Bloomberg: N.Y., New Jersey, California Hit Hardest by Biden Tax Changes

President Joe Biden’s plan to ramp up the income tax rate and capital gains tax rate as part of a $1.8 trillion stimulus plan would hit high-tax states like New York and California the hardest, while New Mexico and Mississippi would be least affected, according to research from the Institute on Taxation and Economic Policy.

Biden’s proposal to restore the top personal income tax rate to 39.6% and remove capital gains and dividend breaks for millionaires in tax year 2022 would affect 0.7% of taxpayers, according to the ITEP report released Thursday. Read more