•1 min read•from Hawaii News, Advice, and Aloha
Highest marginal tax rate in the US (if the Hawaii senate and house bill passes)
Our take
With the recent proposal in Hawaii's Senate and House, a joint filing household earning a combined income of $650,000 could face the highest marginal tax rate in the United States at 12%. This rate surpasses California's highest rate of 10.3%, which only escalates to 11.3% for incomes approaching $900,000 and reaches 12.3% at $1.49 million. Should the bill pass, Hawaii would position itself prominently in terms of marginal tax rates, potentially placing it among the top three states for high-income earners. This proposal reflects the ongoing discussion around tax structures and their implications for residents. Understanding these changes is critical for households navigating their financial futures in the state.
Without getting into whether it is right or wrong, just factually:
With the passage of this proposal, will a joint filing household with a combined $650,000 household income pay the highest marginal percentage (in that bracket) in the entire United States?
i.e. in Hawaii it will be 12% with the proposal
In California I believe it is 10.3%, as the next bracket for 11.3% doesn't kick in near $900,000 and the 12.3% doesn't kick in until $1.49 million a year.
If not, will it be in the top 3?
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