The pending 62% maximum tax rate

Some of my friends love this …

And the math is quite straightforward, based on Administration proposals.

The 62% rate is understated for NY State and even more understated for NY City residents. This is because the analysis assumes the average state income tax of 4%. A New York City high earner will have over a 66% marginal tax rate. 

Democrats have said they only intend to restore the tax rates that existed during the Clinton years. In reality they're proposing rates like those under President Carter.