Dr. Gerald Prante, assistant professor of economics, and Austin John ’14, an LC economics major, calculated marginal tax rates — the highest rates on the highest levels of income — for all 50 states.
Their calculations have been reported in The New York Times, on Sacramento Public Radio, and in The Sacramento Bee, as well as numerous blogs.
They combined state, federal and, where applicable, local income taxes, plus payroll taxes for Social Security and Medicare and included the deductibility of some taxes. Wealthy Californians would be hit the hardest, where rates would exceed 50 percent.
The marginal tax rates apply to the wealthiest Americans, those making at least $400,000 to $500,000 annually, Dr. Prante said.
