https://www.natlawreview.com/article/tax-proposals-president-elect-biden-and-other-prominent-democrats This article says the current administration wants (and I imagine will get?):
3% hike in Federal for $400K+ income
6% hike in Social Security for $400K+ income
Repeal SALT but cap the itemized deduction (nevermind the 9% previously)
Doesn't this sound like a really big hike on taxes? I think this would take the highest marginal tax rate to 39% (Federal) + 7% (NYS) + 4% (NYC) + 2% (Medicare) + 6% (Social Security) = 58%? And this assumes NYS/NYC don't increase taxes on their own, which I kinda assume happens once Cuomo gets his political appointment in the Biden Administration (my impression is he has been delaying it to avoid being the guy blamed for raising taxes as he runs for other office).
I don't follow this stuff as closely as I should -- is this article leaving out anything or mitigating factors? Why would anyone stay in NYC unless they so rich they don't care about savings/taxes or COLA? I realize this is Federal policy, but isn't this very bad for NYC which is already high COLA?