income.
In the Middle Ages a Serf was defined as one who had to turn 50% of his crop earnings over to his Lord. The Lord in return provided for protection and safety for his Serfs which is more than we can say Obama is doing for us.
Note two big states that have no state income tax are Texas and Florida.
AND DEMOCRATS WANT TO RAISE TAXES!
The Tax Foundation has shared a chart depicting the maximum income tax rates for all 50 states, but before take a peek at it, you might want to sit down.
Why? Because once you review it, you may discover that your state is robbing you blind, depending on course of what your state happens to be — as well as how much money you earn.
Take for instance California. If you live in the Golden State, then expect to be an exorbitant 13.3 percent state income tax rate this year if you earn $1 million or more.
This means that if you wind up making $1,500,000 this year, you will be forced to cough up $199,500 in state income taxes alone.
The chart may be viewed below:
Oregon, Minnesota, Iowa, and New York offer similarly pricey maximum state income tax rates of 9.9, 9.85, 8.98 and 8.82 percent, respectively.
Keep in mind that the money seized from you by your state government represents just half of the puzzle, in that you must also pay federal income taxes as well.
This brings us back to the $1,500,000 income mentioned earlier. Without deductions, you would pay $538,217 in federal taxes. Add the $199,500 in state income taxes and your total tax rate transforms to 49.18 percent.
Moreover, income tax rates in the other states might be going up. Consider Illinois, where in April a Democrat legislator proposed hiking the top state tax rate from 3.75 percent to 9.75.
Thankfully, the state has a Republican governor, so the likelihood of this ludicrous proposal passing is fairly slim. However, if your state has a Democrat governor, then you might want to keep an eye out on what your legislators are scheming!