The Taxman Cometh: Senate Bill’s Marginal Rates Could Top 100% for Some – WSJ

Consider, for example, a married, self-employed New Jersey lawyer with three children and earnings of $615,000. Getting $100 in business income beyond that amount would force the lawyer to pay $105.45 in federal and state taxes, according to calculations by the conservative-leaning Tax Foundation. That is more than double the marginal tax rate that household faces today.If the New Jersey lawyer’s stay-at-home spouse wanted a job, the first $100 of the spouse’s wages would require $107.79 in taxes.

Source: The Taxman Cometh: Senate Bill’s Marginal Rates Could Top 100% for Some – WSJ

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