
Tax hike on California millionaires would create 54% tax rate - Xcelerate
https://www.cnbc.com/2020/07/30/tax-hike-on-california-millionaires-would-create-54percent-tax-rate.html
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amacalac
As always, tax rate is applied to dollars earned, above thresholds. In this
case, any dollar earned in California over $5 million a year, would be
effectively taxed at 54 cents on the dollar - thanks to combined state and
federal tax rates

