Senators Warren and Moreno
The proposed Bernie Moreno-Elizabeth Warren $3 trillion tax hike will impose a combined tax rate of over 53% in all 50 states. The combined tax rate will exceed 60% in nine states.
List below:
Below is the math:
- 37 percent top federal income tax rate
- 12.4 percent Social Security payroll tax
- 2.9 percent Medicare payroll tax
- 0.9 percent additional Medicare payroll tax
- top state marginal income tax rate
In Ohio, that’s a combined tax rate of 55.95 percent.
In New York and California, combined tax rates on small and midsize businesses would be increased to 64.1 percent and 66.5 percent, respectively.
Moreno’s Payroll Tax Hike Kills 1.3 Million Jobs, Cripples Economic Growth
Eliminating the payroll tax cap would shrink the U.S. economy by 1.2 percent and lead to 1.3 million fewer full-time equivalent jobs, according to an analysis from the Tax Foundation.
Moreno’s Plan is to the Left of Bernie Sanders’ and Kamala Harris’ Tax Plans
The Moreno-Warren plan would fully eliminate the payroll tax cap, raising taxes on a significantly lower threshold of earnings than even socialist Sen. Bernie Sanders (I-Vt.) would impose.
While Sanders has introduced legislation eliminating the payroll tax cap on earnings above $250,000, Moreno would start applying the payroll tax at $184,500. That’s a threshold of earnings $65,500 lower than Bernie Sanders. Even Joe Biden and Kamala Harris campaigned on the pledge to not raise taxes on anyone earning less than $400,000.
