About a dozen States have raised taxes on their highest income tax brackets since 2009, believing that raising income taxes on their wealthiest residents would yield enough additional revenues to outweigh any negative side effects. In some cases, the increases were temporary. In 2009 alone, California (which raised income taxes for everyone), Connecticut, Delaware, Hawaii, Maine, New Jersey (under former Democratic Governor Jon Corzine), New York, North Carolina, Oregon and Wisconsin raised taxes for their highest income tax brackets (including creating new tax brackets). Though they are often referred to as “millionaires’ taxes,” tax increases on a State’s wealthiest residents — those in the top income bracket — often increase the tax burden on people who earn far less than $1 million annually. ow.ly/zuumI
Posted on: Wed, 23 Jul 2014 18:50:11 +0000
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