Tax Rates For New Yorkers Would Top 50% Under Obama

'Significant Difference' Is Seen For High-Income Areas Like the City
By JULIE SATOW
Staff Reporter of the Sun
July 18, 2008

New York tax filers reporting more than $375,000 a year in earned income may end up paying nearly 60% of their wages in taxes to the government under a Barack Obama presidency, economists who have analyzed his plan said.

The Democratic presidential candidate is proposing not only raising the federal income tax, but also adding a Social Security tax for those Americans earning more than $250,000 a year. For New Yorkers, that could mean that if the current Social Security rate is applied, the marginal tax rate, or rate on every extra dollar earned, could rise to 58%.

"This is a very eye-popping number," a resident scholar at the American Enterprise Institute, Alan Viard, said. the rest image

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